===== PDF PAGE 176 ===== [Extraction: OCR (rendered-page OCR)] CITY OF WEST CHICAGO FINANCE COMMITTEE AGENDA ITEM SUMMARY ITEM TITLE: AGENDA ITEM NUMBER: +, A. Ordinance No. 24-0-0023 — Updating the Fair Market Value of Residential, Commercial and Industrial Land — Subdivision Regulations FILE NUMBER: COMMITTEE AGENDA DATE: 08/05/2024 COUNCIL AGENDA DATE: 08/05/2024 STAFF REVIEW: SIGNATURE APPROVED BY CITY ADMINISTRATOR: SIGNATURE ITEM SUMMARY: The City periodically updates the fair market value of land in its Subdivision Regulations for new developments, typically every three or four years. The City contracted with the Polach Appraisal Group to provide current figures; the final appraisal report is attached. Ordinance No. 24-O-0023 incorporates these current figures into the Subdivision Regulations. STAFF RECOMMENDATION: Staff recommends adoption of Ordinance No. 24-O-0023. This agenda item is being considered by the Finance Committee on the same night as the City Council meeting. ===== PDF PAGE 177 ===== [Extraction: OCR (rendered-page OCR)] ORDINANCE NO. 24-0-0023 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 No. 02-O0-0091 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 No. 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 No. 08-O-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 WHEREZAS, Ordinance No. 20-O-0021 adopted in October 2020, updated the fair market value of land upon completion of a land valuation study by the Polach Appraisal Group; and Ordinance 24-O-0023 Page 1 of 3 ===== PDF PAGE 178 ===== [Extraction: OCR (rendered-page OCR)] WHEREAS, on or about April 11, 2024, the City signed a contract with the Polach Appraisal Group to undertake a land valuation study to update the fair market value of residential, commercial and industrial land in West Chicago; and 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: Section 1. 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 seventy five thousand dollars ($175,000) per acre with respect to residential use land (or $810 per acre for library purposes); (b) one hundred forty five thousand dollars ($145,000) per acre with respect to commercial use land; and two hundred forty thousand dollars ($240,000) per acre with respect to industrial use land. 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 24-0-0023 Page 2 of 3 ===== PDF PAGE 179 ===== [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 August 2024. Alderman D. Beebe _ Alderman L. Chassee ee Alderman J. Sheahan ee Alderman H. Brown ee Alderman A. Hallett ee Alderman C. Dettmann ee Alderman M. Birch-Ferguson_ | Alderman S. Dimas ee Alderman J. Smith, Jr. ee Alderman C. Swiatek ee Alderman R. Stout ee Alderman J. Short _ Alderman J. Morano ee Alderman J. Banas _ APPROVED as to form: City Attorney APPROVED this 5" day of August 2024. Mayor Ruben Pineda ATTEST: Executive Office Manager Valeria Perez PUBLISHED: Ordinance 24-0-0023 Page 3 of 3 ===== PDF PAGE 180 ===== [Extraction: OCR (rendered-page OCR)] POLACH APPRAISAL GROUP, INC. APPRAISAL REPORT Valuation of Various Property Types for Land Donation Ordinance Purposes West Chicago, IL ===== PDF PAGE 181 ===== [Extraction: OCR (rendered-page OCR)] POLACH APPRAISAL GROUP, INC. 345 W. Washington Avenue 180 W. Park Avenue 515 N. State Street Suite 301 Suite 155 Flr 13-144 Madison - Wisconsin - 53703 Elmhurst - Illinois - 60126 Chicago - Illinois - 60654 Phone: 608.509.4151 Phone: 630.682.4650 Phone: 312.422.1200 July 7, 2024 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 #24-0406 Dear Mr. Guttman: At your request, we have researched and analyzed vacant land sales within West Chicago and the surrounding communities as of June 26, 2024 in order to provide an opinion of the market value of improved land on a per unit basis for various property types, residential and non-residential, within the City of West Chicago and 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 titled “Section 1. - Dedication of park lands, school sites and other public lands, or cash contribution in lieu thereof.” Number 5 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 other 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. 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 ===== PDF PAGE 182 ===== [Extraction: OCR (rendered-page OCR)] POLACH APPRAISAL GROUP, INC. Michael Guttman, City Administrator City of West Chicago 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. 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. Please contact us if you have any questions. Respectfully submitted, POLACH APPRAISAL GROUP, INC. Rinne f C2bL oe a te Kenneth F. Polach, MAI, SRA Mark K. Polach Illinois Certified General Real Estate Appraiser _ Illinois Certified General Real Estate Appraiser IL Cert No. 553.000340 Exp. 9/30/2025 IL Cert No. 553.001545 Exp. 9/30/2025 ===== PDF PAGE 183 ===== [Extraction: OCR (rendered-page OCR)] Location: Assumptions and Limiting Conditions: Purpose and Intended Use of Appraisal: POLACH APPRAISAL GROUP, INC. File #24-0406 -1- SUMMARY Various Property Types West Chicago, Illinois Standard Contingent and Limiting Conditions apply. See attached. The use of extraordinary assumptions and hypothetical conditions might have an effect on the assignment results. We have not been provided with an environmental site assessment for the subject property and, therefore, have appraised the property as free and clear of any and all potential environmental problems. Should we become aware of environmental issues, we reserve the right to revise our Opinions. 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 other 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. 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. According to The Dictionary of Real Estate Appraisal, 7th ed. (Chicago: Appraisal Institute, 2022), Purpose of an assignment appraisal is defined as, “The objective of an assignment—e.g., in an appraisal assignment, to develop an opinion of the defined value of a specified interest in real estate.” ===== PDF PAGE 184 ===== [Extraction: OCR (rendered-page OCR)] POLACH APPRAISAL GROUP, INC. File #24-0406 -2- The purpose of this appraisal is to provide an opinion of the current market value of improved land on a per unit 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 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. According to The Dictionary of Real Estate Appraisal, 7th ed. (Chicago: Appraisal Institute, 2022), Intended use is defined as: 1. The valuer’s intent as to how the report will be used. (SVP - Standards of Valuation Practice) ===== PDF PAGE 185 ===== [Extraction: OCR (rendered-page OCR)] POLACH APPRAISAL GROUP, INC. Client and Intended User: Interest Appraised: Definition of Market Value: File #24-0406 -3- 2. The use(s) of an appraiser's reported appraisal or appraisal review assignment results, as identified by the appraiser based on communication with the client at the time of the assignment. (USPAP, 2024 effective January 1, 2024) The Intended use of this appraisal is to provide an opinion of the current market value of improved land on a per unit basis for various property types, residential and non-residential, within the City of West Chicago. According to The Dictionary of Real Estate Appraisal, 7th ed. (Chicago: Appraisal Institute, 2022), intended user is defined as follows: 1. The party or parties the valuer intends will use the report.(SVP - Standards of Valuation Practice) 2. The client and any other party as identified, by name or type, as users of the appraisal or appraisal review report by the appraiser, based on communication with the client at the time of the assignment. (USPAP, 2024-2025 ed., effective January 1, 2024) 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 Estate, according to The Dictionary of Real Estate Appraisal, 7th ed. (Chicago: Appraisal Institute, 2022), is defined as follows: Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat. An opinion of value for the subject property has been developed on the basis of fee simple estate. Market Value definition is from regulations published by federal regulatory agencies pursuant to Title XI! of the Financial Institutions Reform, Recovery, and Enforcement ===== PDF PAGE 186 ===== [Extraction: OCR (rendered-page OCR)] Date of Valuation: Date of Visual Observation: Scope of Appraisal: POLACH APPRAISAL GROUP, INC. File #24-0406 -4- 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: 1. buyer and seller are typically motivated; 2. 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 26, 2024 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. Scope of work is defined within the previously referenced Dictionary of Real Estate Appraisal as, “The type and extent of research and analyses in an assignment.” ===== PDF PAGE 187 ===== [Extraction: OCR (rendered-page OCR)] POLACH APPRAISAL GROUP, INC. File #24-0406 -5- Scope of work is identified within the 2024 Edition of Uniform Standards of Professional Appraisal Practice (USPAP) published by the Appraisal Standards Board of the Appraisal Foundation as follows: SCOPE OF WORK RULE For each appraisal and appraisal review assignment, an appraiser must: 1. identify the problem to be solved; 2. determine and perform the scope of work necessary to develop credible assignment results; and 3. disclose the scope of work in the report. An appraiser must properly identify the problem to be solved in order to determine the appropriate scope of work. The appraiser must be prepared to demonstrate that the scope of work is sufficient to produce credible assignment results. Comment: Scope of work includes, but is not limited to: the extent to which the property is identified; ethe extent to which tangible property is inspected; the type and extent of data researched; and ethe type and extent of analyses applied to arrive at opinions or conclusions. Appraisers have broad flexibility and significant responsibility in determining the appropriate scope of work for an appraisal or appraisal review assignment. Credible assignment results require support by relevant evidence and logic. The credibility of assignment results is always measured in the context of the intended use. The problem to be solved has previously been addressed within this report. 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 ===== PDF PAGE 188 ===== [Extraction: OCR (rendered-page OCR)] Plat of Survey: Legal Description: Easements: Subject Area: POLACH APPRAISAL GROUP, INC. File #24-0406 -6- 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 properties do not use these approaches in making their purchasing decisions. The appraisers believe the primary approach to value is the sales comparison approach. We have not been provided with a plat of survey for any subject properties. We have not been provided with any legal descriptions. We have not been provided with a current A.L.T.A. Commitment Form for the subject property. In the absence of an A.L.T.A. Commitment Form, we have assumed that only normal utility easements, if any, exist on the subject property and that these would not have a detrimental effect on the value on the property. 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 "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 2020 US Census, the City population was 25,614. The most recent census estimates from 2022 indicate a population of 25,632. There are 7,801 housing ===== PDF PAGE 189 ===== [Extraction: OCR (rendered-page OCR)] POLACH APPRAISAL GROUP, INC. File #24-0406 -7- units within the city. The median household income for West Chicago was estimated to be $92,335 as of 2022 and the per capita income was $25,632. The median value of housing units in West Chicago is $297,300 as of 2022 and the median gross rent was $1,345 a month. The median age of West Chicago residents for 2012 was 35.8 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). 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. Enrollment for Wheaton Academy within West Chicago was 662 with a teacher-pupil ratio of 15 to 1.00. Residents use the West Chicago library in the city. West Chicago is also home to numerous houses of worship. West Chicago has access to various highways within the area. Roosevelt Road (Illinois Route 38) and North Avenue are two of the main east and west roads throughout the City. Route 59 extends in a north and south direction through the City. The West Chicago Metra Station provides rail transportation to the City of Chicago on the Union Pacific West line. The DuPage Airport is a regional airport located within the area as well as easy access to Chicago’s O’Hare and Midway International Airports. Northwestern Medicine Central DuPage Hospital Is located within neighboring Winfield and Northwestern Medicine Delnor Hospital is located in Geneva. The West Chicago Park District oversees more than 390 acres of parkland divided into 13 Park Sites, which includes Reed-Keppler Park & Dyer Nature Sanctuary. The West Chicago Prairie Forest Preserve adjoins the Illinois Prairie Path. Golf within the area includes Prairie Landing Golf Club and St. Andrews Golf Club. ===== PDF PAGE 190 ===== [Extraction: OCR (rendered-page OCR)] POLACH APPRAISAL GROUP, INC. File #24-0406 -8- 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 a viable area with development occurring. REGIONAL MAP a2 hes ia if 4 Orland Park ===== PDF PAGE 191 ===== [Extraction: OCR (rendered-page OCR)] POLACH APPRAISAL GROUP, INC. File #24-0406 -9- DUPAGE COUNTY BOUNDARY MAP rin ey >, Schaumburg * jp Saran De Plainés } : it ies oy : j \ : co The Morton Arboretum: Bee nnenbaseccmrsaseseaserfecsesecnces Romeoy es bel ===== PDF PAGE 192 ===== [Extraction: OCR (rendered-page OCR)] POLACH APPRAISAL GROUP, INC. File #24-0406 -10- WEST CHICAGO MAP 59 | e Valley View |» Pratt's Wayne a / - Woods Py & &f = ¥ i | —— — oe “ta Sasa a A = me | te deacuscenedy, i. rier ® as | as a? getten, - amy me, gaan ba ater? J oom thease, of ewood,. hhc 78 & Carol St lege bd Pe, aur eetiads r} webtany Saey on "ty =s5 sat as Lee a NORTHWOODS Jeans FFP d ans vow weak one, Vee fees q | peat =, te 2 5 0 6 tem | West Chicago, Peas + } rs *1ay Racer ou er otae wee aap ater a* ett % ae Sa, aes soeamat ot I EL) bey ci! ae ue - tee WOOOLAND atavia HILLS ( = a es (25) 7h 4 4 SSS SS ee web ca e Warrenville ===== PDF PAGE 193 ===== [Extraction: OCR (rendered-page OCR)] Market Data: Residential Market: Detached Single May 2023 Jun 2023 Jul 2023 Aug 2023 Sep 2023 Oct 2023 Nov 2023 Dec 2023 Jan 2024 Feb 2024 Mar 2024 Apr 2024 May 2024 POLACH APPRAISAL GROUP, INC. File #24-0406 - 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. According to information from Realtor.com, “In May 2024, the median listing home price in West Chicago, IL was $450K, trending up 14% year-over-year. The median listing home price per square foot was $193. The median home sold price was $340K.” 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 2022 until the current date, there were no residential land sales indicated from our search. The Multiple Listing Service of Northern Illinois indicates that there have been numerous land sales within West Chicago from May 2023 until May 2024. The median sale price and average sale price are both indicated as follows within the following information from the MLSNI. No.New Avg.NewOLP Med.NewOLP No. Sold Avg. Sale Price Med.Sale Price Avg.Days Med. Days 25 24 21 25 19 17 15 3 12 19 21 27 34 $430,336 $425,433 $483,195 $387,623 $381,126 $430,493 $383,766 $443,333 $462,624 $469,905 $442,452 $472,100 $483,482 $415,000 24 $358,804 $356,000 35 12 $437,500 31 $405,140 $360,000 17 6 $400,000 15 $442,526 $445,000 14 7 $385,000 15 $443,586 $455,000 40 5 $359,000 18 $363,388 $358,750 31 8 $400,000 16 $399,650 $357,450 20 6 $415,000 15 $434,193 $379,000 59 12 $399,999 7 $299,000 $298,000 18 8 $519,950 5 $388,000 $350,000 22 4 $499,900 Z $398,285 $390,000 68 89 $399,000 12 $478,750 $511,500 30 15 $459,900 17 $401,023 $368,000 4 5 $475,400 21 $507,643 $551,500 16 11 ===== PDF PAGE 194 ===== [Extraction: OCR (rendered-page OCR)] POLACH APPRAISAL GROUP, INC. File #24-0406 -12- The Multiple Listing Service of Northern Illinois indicates that there have been 14 land sales within West Chicago from May 2023 until the current date. This is shown in the following information from the MLSNI. Land No.New Avg.NewOLP Med.NewOLP No.Sold Avg. Sale Price Med.Sale Price Avg.Days Med. Days May 2023 co $699,475 $84,950 1 $200,000 $200,000 870 870 Jun 2023 3 $267,966 $55,000 1 $27,000 $27,000 329 329 Jul 2023 3 $339,966 $299,900 1 $15,000 $15,000 19 19 Aug 2023 2 $154,950 $154,950 2 $123,500 $123,500 758 756 Sep 2023 1 $435,000 $435,000 3 $115,000 $45,000 148 79 Oct 2023 2 $215,000 $215,000 1 $51,500 $51,500 20 20 Nov 2023 3 $51,983 $31,000 te) Dec 2023 s $205,120 $89,900 a Jan 2024 1 $174,900 $174,900 3 $131,000 $108,000 142 119 Feb 2024 1 $0 $0 2 $88,000 $88,000 336 336 Mar 2024 1 $195,000 $195,000 0 S a Apr 2024 cj $49,933 $59,900 0 May 2024 1 $475,000 $475,000 i) Non-Residential Market: 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 2020 until a current date. $5 $2.5M $15.1M -14.0% 415K 42.9 Sales Volume Search Lowest Highest Sales Price Search Lowest Highest For Sale Search Lowest Highest B Cap Rete $15.1M $100k $9.3M Sale Price/SF $5 - $13 "i : = Average Sale Price $2.5M $100k $9.3M 54M 53.6K 1.7 -14.0% 20.0% 9.8% 418K 536K 1.7M According to the information for all non-residential land properties, the average sale price was reported to be $2,500,000 and the average sale price per square foot was $5.00. ===== PDF PAGE 195 ===== [Extraction: OCR (rendered-page OCR)] POLACH APPRAISAL GROUP, INC. $700K $600K $500K $400K $300K $200K $100K $0 }-— File #24-0406 -13- In addition, we have considered the same data which indicates an average price per acre since 2020 based on the sales. Sale Price Per Acre “Q221- Commercial Market: = n Ss Z 4 = == + LE Q4 21° Q2 22 Q4 22" Q2 23 Q4 23 Q2 24 This data indicates a current average price per acre for the first quarter of 2024 to be $19,260. The data ranges from a low of the current price to a high of $578,125 in the second quarter of 2023. In our analysis of the non-residential properties, we have considered commercial properties and industrial properties. According to an article in Crain’s Chicago Business titled, “Chicago-area consumers are spending again, but slowly.” According to the article, “Retail sales in the Chicago area during the first half of 2023 totaled $81.2 billion, up 3.9% from the same period last year, according to local consulting firm Melaniphy & Associates,” but does state that the rate of growth is slower. “The data shows consumers still returning to in-person experiences like dining out or seeing movies in theaters as effects of the public health crisis fade. Yet the comeback has been slow this year: Inflation in the Chicago area during most of the first half of 2023 was slightly higher than 3.9%, suggesting that higher prices — not more spending — has pushed up the total retail sales figures.” This article also addresses the change in demand from 2022 ===== PDF PAGE 196 ===== [Extraction: OCR (rendered-page OCR)] Category Drugs and miscellaneous stores Automotive and filling stations Drinking and eating places Food stores Agriculture and ail others General merchandise Home improvement Fumiture and electronics Apparel and accessories Manufacturers POLACH APPRAISAL GROUP, INC. File #24-0406 - 14- to 2023 for specific retail sales. The retail sales for Drugs and miscellaneous stores is estimated to be $18.83 billion, an increase of 7.9%. This is indicated in the following chart: Change from first half of First half of 2023 sales 2022 $18 83 billion 7.9% $15.92 billion 1.0% $10.81 billion 11.4% $9.50 billion -1.3% $9.33 billion 2.7% $5.41 billion “0.4% $3.74 billion -3.9% $2.39 billion 0.7% $2.60 billion 2.2% $2.10 billion 24.7% Datawrapper 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 11 commercial land sales within West Chicago from 2022 until the current date. These land sales have an average sale price of $875,625 and an average sale price of $84,909 per acre, or $1.95 per square foot. The median sale price is indicated to be $201,250 and a median of $69,321 per acre, $1.59 per square foot. This is shown in the following information from Costar. ===== PDF PAGE 197 ===== [Extraction: OCR (rendered-page OCR)] POLACH APPRAISAL GROUP, INC. File #24-0406 -15- Costar Commercial Land Sales in West Chicago Quick Stats Report Comps Statistics Low Average Median High | Count Sale Price $100,000 $875,625 $201,250 $3,000,000 4 Parcel Size 1.23 AC 8.29 AC 1.97 AC 40 AC 11 Price per Acre $19,260 $84,909 $69,321 $122,100 4 Days on Market 110 1,289 286 6,270 6 Sale Price to Asking Price Ratio 80.00% 84.66% 83.80% 90.18% 3 Totals Sold Transactions Total Sales Volume: $3,502,500 Total Sales Transactions: 11 The Multiple Listing Service of Northern Illinois indicates that there have been 6 commercial land sales within West Chicago from 2020 until the current date. These land sales have an average sale price of $322,167. The median sale price is indicated to be $149,500. This is shown in the following information from the MLSNI. 6 Sold - Land Statistics High Low Average Median List Price $1,573,636 $79,900 $389,839 $164,000 Sold Price $1,265,000 $69,000 $322,167 $149,500 Listing Market Time 2230 21 642 420 Market Time 2471 21 790 636 Industrial Market: According to the Avison Young First Quarter 2024 Industrial Market Report, “The Chicago industrial market continues to demonstrate resilience with strong market fundamentals intact including stable vacancy, positive net absorption, robust rental growth, and healthy demand. There has been a substantial decline in construction activity, with only 11.9 msf currently under development, compared to 37.2 msf in Q1 2023. Overall vacancy remains stable, recorded at 5.6%, down 10 basis points (bps) at the end of Q1 2024. Vacancy in big box product over 500,000 sf witnessed an uptick in vacancy due to the substantial growth in large-scale development in recent years. Leasing activity totaled 9.9 msf at the end of Q1 2024. Although down from the unprecedented levels recorded in 2021 through 2023, demand remains healthy, pointing towards market stabilization. Construction activity has decreased significantly as developers continue to evaluate the current ===== PDF PAGE 198 ===== [Extraction: OCR (rendered-page OCR)] POLACH APPRAISAL GROUP, INC. File #24-0406 - 16 - economic environment. There is a total of 11.9 msf under development with the development type shifting from a historically dominant speculative market to a balanced division with BTS activity.” We have also considered information from Colliers publication for Chicago Industrial Q1 2024. The report states that the Chicago Industrial vacancy rate has increased from 4.53% in Q1 2023 to 5.29% in Q1 2024. This article states, “Over the past 5 quarters, the vacancy rate has shown a steady increase, yet it is anticipated to begin declining as developers deliver less new speculative product.” The report continues, “The good news for the Chicago industrial market is that despite the increase to the overall vacancy rate, the reduction in speculative construction starts over the past three quarters will ultimately result in the absorption of more space. This will generate demand for additional new space, leading to the initiation of the next wave of speculative construction.” More specifically, the City of West Chicago is located within the Fox Valley submarket. According to this publication, “Over the course of the first three months of 2024, the Fox Valley vacancy rate fell from 3.85 percent to 2.85 percent. This 100 basis point drop was the second largest quarter-over-quarter vacancy rate decrease in the market, only trailing the Far South Suburbs. The current vacancy rate is the third-lowest rate ever recorded in the submarket. New leasing activity tallied 1.2 million square feet during the first quarter of 2024, the second greatest total ever observed in the Fox Valley submarket.” The report continues with a forecast for the Fox Valley submarket, stating, “Over the past two years, there has been a net absorption of over 3.2 million square feet, indicating a strong demand for space. This positive trend in demand is projected to continue for the rest of 2024. With minimal speculative supply expected to be delivered during 2024, the submarket is forecasted to maintain its status as one of the tightest sectors within the Chicago industrial market.” We have also included in our analysis the sales of industrial sites which have occurred since 2020 within the City of West Chicago according to CoStar and MLS. Costar indicates that there have been 2 industrial land sales within West Chicago from 2020 until the current date. These land sales have an average sale price of $5,822,500 and an average sale price of $356,443 per acre, or $8.18 per square foot. The median sale price is indicated to be $5,822,500 ===== PDF PAGE 199 ===== [Extraction: OCR (rendered-page OCR)] POLACH APPRAISAL GROUP, INC. File #24-0406 - 17 - and a median of $360,898 per acre, $8.28 per square foot. 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 | Count Sale Price $2,395,000 $5,822,500 $5,822,500 $9,250,000 2 Parcel Size 16 AC 16.34 AC 16.34 AC 16.67 AC 2 Price per Acre $143,671 $356,443 $360,898 $578,125 2 Days on Market 1,415 1,415 1,415 1,415 1 Sale Price to Asking Price Ratio - - = S S Totals Sold Transactions Total Sales Volume: $11,645,000 Total Sales Transactions: 2 The Multiple Listing Service of Northern Illinois indicated one industrial land sale within West Chicago. The sale occurred in January 2024 for $252,500. The property was 13.11 acres, indicating a price per acre of $19,260, or $0.44 per square foot. Access: All properties would be assumed to have access available. Utilities: All properties would be assumed to have all utilities Environmental Conditions: available. Unless otherwise stated in this report, the existence of hazardous substances, including, without limitation, mold, asbestos, polychlorinated biphenyls, petroleum leakage, or agricultural chemicals, which may or may not be present on the property, or the existence of other environmental conditions, were not called to the attention of the appraisers. The appraisers have no knowledge of the existence of such materials on or in the property, unless otherwise stated. The appraisers, however, are not qualified to test for such substances or conditions. Even if the presence of substances such as asbestos, urea formaldehyde foam insulation, or other hazardous substances or environmental conditions may affect the value of the property, the value estimated has been predicated on the assumption that there is no such condition on or in the property, or in such proximity thereto that it would cause a loss in value. No responsibility is assumed for any such conditions, or for any ===== PDF PAGE 200 ===== [Extraction: OCR (rendered-page OCR)] POLACH APPRAISAL GROUP, INC. File #24-0406 - 18 - expertise or engineering knowledge required to discover them. Drainage: Is assumed to be adequate with no unusual conditions present. Soil Conditions Since we are appraising hypothetical properties, it was assumed that no adverse soil conditions exist. Nuisances & Hazards: None are assumed to be present. Zoning: The City of West Chicago has the following zoning classifications. City of West Chicago 2021 Zoning Map {57 untopat souncary (000) eR-1 ESTATE RESIDENCE DISTRICT (0) Rs svicie FAMILY RESIDENCE OCISTRICT =f 82 GENERAL SusINess OIsTRICT —— Bike Pan {WBBM en-2 estate Resisence DisTRICT (0) Rss sincie ramiy Resioence oistrict == 8-3. Resiona: supine pistecT Private Roads (Fal R-1 SINGLE FAMILY RESIDENCE DISTRICT Be R-6 MULTIPLE FAMILY RESIDENTIAL DISTRICT [Es] M MANUFACTURING DISTRICT ——> Fallroads (9) 2 SINGLE FAMILY RESIDENCE DISTRICT [| A AIRPORT DISTRICT (HMMM oF! ofric=RESEARCHLIGHT Steams (OO) Rs sincte rammy RESIDENCE DISTRICT [/] B-1 CENTRAL BUSINESS DISTRICT SOUS TRE Ce Tne: Planned Unt Devalopment (PUD) (ZZ ew Roan OVERLAY DISTRICT ‘The mess src map dein are provited “ers” S76 are rat.egel surveys crea! desciptons. These caps end data er created tram metiple chy, coumy. end suite sources The source data may conan ences, Please contac: Vick! Hyves, Gi@ Cocecinatsr st 520.253-2200 x72 art whycesQaesicncage arg M acy ences ere weried Siemeart Me, 22 WEEPING RAB_E NAL Dee.2za0' Highest and Best Use: Highest and Best Use is defined in The Dictionary of Real Estate Appraisal (7th edition, published by the Appraisal Institute, 2022) 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. ===== PDF PAGE 201 ===== [Extraction: OCR (rendered-page OCR)] Cost Approach: Income Approach: Sales Comparison Approach: POLACH APPRAISAL GROUP, INC. File #24-0406 -19- 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. Since the subject properties are hypothetical it is assumed that the highest and best use of the residential sites is development with a residential use and highest and best use of the non-residential sites 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 ===== PDF PAGE 202 ===== [Extraction: OCR (rendered-page OCR)] POLACH APPRAISAL GROUP, INC. Analysis of Residential Property: File #24-0406 -20- 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 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 unit 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 unit 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 203 ===== [Extraction: OCR (rendered-page OCR)] POLACH APPRAISAL GROUP, INC. File #24-0406 -21- Residential Sales Address Closed Date SoldPr Acreage SF $/ AC S/SF Zoning 264 Augusta A 4 [288 ateusta Ave 7/20/2021 | $35,000} 0.16 | 6,970 | $218,750 | $5.02 | R-5, SFR West Chicago ES Gates St, South of Glen A S Gates St, South of Glen Ave | 4045/2923 | $51,500 7,231 | $310,241 | $7.12 | R-5, SFR West Chicago 47 W Washington St Sh We Washington 11/22/2021 | $26,500 $94,643 | $2.15 | R-5, SFR West Chicago hart St 2308 Barnhart S 1/26/2024 |$108,000 12,600 | $372,414 | $8.57 West Chicago Agtispane Cress tn 8/21/2023 |$112,000| 0.57 | 24,829 | $196,491 | $4.51 | R-2, SFR West Chicago The preceding sales represent comparable residential vacant land sales that are incorporated within West Chicago. The five individually outlined sales indicate a size range of 0.16 acre to 0.57 acres with an unadjusted unit price range of $2.15 to $8.57 per square foot and an unadjusted unit price range of $94,643 to $372,414 per acre. The average of all of these sales is indicated to be $5.47 per square foot of land area. 0.166 12,319 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. 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 unit value, therefore, the smaller sized sales were adjusted downward, and the larger sized sales were adjusted upward for this factor. ===== PDF PAGE 204 ===== [Extraction: OCR (rendered-page OCR)] POLACH APPRAISAL GROUP, INC. File #24-0406 -22- 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. An upward adjustment was made to any of the sales that contain mapped floodplain or mapped wetland areas. In addition, the subject is considered to be a generally level lot and any of the sales that have significant changes in topography are adjusted upward. 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. We have also included in our analysis the sales of residential sites within unincorporated areas. These are generally ===== PDF PAGE 205 ===== [Extraction: OCR (rendered-page OCR)] POLACH APPRAISAL GROUP, INC. File #24-0406 - 23 - similar sales and are included because of the limited recent site sales within West Chicago. Address Closed Date Sold Pr Acreage SF $/ AC $/SF 11/24/2021 0.17 $105,882 10/25/2021 $62,500 4/8/2021 $89,744 10/14/2022 $54,348 8/22/2022 $71,739 9/15/2023 $84,906 1/20/2024 $58,036 10/29/2021 $126,374 4/29/2021 $59,783 8/29/2023 $146,739 The preceding sales represent comparable residential vacant land sales within Unincorporated areas of West Chicago. ONO24 McDonald Ave Unincorporated 29W065 Barnes Ave Unincorporated $2.43 $1.43 Lot 275 - Avard St 2.06 Unincorporated $ 1 High Lake Ave 1.25 Unincorporated $ ON365 High Lake Ave Unincorporated $1.65 29W411 Ray Ave Unincorporated 29W054 Woodland Ave Unincorporated $1.95 $1.33 4N574 Turnmill Ln Lot 37 Unincorporated LOT 3 Pepper Ct Unincorporated $2.88 $1.37 4N551 Turnmill Ln 3.37 Unincorporated > Lot 20 - St Mark Way 1/24/2022 Unincorporated hag $40,625 $0.93 The individually outlined sales indicate a size range of 0.17 acre to 0.96 acres with an unadjusted unit price range of $0.93 to $3.37 per square foot and an unadjusted unit price range of $40,625 to $146,739 per acre. The average of all of these sales is indicated to be $1.88 per square foot of land area. Our analysis of the subject market indicates that the residential sites located within unincorporated areas of West Chicago sold at lower unit prices as compared to the ===== PDF PAGE 206 ===== [Extraction: OCR (rendered-page OCR)] POLACH APPRAISAL GROUP, INC. File #24-0406 - 24- property sales incorporated within West Chicago after 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 unit land value for residential property within West Chicago, in fee simple title, subject to the limiting conditions stated herein, as of June 26, 2024 is $175,000 per acre which is equivalent to approximately $4.02 per square foot of land area. Exposure Time: 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 one to three 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. 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 unit 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. ===== PDF PAGE 207 ===== [Extraction: OCR (rendered-page OCR)] POLACH APPRAISAL GROUP, INC. File #24-0406 -25- Commercial Sales Closed Date Sold Pr SF $/AC S$/SF Zoning 60,984 |$291,251} $6.69 Property Address N of Hawthorne, W of Route 59 West Chicago 2/27/2024 | $407,752 rae rea 275 E Roosevelt Rd West Chicago 12/28/2020} $69,000 62,726 $47,917 | $1.10 NEC Roosevelt And Pearl Rd West Chicago 8/8/2022 $100,000 69,696 $62,112 |$1.43| B-2 340 Roosevelt Rd West Chicago 6/23/2022 | $150,000 85,813 $76,142 }$1.75] B-2 AC 1.4 1.44 1.61 1.97 705 W Roosevelt Rd West Chicago 12/29/2023 2.19 95,527 | $93,607 | $2. 1280 North Ave - Lot B3 West Chicago 5/3/2023 | $200,000 | 2.92 127,195 | $68,493 | $1.57 820 Meadowview Crossing West Chicago 07/30/2019 | $1,200,000 193,842 |$269,663 | $6.19 -3 Innovation Drive $2,143,157] 12.51 | 544935.6 |$171,316|$3.93| B-3 WW ray w $205,000 = eas West Chicago 01/10/2020 SEC Route 59 & North Ave West Chicago 9/2/2022 | $3,000,000} 24.57 | 1,070,269 | $122,100 | $2.80 The preceding sales represent comparable commercial vacant land sales in West Chicago. The outlined sales indicate a size range of 1.4 acres to 24.57 acres with an unadjusted unit price range of $1.10 to $6.69 per square foot and an unadjusted unit price range of $47,917 to $291,251 per acre. Sale 1 was part of a portfolio of two properties and the vacant land was allocated. This allocated price has been included for information purposes. 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 for commercial land within the area have been stable in recent years. 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 stable ===== PDF PAGE 208 ===== [Extraction: OCR (rendered-page OCR)] POLACH APPRAISAL GROUP, INC. File #24-0406 - 26 - in the past as there has been less demand for commercial property. We have not considered an adjustment for market conditions. 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 unit 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 209 ===== [Extraction: OCR (rendered-page OCR)] POLACH APPRAISAL GROUP, INC. File #24-0406 -27- 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. Sale Property Address Property City Sale Date Sale Price A SF $/AC S/SF_ Zoning 19 Crissey Ave 12/21 | $144,000 0.35 | 15246 | $411,429] $9.45 4060 E Main St St Charles | 05/21 | $525,000 61855 | $369,718 NEC Everton Dr & Route 59 Warrenville 01/24 {$1,000,000 10585 2N275 Morton Rd Carol Stream 10/22 | $625,000 98881 ws [ts 130680| $546,667] $12.55] BR | NWRte 64&KirkRd | StCharles | 03/20 |$1,640,000 ' 177289| $687,961 | $15 9] c3_ | 2031 Gary Ave Wheaton 06/22 |$2,800,00 28W571 W Roosevelt Rd Winfield $1,000,000} 5 |217800] $200,000 | $4.59 # 1 7 09/23 ===== PDF PAGE 210 ===== [Extraction: OCR (rendered-page OCR)] Analysis of Industrial: POLACH APPRAISAL GROUP, INC. File #24-0406 -28- The preceding sales represent comparable commercial vacant land sales in the surrounding communities. The individually outlined sales indicate a size range of 0.35 acres to 5.0 acres with an unadjusted unit price range of $4.59 to $15.79 per square foot and an unadjusted unit price range of $200,000 to $687,961 per acre. Based upon our comparative analysis of the available sales data, it is our opinion that the market value on a per unit land value for a commercial site within West Chicago, in fee simple title, subject to the limiting conditions stated herein, as of June 26, 2024 is $145,000 per acre which is equivalent to $3.33 per square foot of land area. The following sales represent comparable land sales in West Chicago for industrial property. 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. The table represents a summary of pertinent market transactions that we have analyzed in arriving at a value indication. ===== PDF PAGE 211 ===== [Extraction: OCR (rendered-page OCR)] POLACH APPRAISAL GROUP, INC. File #24-0406 -29- Industrial Sales Zoni SF $/ AC $/SF $297,268 | $6.82 $220,745 | $5.07 $241,525 | $5.54 $197,740] $4.54 | 1-1 Property Address Property City Sale Date Sale Price AC 31W471 Washington St West Chicago} 01/24 $252,500 3545 Legacy Blvd StCharles | 02/24 | $207,500 | 500 Lot 4 N Raddant St 09/21 | $350,00 10/22 | $500,000 | 2.31 | 100,624 | $216,450] $4.97 | 1-1 1803 Hubbard Ave 01/24 |$1,200,000| 3.11 | 135,472 | $385,852 | $8.86 7 |2403 w Diehl Rd Naperville | 04/20 | $838,730 | 4.47 | 194,713 | $187,635| $4.31 27130 St. Charles Rd 10/23 | $600,000 194,713 | $134,228 | $3.08 820 Meadowview Crossing | West Chicago| 06/21 | $1,400,000 196,020 | $311,111 | $7.14 10 /30w240 Calumet Ave W 01/24 |$1,010,000} 4.92 | 214,315 | $205,285] $4.71 1 2 37,000 40,946 51,401 77,101 M2 1.18 i BEE : oa 1.77 Hl 4.47 Ww > rary uw N - N rary wo N un wn un 11 |1780 Hubbard Ave 03/22 | $1,768,000 317,988 et 1211225 Douglas Rd 02/24 | $1,835,000 402,494 | $198,593 | $4.56 SS Roosevelt Rd, W of Town Rd | West Chicago] 06/21 $1,265,000] 9.39 | 409,028 | $134,718 | $3.09 Lm | The preceding sales represent comparable industrial vacant land sales. The sales indicate a size range of 0.85 acre to 9.39 acres with an unadjusted unit price range of $3.08 to $8.86 per square foot and an unadjusted unit price range of $134,228 to $385,852 per acre. The first sale on Washington Street in West Chicago included a large water retention area as part of the sale and therefore the net area of this property has been considered for informational purposes. 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 ===== PDF PAGE 212 ===== [Extraction: OCR (rendered-page OCR)] POLACH APPRAISAL GROUP, INC. File #24-0406 -30- stable. Market conditions have been improving and therefore all of the sales were adjusted upward accordingly for market conditions. 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 unit 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. 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 for the sales that do not have access to public utilities. 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 213 ===== [Extraction: OCR (rendered-page OCR)] POLACH APPRAISAL GROUP, INC. Exposure Time: Non-Residential: Commercial: Non-Residential: Industrial: File #24-0406 -31- Based upon our comparative analysis of the available sales data, it is our opinion that the market value on a per unit land value for an industrial site within West Chicago, in fee simple title, subject to the limiting conditions stated herein, as of June 26, 2024 is $240,000 per acre which is equivalent to approximately $5.51 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 9 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 ===== PDF PAGE 214 ===== [Extraction: OCR (rendered-page OCR)] POLACH APPRAISAL GROUP, INC. File #24-0406 - 32 - proper asking price and being aggressively marketed through methods considered normal and prudent by qualified and competent marketing agents. ===== PDF PAGE 215 ===== [Extraction: OCR (rendered-page OCR)] Conclusion Residential Property: Non-Residential Property: POLACH APPRAISAL GROUP, INC. File #24-0406 -33- Based upon our comparative analysis of the available sales data, it is our opinion that the market value on a per unit land value for residential property within West Chicago, in fee simple title, subject to the limiting conditions stated herein, as of June 26, 2024 is $175,000 per acre. We have been requested to provide an opinion of the market value of improved land on a per unit 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 unit land value for a commercial site within West Chicago, in fee simple title, subject to the limiting conditions stated herein, as of June 26, 2024 is $145,000 per acre. Based upon our comparative analysis of the available sales data, it is our opinion that the market value on a per unit land value for an industrial site within West Chicago, in fee simple title, subject to the limiting conditions stated herein, as of June 26, 2024 is $240,000 per acre. Our analysis of the subject market indicates that the commercial sites located within West Chicago sold at similar to lower unit prices compared to other industrial sale properties within the area after all other adjustments have been made. 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 26, 2024 of $195,000 per acre. ===== PDF PAGE 216 ===== [Extraction: OCR (rendered-page OCR)] POLACH APPRAISAL GROUP, INC. File #24-0406 - 34 - 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 in that the appraiser did not personally measure 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 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 217 ===== [Extraction: OCR (rendered-page OCR)] POLACH APPRAISAL GROUP, INC. File #24-0406 - 35 - 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 218 ===== [Extraction: OCR (rendered-page OCR)] POLACH APPRAISAL GROUP, INC. File #24-0406 - 36 - 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 219 ===== [Extraction: OCR (rendered-page OCR)] POLACH APPRAISAL GROUP, INC. File #24-0406 - 37 - 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. No one provided significant real property appraisal assistance to the person(s) signing this certification. This appraisal report includes 43 sheets, which are made an integral part of this report. ===== PDF PAGE 220 ===== [Extraction: OCR (rendered-page OCR)] POLACH APPRAISAL GROUP, INC. File #24-0406 - 38 - IN WITNESS WHEREOF, THE UNDERSIGNED has caused these statements to be signed and attested to on July 7, 2024. Rinret Hf Ctl pe Kenneth F. Polach, MAI, SRA Mark K. Polach Illinois Certified General Real Estate Appraiser Illinois Certified General Real Estate Appraiser IL Cert No. 553.000340 Exp. 9/30/2025 IL Cert No. 553.001545 Exp. 9/30/2025 As of the date of this report, Kenneth F. Polach has completed the continuing education program for Designated Members of the Appraisal Institute. As of the date of this report, Mark K. Polach has completed the Standards and Ethics Education Requirements 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 221 ===== [Extraction: OCR (rendered-page OCR)] POLACH APPRAISAL GROUP, INC. File #24-0406 - 39- 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. Mr. Polach has been on the State of Illinois Approved Appraiser List as well as the State of Illinois Approved Review Appraiser List for approximately 50 years and has worked on State of Illinois Projects and Local Public Agency Projects during that time. ===== PDF PAGE 222 ===== [Extraction: OCR (rendered-page OCR)] POLACH APPRAISAL GROUP, INC. File #24-0406 -40- 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 has been on the State of Illinois Approved Appraiser List as well as the State of Illinois Approved Review Appraiser List for approximately 20 years and has worked on State of Illinois Projects and Local Public Agency Projects during that time. Mr. Polach is an alternate member of the Lake County Illinois Board of Review and has heard testimony on written appeals on real estate parcels that are claimed to be over-assessed or under-assessed. He has heard oral testimony and provided decisions involving hundreds of properties. 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, the State of Indiana, the State of Michigan and the State of Wisconsin.