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Home My WebLink AboutC17-437 Korpacz Realty Advisors IncKorpacz Realty Advisors, Inc. Litigation, Valuation & Counseling October 30, 2017 Christina C. Hooper Assistant County Attorney Eagle County, Colorado P.O. Box 850 500 Broadway Eagle, Colorado 81631 Re: Valuation Methodology Study and Overall Capitalization Rate Study for Resort -Hotel Properties located in Eagle County, Colorado Dear Ms. Hooper: This letter confirms that Korpacz Realty Advisors, Inc. ("Korpacz") is retained by Eagle County, Colorado ("Client") to provide a Methodology Study for Real Property Valuation of certain resort -hotels in Eagle County with separately owned hotel rooms, condos, and retail units for use in the assessment appeals in the County. This agreement sets forth the scope of our work and the time requirements and fees associated with our services. Scope of Services A. Valuation Methodology Study Using the knowledge and experience gained over a 50+ year career in real property appraising and counseling, including lodging facilities (see Exhibit A), we will prepare and submit a report detailing the proper methodology for use in appraising resort -hotel properties as described above and identified in Exhibit B. Important tasks/questions to be answered to support our opinion on the issues raised by the property owner appeals, include — • Whether or not to remove all income associated with the rental of independently -owned hotel rooms • How to avoid double taxation of the separately owned residential units and any other economic units owned by others • Whether there is business value associated with the entire property or one or more economic units, such as the management of the residential units • How to treat income from retail and restaurant uses, as well as support space located on the tax parcel that is used by the ski operation • How to treat revenue from spa space that is usually tied into the hotel operation To resolve these issues, our report will contain the results of our research as outlined in a Tentative Table of Contents as shown in Exhibit C. Of particular importance will be the section on Marketplace Behavior that will consider the pricing methodology of actual hotel market participants (public hotel REITS, lenders, pension funds, among others) and actual comparable sale transactions. Investor surveys and the methodology used by competent appraisers who specialize in hotel valuations will also be considered. In addition to our practical experience with the topic, we will consider and refer, when appropriate, to authoritative supporting material found in the following resources. The Appraisal of Real Estate, 14th Edition, published by the Appraisal Institute, 2013 The Dictionary of Real Estate, 6th Edition, published by the Appraisal Institute, 2015 2016-2017 Uniform Standards of Professional Appraisal Practice (USPAP), published by the Appraisal Standards Board of The Appraisal Foundation, effective January 1, 2016 through December 31, 2017 Understanding Intangible Assets & Real Estate: A Guide for Real Property Valuation Professionals, published by the IAAO, November 12, 2016 3121 GLEN ABBEY DRIVE, MOUNT AIRY, MARYLAND 21771 TEL 301.829.3770 FAX 866.213.3772 www.korpaczra.com C17-437 Korpacz Realty Advisors, Inc. Litigation, Valuation & Counseling Ms. Hooper Eagle County Attorney's Office B. Overall Capitalization Rate Study October 30, 2017 Page 2 Using the research from the Valuation Methodology Study, including property data both physical and financial, comparable sales information and verifications, the results of our property inspections, along with researching and analyzing the demographic, economic, and hotel market trends in Eagle County, we will — Relate the capitalization rate findings from comparable sales, investor surveys, and other sources that may be available to the seven resort -hotel properties identified in Exhibit B. The conclusions will be as of June 30, 2016 and will be within a narrow range. With appropriate adjustments for the tax load, the overall rates selected from our study may be applied to the estimated net operating income, excluding tax reimbursements (if any) and the property tax expenses for the properties under appeal. We will do a brief walk through inspection of each of the seven properties in the company of someone from the assessor's or your office, who will contact the owner and make the arrangements. Since I am not yet familiar with the area and the terrain, it would be helpful if someone would accompany me to visit comparable sale properties located within the county or otherwise reasonably close in distance. As previously mentioned, we welcome the opportunity, with your approval, to discuss with your consultant, Mark Linne, various matters pertinent to our work as the assignment progresses. Our analysis, opinions, and conclusions will be developed and my report will be prepared in conformity with the requirements of the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute, and the Uniform Standards of Professional Appraisal Practice (USPAP) of The Appraisal Foundation. Staffing The assignment will be performed by Peter F. Korpacz, MAI, CRE, FRICS with staff assistance where appropriate. My qualifications are attached as Exhibit D. I will provide expert testimony, if required. Required Materials The timing of the assignment is conditioned upon the timely receipt of necessary physical and financial information on the subject properties and the comparable sales you are aware of. You have already provided us with a significant amount of this material. We will endeavor to personally verify all comparable sales whether you provide the initial information or we research and verify additional comparables through our sources. Fees A. Valuation Methodology Study Our fee for the methodology study will be based on hourly rates ranging from $150 to $500 and will not exceed a budget of $40,000 without your approval, plus out-of-pocket expenses for travel and overnight delivery services; payable as follows: Initial Payment $15,000 Progress Payments 30 days after receipt of initial payment and then biweekly fftCtp LVrV Out-of-pocket expenses are payable when billed. I' Korpacz Realty Advisors, Inc. Litigation, Valuation & Counseling Ms. Hooper Eagle County Attorney's Office B. Overall Capitalization Rate Study October 30, 2017 Page 2 Our fee for the overall capitalization rate study will be $15,000 plus out-of-pocket expenses for travel and overnight delivery services; payable as follows: Initial Payment $5,000 Delivery of Draft Report $5,000 15 days after Delivery of Draft Report $5,000 ?�-VVWJ Out-of-pocket expenses are payable when billed. Our full fee for this service is earned upon delivery of the draft report. If expert witness services are required for either or both studies, my fee will be $500 per hour with a daily minimum of $3,500 (for a seven -hour day) for out-of-town work. Confidentiality Korpacz will hold in confidence all information that is identified as confidential and/or proprietary to the extent such information is not otherwise publicly available and not required, as a matter of law, to be disclosed. I have already signed and delivered to you a Confidentiality and Non Disclosure Agreement dated October 25, 2017, a copy of which is attached as Exhibit E. Acceptance Procedures We appreciate the opportunity to be of service to you. We trust the information contained in this proposal is satisfactory for your purposes. However, if clarification is required on any matter covered herein, please do not hesitate to contact me at 301-829-3770. It is mutually agreed that our acceptance of this assignment is not contingent upon any predetermined conclusions. Should the assignment be canceled or discontinued prior to the completion of the assignment, you will be billed for our time and expenses incurred to the date of cancellation or discontinuance. Korpacz's fee is not contingent on the occurrence of any outside and/or third -party act and is due and payable as detailed above. We are aware of no actual or perceived conflicts of interest that would affect Korpacz's engagement for these services. If this letter correctly states your understanding of the work to be performed, please sign the enclosed confirmation copy and return it, along with the initial $ $20,000 payment for both studies to Peter F. Korpacz, Korpacz Realty Advisors, Inc., 3121 Glen Abbey Drive, Mount Airy, MD 21771 as your authorization for us to proceed with the assignment. We are grateful for this opportunity to be of service. Sincerely, KORPACZ REALTY ADVISORS, INC. 0-�J�' v�`� Peter F. Korpacz, MAI, CRE, FRICS Founder & President AGREED TO AND ACCEPTED BY: Christina C. Hooper D to Assistant County Attorney Eagle County, Colorado Korpacz Realty Advisors, Inc. Litigation, Valuation & Counseling ADDENDA Korpacz Realty Advisors, Inc. Litigation, Valuation & Counseling EXHIBIT A PETER F. KORPACZ, MAI, CRE, FRICS LODGING APPRAISAL EXPERIENCE Korpacz Realty Advisors, Inc. Litigation, Valuation & Counseling PETER F. KORPACZ, MAI, CRE, FRICS LODGING APPRAISAL EXPERIENCE (1990 — October 30, 2017) HOTELS AND RESORTS The Beverly Hilton, Beverly Hills, CA Konocti Harbor Resort & Spa, Kelseyville, CA Rancho Bernardo Inn, Rancho Bernardo, CA Omni International Hotel, San Diego, CA Ramada Renaissance Hotel, Aurora, CO Antler's Doubletree Hotel, Colorado Springs, CO Denver City Center Marriott Hotel, Denver, CO Watergate Hotel, Washington, DC The Four Seasons Hotel, Chicago, IL The Radisson Hotel Center Place, Rochester, MN JFK Plaza, Jamaica, NY Holiday Inn -Arena, Binghamton, NY Embassy Suites Hotel at Times Square, New York, NY Grand Hyatt Hotel, New York, NY Kalikow World Trade Center Hotel, New York, NY New York Hilton, New York, NY The Plaza Hotel, New York, NY Ritz-Carlton Hotel, New York, NY The Holiday Inn at MacArthur Airport, Ronkonkoma, NY Doral Arrowwood Resort & Conference Center, Rye Brook, NY Rye Town Hilton Inn, Rye Brook, NY Tarrytown Hilton Inn, Tarrytown, NY Holiday Inn -SUNY, Vestal, NY The Mandolay Four Seasons Hotel, Irving, TX Ashford Crystal -Gateway Marriott, Arlington, VA Ashford Crystal City Partners, Arlington, VA Sheraton Hotel at Military Circle Mall, Norfolk, VA Jefferson Sheraton Hotel, Richmond, VA Sheraton Roanoke Hotel & Conference Center, Roanoke, VA MIXED -USED PROPERTIES (which included hotels) Palmer Center, Colorado Springs, CO (Office, Hotel, Retail, Parking) Centre Place, Rochester, MN (Office, Hotel, Retail) Note: Some of the hotels listed above were appraised multiple times for pension funds. A list of hotels appraised prior to 1990 is not available. Korpacz Realty Advisors, Inc. Litigation, Valuation & Counseling EXHIBIT B LIST OF SUBJECT PROPERTIES Korpacz Realty Advisors, Inc. Litigation, Valuation & Counseling LIST OF SUBJECT PROPERTIES 1. Vail Marriott 2. Lodge at Vali 3. The Arrabelle at Vail Square 4. Ritz-Carlton Bachelor Gulch 5. Four Seasons Resort Vail 6. Park Hyatt Beaver Creek 7. Vail Cascade Club/Hotel Talisa Korpacz Realty Advisors, Inc. Litigation, Valuation & Counseling EXHIBIT C TENTATIVE TABLE OF CONTENTS FOR RESORT -HOTEL VALUATION METHODLOGY STUDY INCLUDING SEPARATELY OWNED HOTEL ROOMS AND CONDOS FOR EAGLE COUNTY, COLORADO Korpacz Realty Advisors, Inc. Litigation, Valuation & Counseling TENTATIVE TABLE OF CONTENTS Nature of the Assignment Scope of Work Historical Perspective — Hotel Valuation Methodology Current Hotel Valuation Methodologies Comparison of Rushmore and Lennhoff Methods Criticisms of the Rushmore Method by Lennhoff Advocates Criticisms of the Lennhoff Method by Rushmore Advocates Approaches to Value Literature Review Marketplace Behavior Public Hotel REITS Lenders Pension Funds Comparable Resort Hotel Sale Transactions Practicing Appraisers Investor Surveys My Opinions on the Matter Rushmore vs. Lennhoff Approaches to Value Hotel Court Case Decisions Certification of the Appraiser Addenda Korpacz Realty Advisors, Inc. Litigation, Valuation & Counseling EXHIBIT D PETER F. KORPACZ, MAI, CRE, FRICS PROFESSIONAL QUALIFICATIONS Peter F. Korpacz, MAI, CRE, FRICS Founder and President Korpacz Realty Advisors, Inc. 3121 Glen Abbey Dr., Mt. Airy, MD 21771 301.829.3770 — phone Litigation, Valuation & Counseling 866.213.3772 -fax SUMMARY OF QUALIFICATIONS Mr. Korpacz has extensive experience in the real estate appraisal, counseling, publications, and research fields. Over the course of his career, he has been associated with Landauer Associates, Inc., as chief appraiser; Korpacz & Weitzman, Inc., as a principal; Peter F. Korpacz & Associates, Inc., as owner; as Director in the Global Strategic Real Estate Research Group of PricewaterhouseCoopers LLP; and as Executive Managing Director of Weiser Realty Advisors LLC. Mr. Korpacz has qualified as an expert witness on valuation matters in numerous Federal and State courts throughout the United States. His appraisal experience includes valuations of numerous urban office buildings; shopping centers; industrial properties; apartment properties; hotels; and mixed-use properties. Representative engagements include — • Valuations of office buildings throughout the United States, including over 80 properties in Manhattan, such as 7 World Trade Center; Mobil Building; 1, 2, and 4 World Financial Center; and 237, 245 and 425 Park Avenue. • Numerous valuations of apartment and industrial buildings and hotels and resorts throughout the United States. • Over 600 regional mall appraisals, including Mall of America. • Litigation support, appraisal, and testimony in the following regional mall court cases: Oak Park Mall, Overland, KS; Mall of America, Bloomington, MN; Southdale Shopping Center, Edina, MN; Merle Hay Mall, Des Moines, IA; Barton Creek Mall, Austin, TX; Domain II, Austin, TX; Collin Creek Mall, Plano, TX; Emerald Square Mall, North Attleboro, MA; Washington Square Mall, Indianapolis, IN; Potomac Mills Mall, Woodbridge, VA; and Nanuet Mall, Nanuet, NY. • More than 18 mixed -used property appraisals, including ABC Entertainment Complex, Los Angeles, CA; Denver City Center, Denver, CO; Watergate Complex, Washington, DC; One Waterfront Plaza, Honolulu, HI; and 900 North Michigan Avenue, Chicago, IL. • Appraisals of large development land parcels, including Red Mount Ranch, Mesa, AZ; East Highlands Ranch, Highland, CA; Torrey Hills, San Diego, CA; Stonegate, Parker, CO; Hunter's Creek, Orlando, FL; River Bridge, Palm Beach County, FL; King Farm, Montgomery County, MD; and Empire Tract, Bergen County, NJ. Consulting/counseling assignments include — • Capitalization rate studies on regional malls for tax appeal strategies and negotiations with assessors. • Advice and recommendations to legal counsel in litigation matters on strategies and content for direct testimony, cross-examinations, and expert report reviews. • Client and industry trade association presentations on real estate trends, valuation methodology, and investment strategies. Mr. Korpacz is the founder and original publisher of the quarterly Korpacz Real Estate Investor Survey®, one of the industry's standard sources of real estate capital market trends, including capitalization and discount rates and other cash flow forecast assumptions of active real estate investors. He was a principal researcher and advisor for the annual Emerging Trends in Real Estate® from the 2001 U.S. issue through the 2008 U.S. issue. He is the author of numerous articles and contributor to numerous real estate books, including the 8t" and 9t" editions of The Appraisal of Real Estate and the 1 st and 2m editions of The Dictionary of Real Estate Appraisal. He is also a former editor-in-chief of the Appraisal Journal. Korpacz Realty Advisors, Inc. Litigation, Valuation & Counseling EDUCATION ST. JOHN'S UNIVERSITY Bachelor of Arts, 1967 NEW YORK UNIVERSITY REAL ESTATE INSTITUTE Real Estate Institute Certificate (REI) Graduate Realtors Institute Certificate (GRI) Peter F. Korpacz, MAI, CRE, FRICS Appraisal Institute voluntary continuing education has been completed through December 31, 2022. BUSINESS EXPERIENCE KORPACZ REALTY ADVISORS, INC. July 2008 Mt. Airy, Maryland President WEISER REALTY ADVISORS, LLC 2007 —2008 DC Metro Office Executive Managing Director PRICEWATERHOUSECOOPERS LLP 1999-2007 Mt. Airy, Maryland Director Global Strategic Real Estate Research Group PETER F. KORPACZ & ASSOCIATES, INC. 1981 -1999 Frederick, Maryland President KORPACZ & WEITZMAN, INC. 1977-1981 New York, New York Principal JAMES D. LANDAUER ASSOCIATES, INC. 1972-1977 New York, New York Vice President, Chief Appraiser, Assistant Manager of Investment Services Division JOSEPH J. BLAKE & ASSOCIATES, INC. 1963-1972 Woodbury, New York Senior Project Supervisor CERTIFICATION Certified General Real Estate Appraiser in 16 states and the District of Columbia by the respective Real Estate Appraiser Boards; temporary permits acquired in other states when required. COURT TESTIMONY Qualified as an expert witness in various state and federal courts in California, Colorado, Florida, Georgia, Iowa, Massachusetts, Minnesota, Missouri, New York, New Jersey, North Carolina, Texas, Vermont, Virginia, Washington, the District of Columbia, and in Toronto, Canada in matters involving bankruptcy proceedings, foreclosures, condemnation, tax certiorari, class actions involving real estate matters, and other real estate disputes Korpacz Realty Advisors, Inc. Litigation, Valuation & Counseling Peter F. Korpacz, MAI, CRE, FRICS ARBITRATION Appraiser, appraiser -arbitrator, or arbitrator in real estate disputes; assignments include • the court-appointed sole arbitrator in a real estate tax assessment dispute related to a regional mall in Lubbock,Texas • the neutral arbitrator in a Lake Mead, Nevada possessory interest case PROFESSIONAL AFFILIATIONS Appraisal Institute (MAI) The Counselors of Real Estate (CRE) — Board Member 2015-18 — Nominating Committee Member 2012 and 2016 — Education Chair 2011 Royal Institution of Chartered Surveyors (FRICS) National Council of Real Estate Investment Fiduciaries (NCREIF) — Professional Member; Corporate Secretary 1993-1997; Member of Board of Directors 1992-1997 ULI — the Urban Land Institute - Associate Member Institution for Taxation Professionals (IPT) International Association of Assessing Officers - Associate Member International Council of Shopping Centers — Associate Company Member The Real Estate Board of New York, Inc. American Real Estate Society WEBINARS/VIDEOCONFERENES 2015 REGIONAL MALL VALUATIONS... MARKETPLACE SOLUTIONS IAAO Webinar Series —June 10 2014 STATE OF THE U.S. REAL ESTATE MARKET... FALL 2014 IAAO Webinar Series — September 17 THE ELUSIVE OVERALL CAP RATE IAAO Webinar Series — February 19 2013 STATE OF THE U.S. REAL ESTATE MARKET... FALL 2013 IAAO Webinar Series — Quarterly Market Update with Peter F. Korpacz, October 15 STATE OF THE U.S. REAL ESTATE MARKET... SPRING 2013 IAAO Webinar Series — Quarterly Market Update with Peter F. Korpacz, May 15 2012 STATE OF THE U.S. REAL ESTATE MARKET... FOURTH QUARTER 2012 IAAO Webinar Series — Quarterly Market Update with Peter F. Korpacz, November 28 STATE OF THE U.S. REAL ESTATE MARKET... SECOND QUARTER 2012 IAAO Webinar Series — Quarterly Market Update with Peter F. Korpacz, May 16 2011 STATE OF THE U.S. REAL ESTATE MARKET... FOURTH QUARTER 2011 IAAO Webinar Series — Quarterly Market Update with Peter F. Korpacz, November 16 STATE OF THE U.S. REAL ESTATE MARKET... SECOND QUARTER 2011 IAAO Webinar Series — Quarterly Market Update with Peter F. Korpacz, May 18 BRINGING MARKET TREND DATA TO THE LOCAL LEVEL IAAO Webinar Series — Quarterly Market Update with Peter F. Korpacz, February 16 Korpacz Realty Advisors, Inc. Litigation, Valuation & Counseling Peter F. Korpacz, MAI, CRE, FRICS 2010 VALUING REAL PROPERTY IN A DISTRESSED MARKET ING Clarion Webinar, December 3 STATE OF THE U.S. REAL ESTATE MARKET... FOURTH QUARTER 2010 IAAO Webinar Series — Quarterly Market Update with Peter F. Korpacz, November 17 VALUING REAL PROPERTY IN A DISTRESSED MARKET Ballard Spahr Videoconference, February 24 2009 REDUCING PROPERTY TAX VALUES IN A DOWN MARKET National Association of Property Tax Attorneys, June 3 REPRESENTATIVE LECTURES & COURSES PRESENTED 2017 VALUATION OF UNDERPERFORMING REGIONAL MALLS... THE CHANGING FACE OF RETAIL AND ITS IMPACT ON REAL ESTATE Virginia Association of Assessing Officers, October 19 VALUATION OF UNDERPERFORMING REGIONAL MALLS IAAO 83rd Annual Conference, Plenary Session, September 27 IAAO RESEARCH AND FINDINGS OF SPECIAL COMMITTEE ON BIG -BOX VALUATION — POSITION PAPER (IAAO Committee Member) IAAO 83nd Annual Conference, Plenary Session, September 26 ASK THE VALUATION EXPERTS (panel creator and moderator) Colorado Association of Tax Appraisers (CATA) 2017 Annual Conference, August 29 BIG -BOX VALUATION CONTROVERSY... LOOKING FOR SOLUTIONS Alexandria, Arlington, & Fairfax Special Meeting — Dark Store Discussion, April 5 ABA/IPT Advanced Property Tax Seminar, March 23 NC Assessor's Special Meeting — Dark Store Discussion, March 8 2016 BIG -BOX VALUATION METHODOLOGY... DARK VS. OPERATING IAAO 37th Annual Legal Seminar, December 8 The Counselors of Real Estate Annual Convention, September 27 National Conference of State Tax Judges, September 9 UNDERSTANDING INTANGIBLE ASSETS AND REAL ESTATE: A GUIDE FOR REAL PROPERTY VALUATION PROFESSIONALS (IAAO Committee Member) IAAO 82nd Annual Conference, Plenary Session, August 31 FEE SIMPLE... IT'S NOT SO COMPLICATED IAAO 82nd Annual Conference, Plenary Session, August 30 State of Florida, Department of Revenue, August 24 Appraisal Institute's 2016 Annual Conference, July 27 Joint meeting of City of Alexandria, Arlington County, and Fairfax County Assessors, April 28 South Florida Chapter of the Appraisal Institute, March 21 ABA/IPT Advanced Property Tax Seminar, March 3 2015 FEE SIMPLE... IT'S NOT SO COMPLICATED 38th Annual Economic Seminar, Ohio Chapter of the Appraisal Institute, December 4 2015 IPT Property Tax Symposium, November 2 NPTA Annual Conference, October 8 Korpacz Realty Advisors, Inc. Litigation, Valuation & Counseling Peter F. Korpacz, MAI, CRE, FRICS REGIONAL MALL ASSESSMENT VALUATION AND MARKETPLACE SOLUTIONS — HOW TO WIN YOUR CASE IPT Annual Conference, July 1 ASK THE VALUATION EXPERTS (panel creator and moderator) NRAAO 51St Annual Conference, May 18 2014 STATE OF THE U.S. REAL ESTATE MARKET... FALL 2014 97' Annual Arizona Tax Conference, co-sponsored by the Arizona Department of Revenue and the Arizona Association of Assessing Officers, October 9 THE ELUSIVE OVERALL CAPITALIZATION RATE — MARKETPLACE SOLUTIONS National Conference of State Tax Judges, September 18 ABA/IPT Advanced Property Tax Seminar, April 4 American Society of Appraisers, Greater Miami Chapter 046, February 20 ASK THE VALUATION EXPERTS (panel creator and moderator) IAAO 80th Annual Conference, August 25 2013 FINDING THE ELUSIVE CAP RATE IN UNCERTAIN TIMES AND PERSUASIVE ANALYSIS OF HISTORICAL PERFORMANCE OF A REGIONAL MALL NPTA Annual Conference, October 24 STATE OF THE U.S. REAL ESTATE MARKET... SUMMER IAAO 79th Annual Conference, August 26 THE ELUSIVE CAP RATE: FINDING & SUPPORTING CAP RATES IN UNCERTAIN TIMES New Hampshire Association of Assessing Officers, May 14 ABA/IPT Advanced Property Tax Seminar, March 22 2012 DOES THE REAL PROPERTY TRANSACTION MARKET RECOGNIZE INTANGIBLES IN REGIONAL MALLS? RICS Summit of the Americas 2012, October 19 REAL ESTATE MARKET OVERVIEW AND CHAIN DRUG STORE VALUATION METHODOLOGIES Virginia Association of Assessing Officers, Annual Conference, October 11 STATE OF THE U.S. REAL ESTATE MARKET... FALL 2012 Southern New Jersey Chapter of the Appraisal Institute, September 27 IAAO 78th Annual Conference, September 11 CAPITALIZATION RATES IN AN UNCERTAIN MARKET ABA/IPT Advanced Property Tax Seminar, March 23 2012 CAPITALIZATION RATE AND VALUE TRENDS South Florida Chapter of the Appraisal institute, March 16 STATE OF THE U.S. REAL ESTATE ECONOMY... FIRST QUARTER 2012 Los Angeles County Assessors, January 19 2011 REGIONAL MALL VALUATION ISSUES FOR ASSESSMENT PURPOSES Presented jointly with Mark T. Kenney at the International Association of Assessing Officers, 77th Annual International Conference on Assessment Administration, September 20 STATE OF THE U.S. REAL ESTATE ECONOMY... FALL 2011 National Association of Property Tax Attorneys, September 16 Central New Jersey Al Chapter Annual Symposium, September 14 Korpacz Realty Advisors, Inc. Litigation, Valuation & Counseling Peter F. Korpacz, MAI, CRE, FRICS THE REIT EFFECT Institute for Professionals in Taxation, June 27 STATE OF THE U.S. REAL ESTATE MARKET 2010-2011 The Association of Real Estate Lenders and Equity Investors, February 17 2010 STATE OF THE U.S. REAL ESTATE ECONOMY... FALL 2010 American Property Tax Counsel's 16th Annual Conference, October 8 Central New Jersey Al Chapter Annual Symposium, September 15 LOADING THE CAP RATE Metro DC Commercial Appraiser Meeting, Loudoun County, October 14 VALUING REAL PROPERTY IN DISTRESSED MARKETS 2010 CRE Annual Convention, Philadelphia, PA, October 18 VALUATION SOLUTIONS IN DISTRESSED MARKETS Joint meeting of the Royal Institute of Chartered Surveyors and the International Association of Assessing Officers, 2010 Commercial Real Estate Symposium — March 18 VALUATION METHODOLOGIES IN DISTRESSED REAL ESTATE MARKETS Texas Association of Appraisal Districts, February 22 2009 INVESTMENT MARKET TRENDS Mortgage Bankers Associate of Metropolitan Washington — September 17 VALUATION METHODOLOGIES IN DISTRESSED REAL ESTATE MARKETS Institute for Professionals in Taxation, November 9 American Property Tax Counsel's 15th Annual Conference — October 9 Joint meeting of the Massachusetts Chapter of the Appraisal Institute and Greater Boston Real Estate Board — Commercial Bankers Association, October 6 National Conference of State Tax Judges Annual Conference — September 24 IAAO 75th International Conference on Assessment Administration, CREF Fall Seminar — September 16 Central New Jersey Al Chapter Annual Symposium — September 9 2008 STATE OF THE U.S. REAL ESTATE ECONOMY... WINTER 2008 AICPA National Real Estate Conference, November 13 ASSESSMENT STRATEGY FOR A DECLINING REAL ESTATE MARKET American Property Tax Counsel, November 7 CRISIS IN THE U.S. REAL ESTATE MARKET! Annual Conference, International Association of Assessing Officers, September 10 STATE OF THE U.S. REAL ESTATE ECONOMY... FALL 2008 Joint meeting of the Massachusetts Chapter of the Appraisal Institute and Commercial Bankers Association, October 8 Central New Jersey Al Chapter Annual Symposium — September 17 STATE OF THE U.S. REAL ESTATE ECONOMY... SPRING 2008 Society of Professional Assessors, April 11 Connecticut Chapter of the Appraisal Institute, March 20 STATE OF THE U.S. ECONOMY... FIRST QUARTER 2008 The Real Estate Center Council, University of Connecticut, January 28 NYSSCPA/FAE Real Estate Conference, January 8 Korpacz Realty Advisors, Inc. Litigation, Valuation & Counseling Peter F. Korpacz, MAI, CRE, FRICS 2007 REGIONAL MALL CAPITALIZATION RATE STUDIES American Property Tax Council Annual Conference, October 13 FAIR VALUE ACCOUNTING IMPLICATIONS FOR PUBLIC REAL ESTATE COMPANIES National Association of Property Tax Attorneys, September 27 U.S. REAL ESTATE OUTLOOK... FALL 2007 Kellogg Real Estate Conference, Kellogg School of Management, Northwestern University, October 17 Joint meeting of the Massachusetts Chapter of the Appraisal Institute and Commercial Bankers Association, October 10 Pullman & Comley Property Valuation Symposium, October 4 Appraisal Institute and Royal Institution of Chartered Surveyors, September 25 Wisconsin Chapter of the Appraisal Institute and the American Society of Appraisers Wisconsin Chapter #57, September 20 Central New Jersey Chapter of the Appraisal Institute, September 18 Chicago Chapter of the Appraisal Institute, September 12 PPM Finance Conference, September 10 THE REAL ESTATE ECONOMY: WHAT'S IN STORE FOR 2008; REAL ESTATE TRENDS AND OUTLOOK Presented at the Appraisal Institute's 75th Annual Conference, Las Vegas, NV, July 17 REAL ESTATE OUTLOOK National Association of Real Estate Companies, 2007 Annual Conference & Annual Tax Conference, June 21 THE KORPACZ REAL ESTATE INVESTOR SURVEY® - THE INSIDE STORY MEPT and NewTower Trust Company - Annual Real Estate Conference, June 7 EMERGING TRENDS IN REAL ESTATE® SPRING 2007 - Maryland Chapter of the Appraisal Institute, May 15 New Jersey Institute for Continuing Legal Education, "2007 Land Use Institute" seminar, May 2 Jeffrey E. Smith Institute of Real Estate, University of Missouri -Columbia, April 27 Mays Business School at Texas A&M University, April 4 Greenberg Traurig's Real Estate Retreat, March 23 2006 REAL ESTATE OUTLOOK FOR 2007... BUBBLE OR NO BUBBLE? American Institute of Certified Public Accountants' Annual Conference, November 2 EMERGING TRENDS IN REAL ESTATE® 2007 Numerous locations throughout the continental United States, October 2006 - January 2007 THE KORPACZ REAL ESTATE INVESTOR SURVEY® - THE INSIDE STORY National State Tax Judges Annual Conference, September 28 INVESTMENT MARKET OUTLOOK Joint meeting of the Massachusetts Chapter of the Appraisal Institute, Commercial Bankers Association, and New England Women of Real Estate, September 26 REAL ESTATE VALUATION: A MOSAIC OF SCIENCE AND ART Southern New Jersey Chapter of the Appraisal Institute's Seminars at the Shore Conference, May 31 U.S. REAL ESTATE OUTLOOK University of Wisconsin — Madison, January 26 University of Connecticut, School of Business, January 9 EMERGING TRENDS IN REAL ESTATE® 2006 Numerous locations throughout the continental United States, November 2005 - February 2006 Korpacz Realty Advisors, Inc. Litigation, Valuation & Counseling Peter F. Korpacz, MAI, CRE, FRICS 2005 SPEAKER At the Real Estate Finance Association and Appraisal Institute Joint Q3 Education Program entitled Investment Market Outlook Looking Beyond the Headlines at Market Fundamentals, October 12 At the American Bar Association's Section of Litigation Annual Conference, April 22 U.S. REAL ESTATE OUTLOOK Baruch College and New York Al Chapter Conference — September 30 Forest City Enterprises CPE Conference — September 21 Central New Jersey Al Chapter Annual Symposium — September 14 Crosland Annual Conference — September 6 TIAA-CREF — June 22 Chicago Chapter of the Appraisal Institute — May 24 Prudential Training Session — April 12 University of Connecticut, School of Business — February 2 KEYNOTE SPEAKER University of Colorado's CU Real Estate Council 2005 Annual Conference, February 23 Burnham 2005 Outlook Conference, February 17 EMERGING TRENDS IN REAL ESTATE® 2005 Numerous locations throughout the continental United States, November 2004 - January 2005 aireTaROV0611i CURRENT TRENDS IN U.S. REAL ESTATE INVESTMENTS Maryland Chapter of the Appraisal Institute, 2004 Corporex Strategic Planning Meeting, 2004 Central New Jersey Al Chapter Annual Symposium, 2004 EMERGING TRENDS 2005 PREVIEW State Teachers Retirement System Ohio, 2004 U.S. REAL ESTATE LANDSCAPE NorthMarq Capital Conference, 2004 John Hopkins University, 2004 University of Connecticut, School of Business, 2004 EMERGING TRENDS IN REAL ESTATE® 2001 - 2004 Numerous locations throughout the continental United States, 2003 — 2004 Numerous locations throughout the continental United States, November 2001 — 2002 Numerous locations throughout the continental United States, 2001 Numerous locations throughout the continental United States, 2000 REAL ESTATE MARKET INTELLIGENCE Nixon Peabody's Annual Real Estate Partners Meeting, 2003 AN OVERVIEW OF THE U.S. REAL ESTATE LANDSCAPE The 2003 MARSH Annual Real Estate Conference, 2003 69th Annual International Conference, International Association of Assessing Officers, 2003 WHERE ARE WE IN THE REAL ESTATE CYCLE? 8th Annual Real Estate Symposium, Central New Jersey Chapter of the Appraisal Institute, 2003 INVESTOR SURVEY ISSUES MEPT Valuation Conference held by Kennedy Associates Real Estate Counsel, 2003 A BRAVE NEW WORLD: THE U.S. REAL ESTATE MARKET AT MIDYEAR 2002 Southern California Chapter of the Appraisal Institute's Summer Conference, 2002 Korpacz Realty Advisors, Inc. Litigation, Valuation & Counseling Peter F. Korpacz, MAI, CRE, FRICS USING REAL ESTATE CYCLES IN ESTIMATING & DEFENDING VALUATIONS Jointly with Richard Marchitelli at the Northeastern Regional Association of Assessing Officers, 2002 THE KORPACZ REAL ESTATE INVESTOR SURVEY& THE INSIDE STORY Appraisal Institute's 2001 Summer Conference, 2001 REAL ESTATE VALUE CYCLES Appraisal Institute's 2001 Summer Conference, 2001 A seminar jointly presented by PricewaterhouseCoopers LLP and the Appraisal Institute and given in: New York, Boston, San Francisco, Chicago, Atlanta, Denver, Dallas, and Washington, DC — 2001 CURRENT TRENDS IN U.S. COMMERCIAL MARKETS 20th Annual Real Estate Economic Seminar, sponsored by the Cardinal Ohio Chapter, Appraisal Institute and The Ohio State University Center for Real Estate, 1997 Association of Foreign Investors in Real Estate, 1997 BUSINESS ENTERPRISE VALUE AND REGIONAL MALLS - CURRENT ISSUES AND TRENDS International Association of Assessing Officers, 1996 THE USE AND ABUSE OF APPRAISALS IN REAL ESTATE TRANSACTIONS: INVESTMENT VERSUS MARKET VALUE New York University Fifth Annual Pension Fund Investment in Real Estate Conference, 1994 THE COMMERCIAL REAL ESTATE ENVIRONMENT Phoenix Home Life Real Estate Conference, 1993 MANAGING CHANGE IN VALUATION Joint meeting of Pension Real Estate Association and the National Council of Real Estate Investment Fiduciaries, 1993 REAL ESTATE INVESTOR SURVEYS 15th Annual Real Estate Economic Seminar sponsored by the Ohio Chapters of the Appraisal Institute and The Ohio State University Center for Real Estate Education and Research, 1992 APPRAISING PROPERTIES IN DEPRESSED MARKETS ULI - the Urban Land Institute, 1988 REAL PROPERTY APPRAISAL - BASIC THEORY AND PRACTICE 3 -day course for new employees of The Prudential Property Company, 1987 CAPITALIZATION OF INCOME AND COMPUTERS 13th Pan Pacific Congress of Real Estate Appraisers, Valuers, and Counselors, 1986 MICROCOMPUTERS IN THE REAL ESTATE APPRAISAL OFFICE SEMINAR Washington, DC Metropolitan Area Chapter, American Institute of Real Estate Appraisers, 1984 REAL ESTATE APPRAISING IN THE 1980s - COMPUTERS, TRADITIONAL TECHNIQUES, AND DISCOUNTED CASH FLOW ANALYSIS Arizona Chapter, American Institute of Real Estate Appraisers, 1985 Connecticut Chapters, Society of Real Estate Appraisers, American Institute of Real Estate Appraisers, 1985 Pittsburgh/Western Pennsylvania Chapter, American Institute of Real Estate Appraisers, 1984 Long Island Chapter, Society of Real Estate Appraisers, 1983 Kentucky Chapter, American Institute of Real Estate Appraisers, 1982 STRATEGIES OF REAL ESTATE DEVELOPMENT SEMINAR The Wharton School of Business at the University of Pennsylvania, 1983 INVESTING IN SHOPPING CENTERS State University of New York at Stony Brook, 1982 CURRENT REAL ESTATE INVESTMENT ANALYSIS TECHNIQUES New Jersey Chapter, National Association of Industrial and Office Parks, 1982 Korpacz Realty Advisors, Inc. Litigation, Valuation & Counseling Peter F. Korpacz, MAI, CRE, FRICS REAL ESTATE MARKETABILITY AND INVESTMENT FEASIBILITY ANALYSIS Real Estate Department of Manufacturers Hanover Trust Company, 1980 FORMER FACULTY MEMBER Appraisal Institute Real Estate Institute of New York University PUBLICATIONS AND ARTICLES Interviewee for Emerging Trends in Real Estate®, 2015, 2014, 2013, 2012, 2011, and 2010 editions Senior Adviser, Emerging Trends in Real Estate® Asia-Pacific 2007 Editorial Board, Emerging Trends in Real Estate® Europe, annual forecast 2004, 2005, 2006 and 2007 editions Editorial Board, Emerging Trends in Real Estate®, the real estate industry's longest -running annual forecast. 2000, 2001, 2002, 2003, 2004, 2005, 2006, and 2007 editions Editor -in -Chief, Real Estate Value Cycles, a semiannual publication of real estate cycle information on the position of office, warehouse, retail, apartment, and hotel sectors in the 58 major U.S. markets. December 1999 — September 2003 Editor -in -Chief, Korpacz Real Estate Investor Survey®, published quarterly by PricewaterhouseCoopers LLP. August 1999 — August 2007 Publisher, Korpacz Real Estate Investor Survey®, quarterly publication on considerations and cash flow assump- tions used by a cross section of major institutional equity real estate market participants to analyze real estate investment opportunities throughout the United States. From 1988 — July 1999 Contributing Editor, Real Estate Capital Markets Report, quarterly column, "Equity Real Estate," 1992 - 1997 "Appraising Retail Properties," in Shopping Centers and Other Retail Properties: Their Investment, Development, Financing and Management, John Wiley & Sons, Inc., 1996 Co-authored "Institutional -Grade Real Estate," The Appraisal Journal, October 1994 Contributor, Viewpoint 1993: Real Estate Value Trends, Valuation Network, Inc., 1993 Contributor, Viewpoint 1992: Real Estate Value Trends, Valuation Network, Inc., 1992 "Changing Times Call for Revamped Valuation Methods," National Real Estate Investor, October 1992 Co-authored "Market Value — The Elusive Standard," The Appraisal Journal, July 1992 "Real Estate Appraisal," in Real Estate Development Manual, Warren, Gorham & Lamont, Inc. 1990 Editor -in -Chief, The Appraisal Journal, 1985, 1986, 1987 Contributor, The Dictionary of Real Estate Appraisal, 2nd edition, American Institute of Real Estate Appraisers, 1989 Contributor, The Appraisal of Real Estate, 9th edition, American Institute of Real Estate Appraisers, 1987 Co-authored "Back to Basics: Specified Real Property Rights," The Appraisal Journal, October 1987 Co-authored "Market Value — Contemporary Applications," The Appraisal Journal, July 1985 Contributor, The Dictionary of Real Estate Appraisal, 1 st edition, American Institute of Real Estate Appraisers, 1984 Co-authored "Market Value — A Contemporary Perspective," The Appraisal Journal, October 1984 Contributor, The Appraisal of Real Estate, 8th edition, American Institute of Real Estate Appraisers, 1983 Korpacz Realty Advisors, Inc. Litigation, Valuation & Counseling Peter F. Korpacz, MAI, CRE, FRICS Co-authored "Changing Emphasis in Appraisal Techniques: The Transition to Discounted Cash Flow," The Appraisal Journal, January 1983 AWARDS Presidential Citation in recognition of outstanding service and dedication to the International Association of Assessing Officers (IAAO), presented September 2017 Recipient of the Bernard L. Barnard Outstanding Technical Essay Award for the IAAO Special Committee on Intangibles for "Understanding Intangible Assets and Real Estate: A Guide for Real Property Valuation Professionals" from the International Association of Assessing Officers (IAAO), presented September 2017 Recipient of the Practitioner -Scholar Award for contributions to the body of real estate knowledge that are highly regarded by real estate academics, and that have been adopted and used by practitioners from The American Real Estate Society, presented April 2015 Presidential Citation in recognition of outstanding service and dedication to the International Association of Assessing Officers (IAAO), presented September 2011 Co-author of article cited as one of nine articles out of more than 4,000 articles published in The Appraisal Journal in its first 75 years (1932-2007) that had a "meaningful influence on the readership. The article, "Changing Emphasis in Appraisal Techniques: The Transition to Discounted Cash Flow," was published by the Appraisal Institute in the January 1983 issue of The Appraisal Journal. The Richard D. Simmons Scholastic Achievement Award in recognition of the extraordinary contributions to the letter and spirit of the appraisal community throughout the United States and Canada, 2002. The Massachusetts Board of Real Estate Appraisers Louise Lee and Y. T. Lum Award in recognition of distinguished contribution in the furtherance of the high ideals of the profession of real estate appraising and practices, 1994. Appraisal Institute George L. Schmutz Award for special contribution to the real estate appraisal industry, 1984 Charles B. Shattuck Award for outstanding contributions to appraisal education, 1984 Korpacz Realty Advisors, Inc. Litigation, Valuation & Counseling EXHIBIT E SIGNED CONFIDENTIALITY AND NON DISCLOSURE AGREEMENT CONFIDENTIALITY AND NON DISCLOSURE AGREEMENT The Eagle County Assessor and Eagle County Board of Equalization on behalf of the County Eagle County, Colorado (hereinafter collectively, "Eagle County") and Korpacz Realty Advisors, Inc. ("Consultant"), in contemplation of Consultant providing a proposal to Eagle County for real -property appraisal methodology studies (the "Services"), hereby agree that in preparing for and in performance of the Services, County may disclose to Consultant certain commercial financial data of third -party property owners. Eagle County and Consultant acknowledge and agree that pursuant to C.R.S. § 24-72-204(2)(d)(IV), the County must maintain the confidentiality of any commercial financial data of third parties. Accordingly, Consultant agrees that any and all third -party confidential commercial financial data supplied to it by County in connection with the Services shall be at all times kept confidential by Consultant, and that Consultant shall not disclose such data under any circumstances to any third -party for any purpose, other than as may be expressly authorized in writing by Eagle County. The term "confidential," as used in this Agreement, shall mean protected against advertent or inadvertent disclosure, orally or in writing or in any other manner or form, to any person not signatory to this agreement as Consultant or a representative, employee or agent for Consultant. Consultant shall implement and adhere to reasonable measures and precautions to protect against such disclosure. In addition, Consultant agrees upon completion of its work on the proposal promptly to return to County any such information, and not to retain in its records any copies of such information. In undertaking to prepare such proposal and in fulfilling the commitments made herein, Consultant will be acting in a fiduciary capacity for the benefit of County. Acknowledged and Agreed this,15-W lay of ( 1711, 2017. Korpacz Realty Advisors, Inc. Peter Korpacz President