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C20-058 Korpacz Realty Advisors
KorpaczRealtyAdvisors,Inc.Litigation,Valuation&CounselingFebruary10,2020ChristinaC.HooperAssistantCountyAttorneyEagleCounty,ColoradoP.O.Box850500BroadwayEagle,Colorado81631Re:ValuationMethodologyStudyandOverallCapitalizationRateStudiesforResort-HotelPropertieslocatedinEagleCounty,ColoradoDearMs.Hooper:ThisletterconfirmsthatKorpaczRealtyAdvisors,Inc.CKorpacz”)isretainedbyEagleCounty,Colorado (Client”)toprovideaValuationMethodologyStudyforrealproperty valuationofcertainresort-hotelsinEagleCountywithseparatelyownedhotelrooms,condos,andretailunitsforuseintheassessmentappealsintheCounty.Thisagreementsetsforththescopeofourworkandthetimerequirementsandfeesassociatedwithourservices.ScopeofServicesA.ValuationMethodologyStudyOurreportwillbesimilarincontenttoourpriorreport(ValuationandMethodologyStudyReportasofJune30,2016)withresearchandanalysisupdates,whereappropriate.Themajorfocuswillbeonrecentcomparablesales,localhotelfinancialstatements,andfollow-upandadditionalinterviewswithlodgingpropertyowners,brokers,andappraisers.Alsoincludedinthefeestructurewillbethetimeandexpensesassociatedwiththeinspectionsofthesixpropertiesthatmaybelitigated.Ourfeeforthisphaseoftheassignmentwillbehourly,nottoexceedabudgetof$25,000without yourapproval.Werequireaninitialpaymentof$10,000uponauthorizationtoproceed.Wealsorequirereimbursementforreasonableandpreapprovedout-of-pockettravelexpenses.usingtheknowledgeandexperiencegainedovera50+yearcareerinrealpropertyappraisingandcounseling,includinglodgingfacilities(seeExhibitA)andourrecent experiencein2018-2019depositions,Boardhearings,anddecisionsonvariousVailresortproperties,wewillprepareand submitareportdetailingthepropermethodologyforuseinappraisingresort-hotelpropertiesas describedabove.Importanttasks/questionstobeansweredtosupportouropinionontheissuesraisedbythepropertyownerappeals,include—•Whetherornottoremoveallincomeassociatedwiththerentalofindependently-ownedhotelrooms•Howtoavoiddoubletaxationoftheseparatelyowned residentialunitsandanyothereconomicunitsownedbyothers•Whether thereisbusinessvalueassociatedwiththeentirepropertyoroneormoreeconomicunits,suchasthemanagementoftheresidentialunits•Howtotreatincomefromretailandrestaurantuses,aswellassupportspacelocatedonthetaxparcelthatisusedbytheskioperationB.CapitalizationRateStudiesWeunderstandthatthereisapossibleneedforseparatecapratestudieson sixpropertiesthatmaybelitigated(seeExhibitB).Each reportwillbeconsistentwithsimilarworkwedidonanumberofpropertiesasofJune30,2106.Ourfeeforthefirststudywillbe$15,000.Thisreportwillbeusedastheprototypeforsimilarstudiesonotherpropertiesatyourdirection.Thefeesfortheadditionalreportswillbebasedonourhourlyratesnottoexceedabudgetof$5,000perpropertywithoutyourapproval.3121GLENABBEY DRIVE,MOUNTAIRY, MARYLAND21771TEL301.829.3770FAX866.213.3772www.korpaczra.comC20-058 KorpaczRealtyAdvisors,Inc.Litigation,Valuation&CounselingMs.HooperFebruary10,2020EagleCountyAttorney’sOfficePage2Myanalysis,opinions,andconclusionswillbedeveloped,andmyreportwillbepreparedinconformitywiththerequirementsoftheCodeofProfessionalEthicsandtheStandardsofProfessionalAppraisalPracticeoftheAppraisalInstitute,andtheUniformStandardsofProfessionalAppraisalPractice(USPAP)ofTheAppraisalFoundation.C.ExpertWitnessServicesIfexpertwitnessservicesarerequiredforeitherorbothstudies,myfeewillbe$500perhourwithadailyminimumof$3,500(foraseven-hourday)forout-of-townwork.StaffingTheassignmentwillbeperformedbyPeterF.Korpacz,MAI,CRE,FRICSwithstaffassistancewhereappropriate.MyqualificationsareattachedasExhibitC.Iwillprovideexperttestimony,ifrequired.RequiredMaterialsThetimingoftheassignmentisconditioneduponthetimelyreceiptofnecessaryphysicalandfinancialinformationonthesubjectpropertiesandanynewcomparablesalesyouareawareof.Wewillendeavortopersonallyverifyallcomparablesaleswhetheryouprovidetheinitialinformation,orweresearchandverifyadditionalcomparablesthroughoursources.ConfidentialityKorpaczwillacknowledgeandcomplywiththetermsoftheProtectiveOrdersissuedbythecourtinanycaseconnectedwiththisassignmentandwillotherwiseholdinconfidenceallinformationthatisidentifiedasconfidentialand/orproprietarytotheextentsuchinformationisnototherwisepubliclyavailableandnotrequired,asamatteroflaw,tobedisclosed.AcceptanceProceduresWeappreciatetheopportunitytobeofservicetoyou.Wetrusttheinformationcontainedinthisproposalissatisfactoryforyourpurposes.However,ifclarificationisrequiredonanymattercoveredherein,pleasedonothesitatetocontactmeat301-829-3770.Itismutuallyagreedthatouracceptanceofthisassignmentisnotcontingentuponanypredeterminedconclusionsandpaymentofourfeeisnotcontingentonourfindingsandconclusions.Shouldtheassignmentbecanceledordiscontinuedpriortothecompletionoftheassignment,youwillbebilledforourtimeandexpensesincurredtothedateofcancellationordiscontinuance.Korpacz’sfeeisnotcontingentontheoccurrenceofanyoutsideand/orthird-partyactandisdueandpayableasdetailedabove.WeareawareofnoactualorperceivedconflictsofinterestthatwouldaffectKorpacz’sengagementfortheseservices.Ifthislettercorrectlystatesyourunderstandingoftheworktobeperformed,pleasesendbackviaemailormailasignedcopyandreturnit,alongwiththeinitial$10,000paymentforthevaluationmethodologystudytoPeterF.Korpacz,KorpaczRealtyAdvisors,Inc.,3121GlenAbbeyDrive,MountAiry,MD21771asyourauthorizationforustoproceedwiththeassignment. KorpaczRealtyAdvisors,Inc.Litigation,Valuation&CounselingMs.HooperFebruary10,2020EagleCountyAttorney’sOfficePage3Wearegratefulforthisopportunitytobeofservice.Sincerely,KORPACZREALTYADVISORS,INC.AGREEDTOANDACCEPTEDBY:PetRKorpacz/±,FRlCSJii/9oFounder&PresidentChristinaC.HooperDateAssistantCountyAttorneyEagleCounty,Colorado KorpaczRealtyAdvisors,Inc.Litigation,Valuation&CounselingADDENDA KorpaczRealtyAdvisors,Inc.Litigation,Valuation&CounselingEXHIBITAPETERF.KORPACZ,MAI,GRE,FRICSLODGINGAPPRAISALEXPERIENCE KorpaczRealtyAdvisors,Inc.Litigation,Valuation&CounselingHOTELSANDRESORTSPETERF.KORPACZ,MAI,GRE,FRICSLODGINGAPPRAISALEXPERIENCE(1990—December20,2019)TheBeverlyHilton,BeverlyHills,CAKonoctiHarborResort&Spa,Kelseyville,CARanchoBernardoInn,RanchoBernardo,CAOmniInternationalHotel,SanDiego,CARamadaRenaissanceHotel,Aurora,COTheRitz-CantonBachelorGulch,Avon,COParkHyattBeaverCreek,BeaverCreek,COAntler’sDoubletreeHotel,ColoradoSprings,COPalmerCenterHotel,ColoradoSprings,CODenverCityCenterMarriottHotel,Denver,COTheArrabelleatVailSquare,Vail,COFourSeasonsResort,Vail,COLodgeatVail,Vail,COVailCascadeClub/HotelTalisa,Vail,COVailMarriott,Vail,COWatergateHotel,Washington,DCTheFourSeasonsHotel,Chicago,ILHyattRegencyMinneapolis,Minneapolis,MNTheRadissonHotelCenterPlace,Rochester,MNJFKPlaza,Jamaica,NYHolidayInn-Arena,Binghamton,NYEmbassySuitesHotelatTimeSquare,NewYork,NYGrandHyattHotel,NewYork,NYKalikowWorldTradeCenterHotel,NewYork,NYNewYorkHilton,NewYork,NYThePlazaHotel,NewYork,NYRitz-CarltonHotel,NewYork,NYTheHolidayInnatMacArthurAirport,Ronkonkoma,NYDoralArrowwoodResort&ConferenceCenter,RyeBrook,NYRyeTownHiltonInn,RyeBrook,NYTarrytownHiltonInn,Tarrytown,NYHolidayInn-SUNY,Vestal,NYDoubletreeResortatWillowWaybyHilton,Lancaster,PATheMandalayFourSeasonsHotel,Irving,TXMarriottCrystalGateway,Arlington,VASheratonPentagonCity,Arlington,VASheratonHotelatMilitaryCircleMall,Norfolk,VAJeffersonSheratonHotel,Richmond,VASheratonRoanokeHotel&ConferenceCenter,Roanoke,VAMIXED-USEDPROPERTIES(whichincludedhotels)900NorthMichiganAvenue,Chicago,IL(Office,Retail,Hotel,Parking)CentrePlace,Rochester,MN(Office,Hotel,Retail)Note:Someofthehotelslistedabovewereappraisedmultipletimesforpensionfunds.Alistofhotelsappraisedpriorto1990isnotavailable. KorpaczRealtyAdvisors,Inc.Litigation,Valuation&CounselingEXHIBITBLISTOFPOSSIBLESUBJECTPROPERTIES KorpaczRealtyAdvisors,Inc.Litigation,Valuation&CounselingLISTOFPOSSIBLESUBJECTPROPERTIES1.FourSeasonsResortVail2.ParkHyattBeaverCreek3.TobeDetermined4.TobeDetermined5.TobeDetermined6.ToBeDetermined KorpaczRealtyAdvisors,Inc.Litigation,Valuation&CounselingEXHIBITCPETERF.KORPACZ,MAI,CRE,FRICSPROFESSIONALQUALIFICATIONS PeterF.Korpacz,MAI,CRE,FRICSFounderandPresidentKorpaczRealtyAdvisors,Inc.827hAirs’,MD21771Litigation,Valuation&Counseling866.213.3772-faxSUMMARYOFQUALIFICATIONSMr.Korpaczhasextensiveexperienceinthetealestateappraisal,counseling,publications,andresearchfields.Overthecourseofhiscareer,hehasbeenassociatedwithLandauerAssociates,Inc.,aschiefappraiser;Korpacz&Weitzman,Inc.,asaprincipal;PeterF.Korpacz&Associates,Inc.,asfounderandpresident;asDirectorintheGlobalStrategicRealEstateResearchGroupofPricewaterhouseCoopersLLP;andasExecutiveManagingDirectorofWeiserRealtyAdvisorsLLC.Mr.KorpaczhasqualifiedasanexpertwitnessonvaluationmattersinnumerousFederalandStatecourtsthroughouttheUnitedStates.Hisappraisalexperienceincludesvaluationsofnumerousurbanofficebuildings;shoppingcenters;industrialproperties;apartmentproperties;hotels;andmixed-useproperties.Representativeengagementsinclude—•ValuationsofofficebuildingsthroughouttheUnitedStates,includingover80propertiesinManhattan,suchas7WorldTradeCenter;MobilBuilding;1,2,and4WorldFinancialCenter;and237,245and425ParkAvenue.•NumerousvaluationsofapartmentandindustrialbuildingsandhotelsandresortsthroughouttheUnitedStates.•Over800regionalmallappraisals,includingMallofAmerica.•Litigationsupport,appraisal,andtestimonyinthefollowingregionalmallcourtcases:OakParkMall,Overland,KS;MallofAmerica,Bloomington,MN;SouthdaleShoppingCenter,Edina,MN;MerleHayMall,DesMoines,IA;BartonCreekMall,Austin,TX;DomainII,Austin,TX;CollinCreekMall,PIano,TX;EmeraldSquareMall,NorthAttleboro,MA;WashingtonSquareMall,Indianapolis,IN;PotomacMillsMall,Woodbridge,VA;andNanuetMall,Nanuet,NY.•Morethan18mixed-usedpropertyappraisals,includingABCEntertainmentComplex,LosAngeles,CA;DenverCityCenter,Denver,CO;WatergateComplex,Washington,DC;OneWaterfrontPlaza,Honolulu,HI;and900NorthMichiganAvenue,Chicago,IL.•Appraisalsoflargedevelopmentlandparcels,includingRedMountRanch,Mesa,AZ;EastHighlandsRanch,Highland,CA;TorreyHills,SanDiego,CA;Stonegate,Parker,CO;Hunter’sCreek,Orlando,FL;RiverBridge,PalmBeachCounty,FL;KingFarm,MontgomeryCounty,MD;andEmpireTract,BergenCounty,N].Consulting/counselingassignmentsinclude—•Capitalizationratestudiesonregionalmallsandotherpropertytypesforbothpropertyownersandassessmentdistricts.•Adviceandrecommendationstolegalcounselinlitigationmattersonstrategiesandcontentfordirecttestimony,cross-examinations,andexpertreportreviews.•Clientandindustrytradeassociationpresentationsonrealestatetrends,valuationmethodology,andinvestmentstrategies.Mr.KorpaczisthefounderandoriginalpublisherofthequarterlyKorpaczRealEstateInvestorSurvey®,oneoftheindustry’sstandardsourcesofrealestatecapitalmarkettrends,includingcapitalizationanddiscountratesandothercashflowforecastassumptionsofactiverealestateinvestors.HewasaprincipalresearcherandadvisorfortheannualEmergingTrendsinRealEstate®fromthe2001U.S.issuethroughthe2008U.S.issue.Heistheauthorofnumerousarticlesandcontributortonumerousrealestatebooks,includingthe8thandgtheditionsofTheAppraisalofRealEstateandthe1Stand2ndeditionsofTheDictionaryofRealEstateAppraisal.Heisalsoaformereditor-in-chiefoftheAppraisalJournal. KorpaczRealtyAdvisors,Inc.Litigation,Valuation&CounselingEDUCATIONST.JOHN’SUNIVERSITYBachelorofArts,1967NEWYORKUNIVERSITYREALESTATEINSTITUTERealEstateInstituteCertificate(REI)GraduateRealtorsInstituteCertificate(GRI)AppraisalInstitutevoluntarycontinuingeducationhasbeencompletedthroughDecember31,2022.BUSINESSEXPERIENCEKORPACZREALTYADVISORS,INC.July2008Mt.Airy,MarylandPresidentWEISERREALTYADVISORS,LLC2007—2008DCMetroOfficeExecutiveManagingDirectorPRICEWATERHOUSECOOPERSLLP1999-2007Mt.Airy,MarylandDirectorGlobalStrategicRealEstateResearchGroupPETERF.KORPACZ&ASSOCIATES,INC.1981-1999Frederick,MarylandPresidentKORPACZ&WEITZMAN,INC.1977-1981NewYork,NewYorkPrincipalJAMESD.LANDAUERASSOCIATES,INC.1972-1977NewYork,NewYorkVicePresident,ChiefAppraiser,AssistantManagerofInvestmentServicesDivisionJOSEPHJ.BLAKE&ASSOCIATES,INC.1963-1972Woodbury,NewYorkSeniorProjectSupervisorCERTIFICATIONCertifiedGeneralRealEstateAppraiserin17statesandtheDistrictofColumbiabytherespectiveRealEstateAppraiserBoards;temporarypermitsacquiredinotherstateswhenrequired.COURTTESTIMONYQualifiedasanexpertwitnessinvariousstateandfederalcourtsinCalifornia,Colorado,Florida,Georgia,Indiana,Iowa,Massachusetts,Minnesota,Missouri,NewYork,NewJersey,NorthCarolina,Texas,Vermont,Virginia,Washington,Wisconsin,theDistrictofColumbia,andinToronto,Canadainmattersinvolvingbankruptcyproceedings,foreclosures,condemnation,taxcertiorari,classactionsinvolvingrealestatematters,andotherrealestatedisputes KorpaczRealtyAdvisors,Inc.Litigation,Valuation&CounselingARBITRATIONAppraiser,appraiser-arbitrator,orarbitratorinrealestatedisputes;assignmentsinclude•thecourt-appointedsolearbitratorinarealestatetaxassessmentdisputerelatedtoaregionalmallinLubbock,Texas•theneutralarbitratorinaLakeMead,NevadapossessoryinterestcasePROFESSIONALAFFILIATIONSAppraisalInstitute(MAI)—EditorinChief,TheAppraisalJournal(3years)—ChairmanRequiredExamsComprehensiveExaminationPublicationsFinance—ServedonthefollowingcommitteesExecutiveCommittee(3years)GoverningCouncilUnificationCommittee—ChairedthecommitteeresponsibleforTheAppraisalofRealEstate,8thEdition—AuthoredFourIncomeApproachchaptersinTheAppraisalofRealEstate,B”EditionFiveIncomeApproachchaptersinTheAppraisalofRealEstate,gthEdition—ChairedcommitteethatpublishedTheDictionaryofRealEstate,1Editionandservedonthecommitteeforthe2Edition—AuthorofseveralarticlespublishedinTheAppraisaiJournal,including“ChangingEmphasisinAppraisalTechniques:TheTransitiontoDiscountedCashFlow,”whichwasjudgedtobeoneofninearticlesoverthe75years(1932-2007)historyoftheAppraisalInstituteandthathada“meaningfulinfluenceonthereadership.ThearticlewaspublishedbytheAppraisalInstituteintheJanuary1983issueofTheAppraisalJournal.—RealPropertyRightsSymposiumparticipant(2018)TheCounselorsofRealEstate(CRE)—BoardMember2015-18—NominatingCommitteeMember2012and2016—EducationChair2011RoyalInstitutionofCharteredSurveyors(FRICS)InternationalAssociationofAssessingOfficers-AssociateMember—CommitteeMemberIAAOFeeSimpleTaskForce(coauthorofSettingtheRecordStraightonFeeSimple)IMOSpecialCommitteeonBig-BoxValuationMethodology(coauthorofCommercialBig-BoxRetail:AGuidetoMarket-BasedValuation)IMOSpecialCommitteeonIntangibles(coauthorofUnderstandingIntangibleAssetsandRealEstate:AGuideforRealPropertyValuationProfessionals)InternationalCouncilofShoppingCenters—AssociateCompanyMemberTheRealEstateBoardofNewYork,Inc.AmericanRealEstateSocietyWEBINARSNIDEOCONFERENCES2019SETTINGTHERECORDSTRAIGHTONFEESIMPLEINBIG-BOXAPPRAISALSrealquantumWebinar—November222018THEVALUATIONOFUNDERPERFORMINGMALLS...THECHANGINGFACEOFRETAILANDITSIMPACTONREALESTATEVALUESIMOWebinarSeries—July18 KorpaczRealtyAdvisors,Inc.Litigation,Valuation&Counseling2015REGIONALMALLVALUATIONS...MARKETPLACESOLUTIONSIAAOWebinarSeries—June102014STATEOFTHEU.S.REALESTATEMARKET...FALL2014IAAOWebinarSeries—September17THEELUSIVEOVERALLCAPRATEIAAOWebinarSeries—February192013STATEOFTHEU.S.REALESTATEMARKET...FALL2013IAAOWebinarSeries—QuarterlyMarketUpdatewithPeterF.Korpacz,October15STATEOFTHEU.S.REALESTATEMARKET...SPRING2013IAAOWebinarSeries—QuarterlyMarketUpdatewithPeterF.Korpacz,May152012STATEOFTHEU.S.REALESTATEMARKET...FOURTHQUARTER2012IAAOWebinarSeries—QuarterlyMarketUpdatewithPeterF.Korpacz,November28STATEOFTHEU.S.REALESTATEMARKET...SECONDQUARTER2012IAAOWebinarSeries—QuarterlyMarketUpdatewithPeterF.Korpacz,May162011STATEOFTHEU.S.REALESTATEMARKET...FOURTHQUARTER2011IAAOWebinarSeries—QuarterlyMarketUpdatewithPeterF.Korpacz,November16STATEOFTHEU.S.REALESTATEMARKET...SECONDQUARTER2011IAAOWebinarSeries—QuarterlyMarketUpdatewithPeterF.Korpacz,May18BRINGINGMARKETTRENDDATATOTHELOCALLEVELIAAOWebinarSeries—QuarterlyMarketUpdatewithPeterF.Korpacz,February162010VALUINGREALPROPERTYINADISTRESSEDMARKETINGClarionWebinar,December3STATEOFTHEU.S.REALESTATEMARKET...FOURTHQUARTER2010IMOWebinarSeries—QuarterlyMarketUpdatewithPeterF.Korpacz,November17VALUINGREALPROPERTYINADISTRESSEDMARKETBallardSpahrVideoconference,February242009REDUCINGPROPERTYTAXVALUESINADowrsjMARKETNationalAssociationofPropertyTaxAttorneys,June3REPRESENTATIVELECTURES&COURSESPRESENTED2019BULLET-PROOFINGTHEASSESSMENTLITIGATIONAPPRAISALREPORTIMO40thAnnualLegalSeminar,December6FEESIMPLE:SETTINGTHERECORDSTRAIGHT(partofpanel)IMO40thAnnualLegalSeminar,December5BIG-BOXAPPEALS...ISSUES&SOLUTIONSAssociationofMunicipalAssessorsofNewJersey2019NewJerseyLeagueofMunicipalitiesConference,November20 KorpaczRealtyAdvisors,Inc.Litigation,Valuation&CounselingDARKSTORES,DARKTHEORY,DARKMAGICpresentedjointlywithStevenD.Laposa,Ph.D.IAAO84AnnualConference,September11IAAOFEESIMPLETASKFORCEPRESENTATION(IAAOCommitteeMember)SETTINGTHERECORDSTRAIGHTONFEESIMPLEIMO85thAnnualConference,September10BIG-BOXAPPEALS...ISSUES&SoLuTIoNSAssessor’sAssociationofPennsylvaniapresentedjointlywithIreneE.Sokoloff,MAI,CAE,May32018PANELDISCUSSIONONBIG-BOXLITIGATIONMATTERSMO39thLegalSeminar,December14BIG-BOXAPPEALS...ISSUESANDSOLUTIONSVirginiaAssociationofAssessingOfficers(VAAO)—70thAnnualConferencepresentedjointlywithIreneE.Sokoloff,MAI,CAE,October18lMOSPECIALCOMMITTEEONBIG-BOXVALUATIONPRESENTATION(IAAOCommitteeMember)IMO84AnnualConference,September25BIG-BOXRETAILAPPEALS...SHAKENNOTSTIRREDIndianaAssessorsAssociationSummerConference,August2978thAnnualMMO(MarylandAssociationofAssessingOfficers)EducationalConference,June122018TMD(TexasAssociationofAppraisalDistricts)Conference,February26THEVALUATIONOFUNOERPERFORMINGREGIONALMALLS...THECHANGINGFACEOFRETAILANDITSIMPACTONREALESTATEMarylandChapteroftheAppraisalInstitute,May32017THEVALUATIONOFUNDERPERFORMINGREGIONALMALLS...THECHANGINGFACEOFRETAILANDITSIMPACTONREALESTATEVALUES40thAnnualEconomicSeminar,OhioChapteroftheAppraisalInstitute,December1DARKSTORETAXFIGHT—THEDILEMMAOFBIG-BOXRETAILAPPEALSNHMAAnnualConference,November15VALUATIONOFUNDERPERFORMINGREGIONALMALLS...THECHANGINGFACEOFRETAILANDITSIMPACTONREALESTATEVirginiaAssociationofAssessingOfficers,October19VALUATIONOFUNDERPERFORMINGREGIONALMALLSMO83tdAnnualConference,PlenarySession,September27IAAORESEARCHANDFINDINGSOFSPECIALCOMMITTEEONBIG-BOXVALUATION—PoSITIoNPAPER(IMOCommitteeMember)IMO83nAnnualConference,PlenarySession,September26ASKTHEVALUATIONEXPERTS(panelcreatorandmoderator)ColoradoAssociationofTaxAppraisers(CATA)2017AnnualConference,August29BIG-BOXVALUATIONCONTROVERSY...LOOKINGFORSOLUTIONSAlexandria,Arlington,&FairfaxSpecialMeeting—DarkStoreDiscussion,April5ABNIPTAdvancedPropertyTaxSeminar,March23NCAssessor’sSpecialMeeting—DarkStoreDiscussion,March8 KorpaczRealtyAdvisors,Inc.Litigation,Valuation&Counseling2016BIG-BoxVALUATIONMETHODOLOGY...DARKVS.OPERATINGIMO37thAnnualLegalSeminar,December8TheCounselorsofRealEstateAnnualConvention,September27NationalConferenceofStateTaxJudges,September9UNDERSTANDINGINTANGIBLEASSETSANDREALESTATE:AGUIDEFORREALPROPERTYVALUATIONPROFESSIONALS(IAAOCommitteeMember)IAAO82AnnualConference,PlenarySession,August31FEESIMPLE...IT’SNOTSoCOMPLICATEDIAAO82,dAnnualConference,PlenarySession,August30StateofFlorida,DepartmentofRevenue,August24AppraisalInstitute’s2016AnnualConference,July27JointmeetingofCityofAlexandria,ArlingtonCounty,andFairfaxCountyAssessors,April28SouthFloridaChapteroftheAppraisalInstitute,March21ABA/IPTAdvancedPropertyTaxSeminar,March32015FEESIMPLE...IT’SNOTSoCOMPLICATED38thAnnualEconomicSeminar,OhioChapteroftheAppraisalInstitute,December42015IPTPropertyTaxSymposium,November2NPTAAnnualConference,October8REGIONALMALLASSESSMENTVALUATIONANDMARKETPLACESOLUTIONS—HowTOWINYOURCASEPTAnnualConference,July1ASKTHEVALUATIONEXPERTS(panelcreatorandmoderator)NRAAO515tAnnualConference,May182014STATEOFTHEU.S.REALESTATEMARKET...FALL2014g7thAnnualArizonaTaxConference,co-sponsoredbytheArizonaDepartmentofRevenueandtheArizonaAssociationofAssessingOfficers,October9THEELUSIVEOVERALLCAPITALIZATIONRATE—MARKETPLACESOLUTIONSNationalConferenceofStateTaxJudges,September18ABNIPTAdvancedPropertyTaxSeminar,April4AmericanSocietyofAppraisers,GreaterMiamiChapter046,February20ASKTHEVALUATIONEXPERTS(panelCreatorandmoderator)MO80thAnnualConference,August252013FINDINGTHEELUSIVECAPRATEINUNCERTAINTIMESANDPERSUASIVEANALYSISOFHISTORICALPERFORMANCEOFAREGIONALMALLNPTAAnnualConference,October24STATEOFTHEU.S.REALESTATEMARKET...SUMMERIMO79thAnnualConference,August26THEELUSIVECAPRATE:FINDING&SUPPORTINGCAPRATESINUNCERTAINTIMESNewHampshireAssociationofAssessingOfficers,May14ABMPTAdvancedPropertyTaxSeminar,March222012DOESTHEREALPROPERTYTRANSACTIONMARKETRECOGNIZEINTANGIBLESINREGIONALMALLS?RICSSummitoftheAmericas2012,October19 KorpaczRealtyAdvisors,Inc.Litigation,Valuation&CounselingREALESTATEMARKETOVERVIEWANDCHAINDRUGSTOREVALUATIONMETHODOLOGIESVirginiaAssociationofAssessingOfficers,AnnualConference,October11STATEOFTHEU.S.REALESTATEMARKET...FALL2012SouthernNewJerseyChapteroftheAppraisalInstitute,September27IAAO78eAnnualConference,September11CAPITALIZATIONRATESINANUNCERTAINMARKETABMPTAdvancedPropertyTaxSeminar,March232012CAPITALIZATIONRATEANDVALUETRENDSSouthFloridaChapteroftheAppraisalinstitute,March16STATEOFTHEU.S.REALESTATEECONOMY...FIRSTQUARTER2012LosAngelesCountyAssessors,January192011REGIONALMALLVALUATIONISSUESFORASSESSMENTPURPOSESPresentedjointlywithMarkT.KenneyattheInternationalAssociationofAssessingOfficers,77thAnnualInternationalConferenceonAssessmentAdministration,September20STATEOFTHEU.S.REALESTATEECONOMY...FALL2011NationalAssociationofPropertyTaxAttorneys,September16CentralNewJerseyAlChapterAnnualSymposium,September14THEREITEFFECTInstituteforProfessionalsinTaxation,June27STATEOFTHEU.S.REALESTATEMARKET2010-2011TheAssociationofRealEstateLendersandEquityInvestors,February172010STATEOFTHEU.S.REALESTATEECONOMY...FALL2010AmericanPropertyTaxCounsel’sj6thAnnualConference,October8CentralNewJerseyAlChapterAnnualSymposium,September15LOADINGTHECAPRATEMetroDCCommercialAppraiserMeeting,LoudounCounty,October14VALUINGREALPROPERTYINDISTRESSEDMARKETS2010CREAnnualConvention,Philadelphia,PA,October18VALUATIONSOLUTIONSINDISTRESSEDMARKETSJointmeetingoftheRoyalInstituteofCharteredSurveyorsandtheInternationalAssociationofAssessingOfficers,2010CommercialRealEstateSymposium—March18VALUATIONMETHODOLOGIESINDISTRESSEDREALESTATEMARKETSTexasAssociationofAppraisalDistricts,February22Priorto2010INVESTMENTMARKETTRENDSMortgageBankersAssociateofMetropolitanWashington,2009VALUATIONMETHODOLOGIESINDISTRESSEDREALESTATEMARKETS-2009InstituteforProfessionalsinTaxation,2009AmericanPropertyTaxCounsel’s15thAnnualConference,2009JointmeetingoftheMassachusettsChapteroftheAppraisalInstituteandGreaterBostonRealEstateBoard—CommercialBankersAssociation,2009NationalConferenceofStateTaxJudgesAnnualConference,2009IAAO7SInternationalConferenceonAssessmentAdministration,CREFFallSeminar,2009 KorpaczRealtyAdvisors,Inc.Litigation,Valuation&CounselingCentralNewJerseyAlChapterAnnualSymposium,2009STATEOFTHEU.S.REALESTATEECONOMY...WINTER2008AICPANationalRealEstateConferenceASSESSMENTSTRATEGYFORADECLININGREALESTATEMARKETAmericanPropertyTaxCounsel,2008CRISISINTHEU.S.REALESTATEMARKET!AnnualConference,InternationalAssociationofAssessingOfficers,2008STATEOFTHEU.S.REALESTATEECONOMY...FALL2008JointmeetingoftheMassachusettsChapteroftheAppraisalInstituteandCommercialBankersAssociationCentralNewJerseyAlChapterAnnualSymposiumSTATEOFTHEU.S.REALESTATEECONOMY...SPRING2008SocietyofProfessionalAssessorsConnecticutChapteroftheAppraisalInstituteSTATEOFTHEU.S.ECONOMY...FIRSTQUARTER2008TheRealEstateCenterCouncil,UniversityofConnecticutNYSSCPNFAERealEstateConferenceREGIONALMALLCAPITALIZATIONRATESTUDIESAmericanPropertyTaxCouncilAnnualConference,2007FAIRVALUEACCOUNTINGIMPLICATIONSFORPUBLICREALESTATECOMPANIESNationalAssociationofPropertyTaxAttorneys,2007U.S.REALESTATEOUTLOOK...FALL2007KelloggRealEstateConference,KelloggSchoolofManagement,NorthwesternUniversityJointmeetingoftheMassachusettsChapteroftheAppraisalInstituteandCommercialBankersAssociation,Pullman&ComleyPropertyValuationSymposiumAppraisalInstituteandRoyalInstitutionofCharteredSurveyorsWisconsinChapteroftheAppraisalInstituteandtheAmericanSocietyofAppraisersWisconsinChapter#57,CentralNewJerseyChapteroftheAppraisalInstituteChicagoChapteroftheAppraisalInstitutePPMFinanceConferenceTHEREALESTATEECONOMY:WHAT’SINSTOREFOR2008;REALESTATETRENDSANDOUTLOOKPresentedattheAppraisalInstitute’s75thAnnualConference,LasVegas,NV,July17REALESTATEOUTLOOKNationalAssociationofRealEstateCompanies,2007AnnualConference&AnnualTaxConferenceEMERGINGTRENDSINREALESTATE®SPRING2007—MarylandChapteroftheAppraisalInstituteNewJerseyInstituteforContinuingLegalEducation,“2007LandUseInstitute”seminarJeffreyE.SmithInstituteofRealEstate,UniversityofMissouri-ColumbiaMaysBusinessSchoolatTexasA&MUniversityGreenbergTraurig’sRealEstateRetreat,THEKORPACZREALESTATEINVESTORSURVEY®-THEINSIDESTORYMEPTandNewTowerTrustCompany-AnnualRealEstateConference,2007NationalStateTaxJudgesAnnualConference,2006AppraisalInstitute’s2001SummerConference,2001REALESTATEOUTLOOKFOR2007...BUBBLEORNoBUBBLE?AmericanInstituteofCertifiedPublicAccountants’AnnualConference,2006 KorpaczRealtyAdvisors,Inc.Litigation,Valuation&CounselingINVESTMENTMARKETOUTLOOKJointmeetingoftheMassachusettsChapteroftheAppraisalInstitute,CommercialBankersAssociation,andNewEnglandWomenofRealEstate,2006REALESTATEVALUATION:AMOSAICOFSCIENCEANDARTSouthernNewJerseyChapteroftheAppraisalInstitutesSeminarsattheShoreConference,2006US.REALESTATEOUTLOOKuniversityofWisconsin—Madison,2006universityofConnecticut,SchoolofBusiness,2006CentralNewJerseyAlChapterAnnualSymposium,2006CroslandAnnualConference,2006TIM-CREF,2006ChicagoChapteroftheAppraisalInstitute,2006PrudentialTrainingSession,2006BaruchCollegeandNewYorkAlChapterConference,2005ForestCityEnterprisesCPEConference,2005KEYNOTESPEAKERUniversityofColorado’sCURealEstateCouncil2005AnnualConferenceBurnham2005OutlookConferenceSPEAKER-2005AttheRealEstateFinanceAssociationandAppraisalInstituteJointQ3EducationProgramentitledInvestmentMarketOutlookLookingBeyondtheHeadlinesatMarketFundamentalsAttheAmericanBarAssociation’sSectionofLitigationAnnualConferenceCURRENTTRENDSINU.S.REALESTATEINVESTMENTSMarylandChapteroftheAppraisalInstitute,2004CorporexStrategicPlanningMeeting,2004CentralNewJerseyAlChapterAnnualSymposium,2004EMERGINGTRENDS2005PREVIEWStateTeachersRetirementSystemOhio,2004U.S.REALESTATELANDSCAPENorthMarqCapitalConference,2004JohnHopkinsUniversity,2004UniversityofConnecticut,SchoolofBusiness,2004EMERGINGTRENDSINREALESTATE®2001-2007NumerouslocationsthroughoutthecontinentalUnitedStatesREALESTATEMARKETINTELLIGENCENixonPeabody’sAnnualRealEstatePartnersMeeting,2003ANOVERVIEWOFTHEU.S.REALESTATELANDSCAPEThe2003MARSHAnnualRealEstateConference69thAnnualInternationalConference,InternationalAssociationofAssessingOfficers,2003WHEREAREWEINTHEREALESTATECYCLE?8thAnnualRealEstateSymposium,CentralNewJerseyChapteroftheAppraisalInstitute,2003INVESTORSURVEYISSUESMEPTValuationConferenceheldbyKennedyAssociatesRealEstateCounsel,2003ABRAVENEWWORLD:THEU.S.REALESTATEMARKETATMIDYEAR2002SouthernCaliforniaChapteroftheAppraisalInstitute’sSummerConference KorpaczRealtyAdvisors,Inc.Litigation,Valuation&CounselingUSINGREALESTATECYCLESINESTIMATING&DEFENDINGVALUATIONSJointlywithRichardMarchitelliattheNortheasternRegionalAssociationofAssessingOfficers,2002REALESTATEVALUECYCLESAppraisalInstitute’s2001SummerConferenceAseminarjointlypresentedbyPricewaterhouseCoopersLLPandtheAppraisalInstituteandgiveninNewYork,Boston,SanFrancisco,Chicago,Atlanta,Denver,Dallas,andWashington,DC—2001CURRENTTRENDSINU.S.COMMERCIALMARKETS20thAnnualRealEstateEconomicSeminar,sponsoredbytheCardinalOhioChapter,AppraisalInstituteandTheOhioStateUniversityCenterforRealEstate,1997AssociationofForeignInvestorsinRealEstate,1997BUSINESSENTERPRISEVALUEANDREGIONALMALLS-CURRENTISSUESANDTRENDSInternationalAssociationofAssessingOfficers,1996THEUSEANDABUSEOFAPPRAISALSINREALESTATETRANSACTIONS:INVESTMENTVERSUSMARKETVALUENewYorkUniversityFifthAnnualPensionFundInvestmentinRealEstateConference,1994THECOMMERCIALREALESTATEENVIRONMENTPhoenixHomeLifeRealEstateConference,1993MANAGINGCHANGEINVALUATIONJointmeetingofPensionRealEstateAssociationandtheNationalCouncilofRealEstateInvestmentFiduciaries,1993REALESTATEINVESTORSURVEYS15thAnnualRealEstateEconomicSeminarsponsoredbytheOhioChaptersoftheAppraisalInstituteandTheOhioStateUniversityCenterforRealEstateEducationandResearch,1992APPRAISINGPROPERTIESINDEPRESSEDMARKETSULI-theUrbanLandInstitute,1988REALPROPERTYAPPRAISAL—BASICTHEORYANDPRACTICE3-daycoursefornewemployeesofThePrudentialPropertyCompany,1987CAPITALIZATIONOFINCOMEANDCOMPUTERS13thPanPacificCongressofRealEstateAppraisers,Valuers,andCounselors,1986MICROCOMPUTERSINTHEREALESTATEAPPRAISALOFFICESEMINARWashington,DCMetropolitanAreaChapter,AmericanInstituteofRealEstateAppraisers,1984REALESTATEAPPRAISINGINTHE1980s—COMPUTERS,TRADITIONALTECHNIQUES,ANDDISCOUNTEDCASHFLOWANALYSISArizonaChapter,AmericanInstituteofRealEstateAppraisers,1985ConnecticutChapters,SocietyofRealEstateAppraisers,AmericanInstituteofRealEstateAppraisers,1985Pittsburgh/WesternPennsylvaniaChapter,AmericanInstituteofRealEstateAppraisers,1984LongIslandChapter,SocietyofRealEstateAppraisers,1983KentuckyChapter,AmericanInstituteofRealEstateAppraisers,1982STRATEGIESOFREALESTATEDEVELOPMENTSEMINARTheWhartonSchoolofBusinessattheUniversityofPennsylvania,1983INVESTINGINSHOPPINGCENTERSStateUniversityofNewYorkatStonyBrook,1982CURRENTREALESTATEINVESTMENTANALYSISTECHNIQUESNewJerseyChapter,NationalAssociationofIndustrialandOfficeParks,1982 KorpaczRealtyAdvisors,Inc.Litigation,Valuation&CounselingREALESTATEMARKETABILITYANDINVESTMENTFEASIBILITYANALYSISRealEstateDepartmentofManufacturersHanoverTrustCompany,1980FORMERFACULTYMEMBERAppraisalInstituteRealEstateInstituteofNewYorkuniversityPUBLICATIONSANDARTICLESIAAOSettingtheRecordStraightonFeeSimple,IAAOFeeSimpleTaskForceMember,September2019IAAOCommercialBig-BoxRetail:AGuidetoMarket-BasedValuation,IAAOCommitteeMember,September2018IMOUnderstandingIntangibleAssetsandRealEstate:AGuideforRealPropertyValuationProfessionals,IAAOSpecialCommitteeonIntangibles,August2016IntervieweeforEmergingTrendsinRealEstate®,2015,2014,2013,2012,2011,and2010editionsSeniorAdviser,EmergingTrendsinRealEstate®Asia-Pacific2007EditorialBoard,EmergingTrendsinRealEstate®Europe,annualforecast2004,2005,2006and2007editionsEditorialBoard,EmergingTrendsinRealEstate®,therealestateindustry’slongest-runningannualforecast.2000,2001,2002,2003,2004,2005,2006,and2007editionsEditor-in-Chief,RealEstateValueCycles,asemiannualpublicationoftealestatecycleinformationonthepositionofoffice,warehouse,retail,apartment,andhotelsectorsinthe58majorU.S.markets.December1999—September2003Editor-in-Chief,KorpaczRealEstateInvestorSurvey®,publishedquarterlybyPricewaterhouseCoopersLLP.August1999—August2007Publisher,KorpaczRealEstateInvestorSurvey®,quarterlypublicationonconsiderationsandcashflowassumptionsusedbyacrosssectionofmajorinstitutionalequityrealestatemarketparticipantstoanalyzerealestateinvestmentopportunitiesthroughouttheUnitedStates.From1988—July1999ContributingEditor,RealEstateCapitalMarketsReport,quarterlycolumn,“EquityRealEstate,”1992-1997“AppraisingRetailProperties,”inShoppingCentersandOtherRetailProperties:TheirInvestment,Development,FinancingandManagement,JohnWIley&Sons,Inc.,1996Co-authored“Institutional-GradeRealEstate,”TheAppraisalJournal,October1994Contributor,Viewpoint7993:RealEstateValueTrends,ValuationNetwork,Inc.,1993Contributor,Viewpoint1992:RealEstateValueTrends,ValuationNetwork,Inc.,1992“ChangingTimesCallforRevampedValuationMethods,”NationalRealEstateInvestor,October1992Co-authored“MarketValue—TheElusiveStandard,”TheAppraisalJournal,July1992“RealEstateAppraisal,”inRealEstateDevelopmentManual,Warren,Gorham&Lamont,Inc.1990Editor-in-Chief,TheAppraisalJournal,1985,1986,1987Contributor,TheDictionaryofRealEstateAppraisal,2ndedition,AmericanInstituteofRealEstateAppraisers,1989Contributor,TheAppraisalofRealEstate,9thedition,AmericanInstituteofRealEstateAppraisers,1987Co-authored“BacktoBasics:SpecifiedRealPropertyRights,”TheAppraisalJournal,October1987 KorpaczRealtyAdvisors,Inc.Litigation,Valuation&CounselingCo-authored‘MarketValue—ContemporaryApplications,”TheAppraisalJournal,July1985Contributor,TheDictionaryofRealEstateAppraisal,1stedition,AmericanInstituteofRealEstateAppraisers,1984Co-authored“MarketValue—AContemporaryPerspective,”TheAppraisalJournal,October1984Contributor,TheAppraisalofRealEstate,8thedition,AmericanInstituteofRealEstateAppraisers,1983Co-authored“ChangingEmphasisinAppraisalTechniques:TheTransitiontoDiscountedCashFlow,”TheAppraisalJournal,January1983AWARDSRecipientoftheJamesA.Howze,CAE,DistinguishedResearchandDevelopmentAwardfortheIAAOSpecialCommitteeonBig-BoxValuation,presentedSeptember2018PresidentialCitationinrecognitionofoutstandingserviceanddedicationtotheInternationalAssociationofAssessingOfficers(IAAO),presentedSeptember2017RecipientoftheBernardL.BarnardOutstandingTechnicalEssayAwardfortheIAAOSpecialCommitteeonIntangiblesfor“UnderstandingIntangibleAssetsandRealEstate:AGuideforRealPropertyValuationProfessionals”fromtheInternationalAssociationofAssessingOfficers(IAAO),presentedSeptember2017RecipientofthePractitioner-ScholarAwardforcontributionstothebodyofrealestateknowledgethatarehighlyregardedbyrealestateacademics,andthathavebeenadoptedandusedbypractitionersfromTheAmericanRealEstateSociety,presentedApril2015PresidentialCitationinrecognitionofoutstandingserviceanddedicationtotheInternationalAssociationofAssessingOfficersfIAAO),presentedSeptember2011Co-authorofarticlecitedasoneofninearticlesoutofmorethan4,000articlespublishedinTheAppraisalJournalinitsfirst75years(1932-2007)thathada“meaningfulinfluenceonthereadership.Thearticle,“ChangingEmphasisinAppraisalTechniques:TheTransitiontoDiscountedCashFlow,”waspublishedbytheAppraisalInstituteintheJanuary1983issueofTheAppraisalJournal.TheRichardD.SimmonsScholasticAchievementAwardinrecognitionoftheextraordinarycontributionstotheletterandspiritoftheappraisalcommunitythroughouttheUnitedStatesandCanada,2002.TheMassachusettsBoardofRealEstateAppraisersLouiseLeeandY.T.LumAwardinrecognitionofdistinguishedcontributioninthefurtheranceofthehighidealsoftheprofessionofrealestateappraisingandpractices,1994.AppraisalInstituteGeorgeL.SchmutzAwardforspecialcontributiontotherealestateappraisalindustry,1984CharlesB.ShattuckAwardforoutstandingcontributionstoappraisaleducation,1984
