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HomeMy WebLinkAbout1993 04 06 - ConsultantSTATE. -CERT. GM RRti JACK CRAHAN, MAI #000S3S3 DANIEL IL DEIGHAN, MAI #0009M LiNDAROTCMa&%SRA #0005313 L BURL VA1A N, JR, MAI #000Sf13 P.E. ROCKWELL, TREAS. April 60 1993 DEIGHA N A PPR A ISA L ASSOCIATES, INS REAL F"ATEANALYSTSAND CONSULTANTS 2000S.E FORTST. LUCIEBOULEVARD, SUITEA PORT ST. LUCIA FLORIDA 34952 (4,07)335-1405 FAX 9(4" 335.1423 RF.PLYTO. PORTST.LUQF Mr. Richard Votapka, Utilities Director City of Sebastian P.O. Box 780127 Sebastian, Florida 32978 Re: [1] GDU Acquisition - Need for Appraisals [2] Sebastian Lakes Development - Sewage Plant Offer Dear Mr. Votapka: !SS EAST OCEAN BOULEVARD STUART, FLORIDA U"4 (4M5313.1M 7" NORTH FEDERAL. IDGHWAY TWEIMCENTERSUrrE281 A NORTH PALM BEACB, FL 33108 (07) U749M In regard to the above -noted utility -related issues now facing the City of Sebastian, I would like to draw your attention to the services which we offer, and our experience and recognized expertise in utility appraisal and consultation work. I have listed the firm's appraisal experience in utility valuation and analysis, as well as other, pertinent background information, in the attachments to this letter. Utility valuation requires specialized knowledge and expertise in many areas. My area of specialty is the valuation itself; however, when needed, I seek assistance from other experts in the field with whom I have worked extensively on past assignments. I have also, therefore, provided a list of the consultants I typically use and upon whose input I rely. Nevertheless, if you have retained an engineer for this particular valuation, I would be Willing to work with him/her and your staff. In valuing a given utility, the process involves various methodologies, as well as identification of the type of value appropriate to the system under consideration, and identification of all interests inherent in that particular system. I understand from various press articles regarding the Sebastian issues that three appraisals of the GDU system will be required in the acquisition process. I have experience in appraising both the Port St. Lucie GDU system and the Charlotte County GDU system. Further, my information is that the GDU/Sebastian utility provides water service to about 1,100 Sebastian Highlands customers, and that negotiations for purchase of the utility had reached a stalemate, with eminent domain threatened as an alternative to alleged non- action by GDU in this case. As noted, I have been closely involved in the Port Charlotte and Port St. Lucie GDU acquisitions, and have provided the requisite appraisals. The age of the GDU system indicates that depreciation will be evident and will have to be quantified and applied in reconciling a value for the system overall. Engineers are used to ascertain the present condition of the system and estimate the costs which would be Incurred in bringing the system to good/excellent condition. Mr. Votapka April 6,1993 Present and historical rate structures are examined, analyzed and compared to those of similar utilities serving similar markets, as well as the potential for increases in said rates and the projected response of the ratepayer base to such increases. 'in this regard, I pay particular attention to the existing system's debt/equity structure and its/their impact on value. In regard to the Sebastian Lakes issue and the reported feasibility study required to assess the worth of the project's sewage treatment system, I also have experience in such analyses, as indicated in the attached. I would be willing to work with you and your staff and any engineering consultants/experts you may have retained for this assignment. The papers have reported the cost of the study to be around $3,000. At first glance, this amount might appear low given the degree of analysis suggested in the newspaper article. However, I would consider doing the feasibility study for this amount as an opportunity to demonstrate our abilities in utility valuation and analysis. � Q��� o� s.. If you feel that my experience in this area of appraisal and consultation can be of help to the City of Sebastian, please give me call. I look forward to hearing from you in the near future. Sincerely, DEIGHAN APPRAISAL ASSOCIATES, INC. Jack Crahan, MAI cc: Daniel K. Delghan, MAI, Partner L. Burl Wilson, Jr., MAI, Partner Mr. Robb McClary, City Manager City of Sebastian P.O. Box 780127 Sebastian, FL 32978 [4071589-5330 Ibi/sebutil.doc/win/1c A CORPORATE PROFILE OF DEIGHAN APPRAISAL ASSOCIATES, INC. Deighan Appraisal Associates, Inc. [DAA] was formed in .1971 by Daniel K. Deighan, MAI. The firm has 30 employees, and has been in business in Martin, St. Lucie and Indian River counties since 1981, specializing in court -related appraisal work, litigation support, Business and Utility Valuation, as well as Tax and Assessment challenges. Daniel K. Deighan, MAI has 25 years of experience as an appraiser, with successful testimony -as an expert witness in numerous counties throughout Florida, as well as the New York State Court of Claims. and Supreme Court. (See Section [4] - Letters of Commendation). Jack Crahan, MAI,, has 18 years of experience in appraisal work, 15 of which have been with DAA. Mr. Crahan has also testified as an expert witness in St. Lucie, Martin and Palm Beach Counties. He has specialized in valuation of publicly -regulated utilities, as well as a broad range of eminent domain matters. L Burl Wilson, Jr., MAI has been with the firm for just over five years. He is Vice President of DAA's Commercial Division. He is also a licensed certified building contractor in the State of Florida. Mr. Wilson has a broad background in appraising a variety of property types with emphasis on eminent domain and other litigation valuation. Undo B. Fairbanks, Senior Commercial Appraiser, has more than eight years of experience in the appraisal field in this area, with about two years working in the more complex areas of appraisal, including eminent domain, utility valuation, and environmentally sensitive projects. Haylee J. Engel, CPA has been with the firm for eight years, specializing in business appraisal and larger commercial properties. In the past two years, Mr. Engel has also focused upon utility and condemnation properties. Phillip E. Rockwell, CIA, is Vice-President/Treasurer, with more than five years with DAA. He has an MBA degree and more than 17 years of experience in managerial accounting, operations, analysis, and planning/budgeting. Mr. Rockwell provides Business Valuation Consulting and Appraisal services. Jon H. Tennplin, Senior Commercial Appraiser, has a Bachelor of Science degree in Biology from the University of South Florida. Mr. Templin joined the firm six years ago and has specialized in Agricultural analysis, appraisal and consultation, particularly in regard to citrus groves. DEIGHAN APPRAISAL ASSOCIATES UTILITY VALUATION EXPERIENCE Client Location Project Charlotte County Port Charlotte ±42,000 -Connection Water & Sewer Utility St. Lucie County Port St. Lucie ±29,000 -Connection Water & Sewer Utility Beverly Hills Co. Citrus County ± 9,000 -Connection Water & Sewer Utility Hydratech Utilities Martin County ± 8,000 -Connection Water & Sewer Utility Gulf Utility Co. Lee County + 7,000 -Connection Water & Sewer Utility Charlotte County Port Charlotte ± 2,300 -Connection Propane Gas System St. Lucie County Port St.Lucle + 1,600 -Connection Propane Gas System Southern States Utilities Martin County + 1,400 -Connections in 3 Separate Systems Lanziger Enterprises Jensen Beach ± 800 -Connection Water & Sewer Utility Callaway Land & Cattle Port St. Lucie + 500 -Connection Water & Sewer Utility Lake Arrowhead Village Lee County + 300 -Connection Sewer Utility 2 PARTIAL VST OF EXPERT CONSULTANTS WHOSE ASSISTANCE/INPUT DEIGHAN APPRAISAL ASSOCIATES HAS USED IN DEVELOPING A UTILITY'S APPRAISED VALUE Mr. Skip Harvey, P.E. Williams, Hatfeld & Stoner, Inc. 1942 SE Port St. Lucie Blvd. Port St. Lucie, FL 34952 [407] 335-0300 Mr. Kevin P. Mulshine William R. Hough & Co. 100 2nd Ave South, Suite 800 St Petersburg, FL 33701 [813] 895-8880 Herbert Gildan, Esq. Nason, Gildan, Yeager, Gerson & White P.O. Box 3704 West Palm Beach, FL 33401 [407] 686-3307 Mr. John E. Green, MAI John E. Green & Associates 60 Commerce Street, Suite 1407 Montgomery, AL 36103 [205] 263-2319 Mr. Philip Keathley, President Hydratech Utilities, Inc. 6570 SE Federal Highway Stuart, Florida 34997-8315 [407] 220-9717 Mr. Ed Wetzel, P.E., PhD. James M. Montgomery Consulting Engineers, Inc. 2328 10th Avenue North Lake Worth, FL 33461 [407] 586-8830. Mr. David Onsgard 3222 SW Bobalink Way Palm City, FL 34990 [407] 286-0920 [LP Gas Systems Consultant] Mr. Howard Osterman and Mr. Tony Elia DUS Consultants 7777 Glades Road, Suite 211 Boca Raton, FL 33434 [407] 488-6333 Mr. Stanley Cohen, CPA Rachlin & Cohen 1320 South Dixie Highway Coral Gables, FL 33146 [305] 667-0412 L. Thomas Giblin, Esq. Nabors, Giblin & Nickerson 2502 Rocky Pt. Drive, Ste. 1060 Tampa, FL 33607 [813] 281-2222 EXCERPTS FROM LETTERS OF COMMENDATION TO DEIGHAN APPRAISAL ASSOCIATES, INC. FLORIDA DEPARTMENT OF TRANSPORTATION VS. OTTER CREEK MARTIN COUNTY CIRCUIT COURT (12 -MAN JURY TRIAL) "..thank your staff for me for the effort they put forth in the Otter Creek Case. You have put together a remarkably fine group of people. Their ability and enthusiasm are outstanding and were certainly needed in defending Otter Creek. I have commended you to Rick Boutin and Roy Fisher in the IV District; if you are interested in doing appraisals in Dade and Monroe Counties, I will recommend your office for work in my area:' (Harold Lassman, Trial Attorney, FDOT) SOUTHEAST BANK VS. MARCECA MARTIN COUNTY CIRCUIT COURT (NON -JURY TRIAL) "....thank you for your efforts on behalf of my client, Southeast Bank ... this was a most difficult case involving a number of complex appraisal and evaluation issues. It was most gratifying to myself to see the excellent job you and your associates did in doing the necessary research, writing up the appraisal, and presenting extensive testimony in court. It is a tribute to you and your associates that the court completely accepted your expert testimony during the course of the several day trial. The Court rejected opposing expert's testimony and Indicated that it put full and complete reliance on your research, written appraisal and testimony. I must say it has been a pleasure working with you and I will look forward to retaining you to be our expert many times in the future. Once again, thank you for all your fine efforts. (Stephen C. Page, Esq. Gunster, Yoaldey and Stewart) FLORIDA DEPARTMENT OF TRANSPORTATION VS. REED MARTIN COUNTY CIRCUIT COURT (12 -MAN JURY TRIAL) Is It was a pleasure working with you .... I wanted you to know your assistance and guidance ...... was invaluable in the result achieved in this case. Is (AI Cooper, Esq.) FLORIDA DEPARTMENT OF TRANSPORTATION VS. BECKER HOLDING CORP ST. LUCIE COUNTY CIRCUIT COURT (NON -JURY TRIAL) 'Your work on the above led to our being able to reach a reasonable settlement on behalf of our client..... appreciate the good work.:' (Richard V. NeM, Esq. Neill Griffin Jeffries & Uoyd) 4 EXCERPTS FROM LETTERS OF COMMENDATION [PAGE TWO] S -T -S VS. ST. LUCIE COUNTY EXPRESSWAY AUTHORITY, ET AL (12 -MAN JURY TRIAL) Is I wish to take the opportunity to let you know how much I appreciated the assistance that you and your office staff provided in the above -referenced matter. The exhibits prepared as well as your testimony were extremely critical to the result received in this matter. We consider this to be a very positive result in light of the damages originally being sought by the Plaintiffs.... I hope that I can call upon you in other matters.... Once again, I would like to extend the appreciation on behalf of the St. Lucie County Expressway Authority, for your time, efforts and expertise in assisting us in this matter. (Frank J. Lynch, Jr., McCain & Lynch, P.A.) BAILEY V. BAILEY VALUATION OF IMPROVED GROVE IN DIVORCE SETTLEMENT PROCEEDINGS SARASOTA COUNTY CIRCUIT COURT [NON -JURY TRIAL] ........ the value of the grove was one of the major issues in this case and we sincerely appreciate the diligent efforts and professionalism of your firm's grove expert, Jon Templin [in this matter] In which the Court wholly agreed with your [firm's] value .. [excerpt from Final Judgement - `The Court relies on the appraisal of Daniel K. Deighan, MAI, to establish the value of the property as of June 30, 1990:'] 1 hope we Will have occasion to work together on other cases In the future.." (Stephen W. Sessums, Sessums & Mason, P.A., Tampa, Florida) D.O.T. VS. SOUTH FLORIDA GRASSING CIRCUIT COURT OF MARTIN COUNTY 112 -MAN JURY TRIAL] 'The County changed its mind about the zoning .... less than two months before trial and the Court denied a continuance for re -appraisal.... Mr. Deighan's office reappraised the property in less than forty-five days. The Jury found Mr. Deighan to be the state's most persuasive witness in returning a verdict for the state. ....Mr. Deighan and his sophisticated staff and shop were instrumental in saving the state the loss of more than two million additional dollars ... Very few offices could tum out the quality product that Mr. Deighan's office turned out in the limited time allowed.. exemplary of the type of appraisal witness and ... shop that the D.O.T. needs to have In its comer.:' (Memo to Attorney Kenneth M. Towcimak, State Right -of -Way Administrator) L.R.H. ESTATE APPRAISAL AND TAX CHALLENGE "After the reduction on [our family's] property occurred, I asked [the County Property Appraiser] who might be most effective in handling other properties we own In the county. [The Property Appraiser] understood the importance of this matter and recommended Deighan Appraisal Associates ...... out of all the appraisers and lawyers his office comes into contact with, Deighan does the finest job of representing their clients, is the most professional, is the most effective, does their homework, etc. ...The Appraiser's Office obviously respects this firm...You may find Deighan ...helpful in the tricky business of obtaining a property valuation reduction..:' (Letter from Robert Hemmes, Alex,Brown & Sons, Inc. Investment Bankers, MD) THOMAS W. KELLY, CSA, CFE, DIRECTOR OF ASSESSMENTS, OFFICE OF THE PROPERTY APPRAISER, ST. LUCIE COUNTY [letter of recommendation] "I have found Ms. Eve Lewinger.... Manager, Tax Department, Delghan Appraisal Associates, Inc ..... to be very professional, courteous and helpful ... .The values of those properties ranged from a very modest dollar amount to considerably high figures. ...Ms. Lewinger possesses very high standards for honesty and integrity. She is a true professional and I would not hesitate to recommend her...:' (Open letter of recommendation from Thomas W. Kelly, Director of Assessments, St. Lucie County Property Appraiser) 5 PARTIAL LIST OF CLIENTS •GOVERNMENT AGENCIES Marlin County Attorney's Office Noreen Dreyer, County Attorney 2401 Monterey Road Stuart, FL 34996 [407] 288-5438 City of Port St. Lucie Patricia Tobin, City Planner 121 SW Port St. Lucie Blvd. Port St. Lucie, FL 34984 [407] 335-2700 Florida Department of Transportation Derick J. Roulhac, District IV Attorney 3330 SW 13th Avenue Fort Lauderdale, FL 33315 [3051766-7910/766-8030 City of Stuart David Collier, City Manager 121 SW Flagler Avenue Stuart, FL 34994 [407] 288-5312 St. Lucie County Attorney's Office Daniel McIntyre, County Attorney 2300 Virginia Avenue Ft. Pierce, FL 34982 [407] 468-1415 City of Fort Pierce Douglas Ballard, City Planner 500 Boston Avenue Ft. Pierce, FL 34950 [407] 464-5600 South Florida Water Mgmt. Div. William Malone, Dir. Land Mgmt. P.O. Box 24680 West Palm Beach, FL 33416-4680 [407] 686-8800 Department of Natural Resources Tom Anderson, SRPA, Acting Dir. Marjorie Stoneman Douglas Bldg. 3900 Commonwealth Blvd. Tallahassee, FL 32399 [904] 488-9314 PARTIAL LIST OF CLIENTS -DEVELOPERS JPL Land Development Company John P. Unsfroth, President 1645 Palm Beach Lakes Blvd-Ste.480 West Palm Beach, FL 33401 [407] 478-7750 (Joint Venture Partner, Mitsubishi and Duda Land Co.) Cummings & Assocs., Inc. Peter Cummings, President 3547 SW Corporate Parkway Palm City, FL 34990 [407] 288-0788 (Martin Downs Development) Jensen Beach Land Company Owen C. Schwaderer, President 725 Jensen Beach Blvd. Jensen Beach, FL 34957 [407] 334-6838 (West Jensen) The Reserve David Ward, Project Manager 2160 Reserve Parts Trace Port St. Lucie, FL 34986 [407] 464-1183 (The Reserve) Thos J. White Development Corp. Thos. J. White, Jr., President 598 NW Peacock Loop, Ste. #3 Port St. Lucie, FL 34986 [407] 335-7000 (St. Lucie West Development) Willoughby Associates Ening Speer, President 1600 Indian Street Stuart, FL 34997 [407] 220-1010 (Mariner Sands Country Club/ Willoughby Club) The Moorings Development Company David H. Page, Exec. Vice President 2125 Windward Way, Suite 200 Vero Beach, FL 32963 (407) 231-5144 (The Moorings)) Mobil Land Development (FI) Corp Carl K. Schenk, President 4440 PGA Blvd., Ste #601 Palm Beach Gardens, FL 33410 [407] 627-7266 (Sailfish Point) Broad & Cassel Charles S. Stratton, Esq. 820 E. Park Avenue Tallahassee, FL 32302 [904] 681-6810 Coll Davidson Carter, et al Vance Salter, Esq. 201 S. Biscayne Blvd. Miami, Florida 33131 [407] 305-5200 Crary Buchanan Bowdish & Bovie Larry Crary, III Larry Buchanan Jim Bowdish "Bud" Bovie 555 Colorado Avenue Stuart, FL 34994 [407] 287-2600 DeSantis Cook Kauffman Gaskin & McCarthy Terence P. McCarthy 2081 E. Ocean Boulevard Stuart, FL 34996 [407] 286-1700 Wilmer, Cutler & Pickering Eric Markus, Esq. 2445 M Street N.W. Washington, DC 20037 [202] 663-6733 Frasier & Mannikko Stephen C. Frasier, Esq. Joseph L. Mannikko, Esq. 215 S. Federal Hwy., Suite #100 Stuart, Florida 34994 [407] 220-2983 Fry & Olenick Stephen Fry, Esq. Michael Olenick, Esq. 900 East Ocean Blvd., Ste # 120 Stuart, FL 34994 [407] 286-1600 Gunster Yoakley and Stewart John T. Carmody, Esq. Stephen C. Page, Esq. Lee David, Esq. Leigh Dunston, Esq. 10 Central Parkway Stuart, FL 34994 [407] 288-1980 PARTIAL UST OF CLIENTS -ATTORNEYS Kohl Bobko McKey, McManus & Higgins Noel A. Bobko, Esq. P.O. Box 869 Stuart, FL 34995 [407] 286-7777 Melville & Fowler, P.A. Harold G. Melville, Esq. P.O. Box 850 Fort Pierce, FL 34954 [407] 464-7900 Neill, Griffin, Jeffries & Uoyd Richard V. Neill, Esq. P.O. Box 1270 Ft. Pierce, FL 34954 [407] 464-8200 Reed Ricca & Rigell Justice Reed, Esq. 500 South Australian Ave. West Palm Beach, FL 33069 [407] 659-7700 Ricky Farrell, Esq. 1595 SE Port St. Lucie Blvd. Port St. Lucie, FL 34952 [407] 335-0855 Sessums & Mason, P.A. Stephen W. Sessums, Esq. P.O. Box 2409 Tampa, Florida 33601 [813] 251-9200 Steger and Steger Sam and Karen Steger, Esq. 301 E. Ocean Blvd., Ste. #310 Stuart, FL 34996 [407] 287-8888 Wackeen, Cornett & Googe, P.A. W. Thomas Wackeen, Esq. P.O. Box 66 Stuart, Florida 34995 [407] 286-2990 Warner Fox Seeley & Dungey Tom Warner, Esq. 1000 S. Federal Highway Stuart, FL 34994 [407] 287-4444 Jones, Foster, Johnston & Stubbs Sidney A. Stubbs, Jr., Esq. PO Drawer E West Palm Beach, FL 34402 [407] 659-3000 JACK CRAHAN, MAI FLORIDA STATE -CERTIFIED GENERAL APPRAISER #0000383 PROFESSIONAL QUALIFICATIONS PROFESSIONAL AFFILIATIONS: Member Appraisal Institute; American Institute of Real Estate Appraisers, 1988 [Certificate #7778] Florida State -Certified General Real Estate Appraiser, #0000383. EDUCATION: Bachelor of Professional Studies, Barry University 1987 with concentration in management. American Institute of Real Estate ADDraisers Courses: Case Studies #2-1, 1986; Valuation Analysis & Report Writing #2-2,1986; Litigation . Valuation #4, 1984; Industrial Valuation #7, 1983; Market Analysis #10, 1987; Standards of Professional Practice #2-3,1984,1991; Computer -Assisted Investment Analysis #6, 1989. Seminars: Rates, Ratios & Reasonableness, 1988; Easement Valuation, 1988; Accrued Depreciation, 1987. Society of Real Estate Appraisers Courses: Introduction to Appraising Real Property -101, 1974; Income Property Valuation - 201, 1977. Seminars: Narrative Report Writing, 1979; Litigation & Court Preparation, 1981; Cash Equivalency, 1982 FHLBB Regulation 41 C, 1986; Income Property Valuation for the 1990s,1989. Other Courses/Seminars IAAO: Valuation of Recreation and Resort Property, 1984. Lincoln Land Railroad and Utility Valuation: Institute of Land Advanced Theory & Practice in the Income Approach, 1992 Policy Workshop: Wichita State Appraisal of Utilities & Railroad Property for Ad Valorem University: Taxation, 1992 PROFESSIONAL EXPERIENCE: o Vice President, Deighan Appraisal Associates, Inc., Port St. Lucie, FL, 1982 to present o Adjunct Instructor, Commercial Appraising, Indian River Community College, Fort Pierce, Florida, 1990 to Present (License #ZH05057) o Fee Appraiser, Keller Navin Creamer, Inc., Burlington, Vermont, 1981-1982. o Fee Appraiser, Alvey & Hartmann Appraisal Associates, Inc., Albany, New York, 1981 0 Staff Appraiser, Deighan Real Estate, Inc., Lake Placid, New York, 1974-1981 JACK CRAHAN, MAI FLORIDA STATE -CERTIFIED GENERAL APPRAISER #0000383 PROFESSIONAL QUALIFICATIONS [continued] HAS APPRAISED: Acreage Tracts Leasehold Interests Apartment Buildings Mobile Home Parks Churches Motels Citrus Groves Office Buildings Commercial Buildings Propane Gas Systems Condominium Complexes Rental Analysis Dairy Farms Residential [all types] Easements Restaurants Eminent Domain Shopping Centers Feasibility Studies Ski Centers Highest & Best Use Analysis Subdivisions Industrial Buildings Timberland Water and Sewer Utilities PROFESSIONAL ASSOCIATION: Approved Appraiser, Florida Dept. of Transportation Approved Appraiser, Florida Dept. of Natural Resources Approved Appraiser, South Florida Water Management District President, St. Lucie County Economic Development Council Member and Former Vice President, Greater Port St. Lucie Chamber of Commerce, Board of Directors Former Member, AIREA Residential Appraisal Reports Sub -Committee Former Member, Placid Memorial Hospital Board of Directors Former Member, Village of Lake Placid, New York, Zoning Board of Appeals Former Member, Town of Jay, New York, Planning Board EXPERT TESTIMONY: Testified in the Circuit Courts of Judge Vocelle and Judge Rupert Smith, St. Lucie County, Florida; Judge Burk, Palm Beach County, Florida; Judge Makemson, Martin County, Florida; and the District Court of the Southern District of Florida, Judge Paine, West Palm Beach, Florida. 13 DANIEL K. DEIGHAN, MAI FLORIDA STATE -CERTIFIED GENERAL APPRAISER #00002" PROFESSIONAL. QUALIFICATIONS Professional Destanations MAI American Institute of Real Estate Appraisers, [now known as the Appraisal Institute] SRPA Senior Real Estate Property Appraiser_, Society of Real Estate Appraisers [now known as the Appraisal Institute] American Bank of Martin Co. American Oil Company AmeriFirst Mortgage Corp. Barnett Bank California Federal S & L Chase Manhattan Bank Citizens Federal S & L City Federal S & L Coldweli Banker Co. County of Martin Equitable Relocation Serv. Federal Not. Mtg. Assoc. First Nat'l Bank of Stuart First Union Savings FL. Dept. of Transportation (Interstate 95) Florida National Bank Florida Power & Light Harbor Federal S & L Irving Trust Company Jackson -Cross ' Company Partial List of Appraisal Clients Jones & Laughlin Steel Corp. Lake Placid Olympic Cttee. McDonald's Corp. Mobil Oil Company Morgan Guaranty Trust Company N.Y.S. Attorney General's Ofc. N.Y.S. Dept. of Conservation N.Y.S. Dept. of Mental Hygiene N.Y.S. Dept. of Transportation N.Y.S. Electric & Gas Corp. New York Telephone Company Palm Beach Bank & Trust Power Authority/State of NY Rockefeller Estate Rossignol Ski Corp. Shell Oil Company Sotheby -Parke -Bernet Realty Southern Bell Texaco, U.S.A. U.S. Bureau of the Census U.S. General Service Admin. Typical Appraisal Assignments Automobile Dealerships Citrus Groves Commercial Space Condominiums Farms Industrial Subdivisions Large Residential Estates Leasehold Interests Mines Mobile Home Parks Motels Multi -Family Housing Office Buildings Power Lines Foundries Gas Stations Homes Hospitals Hotels Residential Subdivisions Resorts Restaurants Riparian Rights Scenic Easements Schools Ski Center Timberland Vacant Land These properties were located throughout Florida, New York and Vermont. 9 DANIEL K. DEIGHAN, MAI FLORIDA STATE -CERTIFIED GENERAL APPRAISER #0000244 PROFESSIONAL QUALIFICATIONS [continued] o Licensed Real Estate Broker in Florida and New York o Past President of Essex County Real Estate Board, State of NY o Former Chairman, Grievance Committee, StuartBoard of Realtors. o Former Chairman Essex County Industrial Development Agency, State of New York. o Testified as expert witness in the Circuit Courts of Martin, St. Lucie and Palm Beach counties, Florida; New York State Court of Claims and Supreme Court, and before various Commissioners on tax assessment cases. Florida Hith. & Rehab. Ser. Natural Resources Revenue Transportation QuQu=d as Consultant Appraiser to the following a eg nctes United States Fed. Housing Admin. Gen. Serv. Admin. Veterans Admin. Professional Exaeriencs State of New York Attorney General Environ. Conser. Mental Hygiene 1982 -Present Licensed Broker and Owner of Deighan Appraisal Associates, Inc., Stuart, Florida 1980-1982 Broker -Salesman and Appraiser, Geisinger Realty, Inc., Stuart, Florida 1971-1981 President, Deighan Real Estate, Inc., Lake Placid, New York 1967-1971 Chief Appraiser, John M. Wilkins, MAI, Lake Placid, New York 1966-1971 Review Appraiser, NY State Dept. of Mental Hygiene 1965-1966 Staff Appraiser, NY State Dept. of Transportation Educational Backaround Bachelor of Arts Degree, Siena College, Loudonville, NY, 1965 Successfully completed 140 -hour course in "Right -Of -Way Acquisition" conducted by NY State Dept. of Transportation. Taught Real Estate Principles, Practices and Law (REE 1000) course at Indian River Community College, Ft. Pierce, Florida. Guest Lecturer, University of Florida Guest Lecturer, Florida Association of Realtors 10 DANIEL K. DEIGHAN, MAI FLORIDA STATE -CERTIFIED GENERAL APPRAISER #0000244 PROFESSIONAL. QUALIFICATIONS [continued] Numerous continuing education Appraisal, Financial, and Marketing courses, including the following: Society of R. E. Appraisers Adjusting for Financing Differences in Residential Properties -1982 Creative Financing and Cash Equivalency -1982 State -Certified Real Estate Appraiser, Florida #0239768 State -Certified General Appraiser, Florida, #0000244 Amer. Inst. of R.E.A. Florida Home Loan Bank Board Regulation R41 b-1985 HP12C and Computer Solutions to Contemporary Problems Appraisal Practice Development and Management -1983 Appraising in a Changing Economy -1983 Marketing Analysis -1983 Mortgage Equity Capitalization -1982 L BURL WILSON, JR., MAI FLORIDA STATE -CERTIFIED GENERAL APPRAISER #0000913 PROFESSIONAL QUALIFICATIONS PROFESSIONAL DESIGNATIONS: MAI American Institute of Real Estate Appraisers [Now known as the Appraisal Institute] SRPA Senior Real Estate Property Appraiser, Society of Real Estate Appraisers [Now known as the Appraisal Institute] FORMAL EDUCATION: Stetson University - Bachelor of Business Administration - 1977 APPRAISAL EDUCATION: Real Estate Appraisal Principles Exam IA -1 American Institute of Real Estate Appraisers 10/87 Basic Valuation Procedures Exam 1 A-2 American Institute of Real Estate Appraisers 10/87 Applied Residential Property Valuation Course 102 Society of Real Estate Appraisers 12/90 Uniform Standards of Professional Practice Parts A & B Appraisal Institute 09/91 Capitalization Theory and Techniques, Part A Exam 1 B -A American Institute of Real Estate Appraisers 08/88 Capitalization Theory and Techniques, Part B Exam 1 B -B American Institute of Real Estate Appraisers 08/88 Case Studies in Real Estate Valuation Exam 2-1 American Institute of Real Estate Appraisers 02/89 Report Writing and Valuation Analysis Exam 2-2 American Institute of Real Estate Appraisers 08/89 Comprehensive Examination, Appraisal Institute 8/91 Litigation Valuation Exam 4 Appraisal Institute 4/92 SEMINARS: Professional Practice and the Society of Real Estate Appraisers, 12/89 Comprehensive Appraisal Workshop Whitmer Seminars, 8/91 Appraising Troubled Properties, Appraisal Institute, 2/92 L BURL WILSON, JR., MAI FLORIDA STATE -CERTIFIED GENERAL APPRAISER #0000913 PROFESSIONAL QUALIFICATIONS [continued] EXPERIENCE: June 1991 - Present Dec. 1989 - May 1991 July 1987 - Dec. 1989 May 1977 - July 1987 Vice President - Commercial Division Deighan Appraisal Associates, Inc. Port St. Lucie, Florida 34952 Senior Commercial Appraiser/Review Appraiser, Deighan Appraisal Assoc., Inc., Port St. Lucie, Florida Staff Appraiser Deighan Appraisal Associates, Inc., Port St. Lucie, Florida Vice President, Burl Wilson, Inc., Lakeland, Florida PROFESSIONAL QUALIFICATIONS: State Certified General Appraiser, State of Florida, #0000913 Licensed Real Estate Salesman, State of Florida, SLO496915 Licensed Certified Building Contractor, State of Florida, #CBC040762 Approved Appraiser - Florida Department of Natural Resources Approved Appraiser - Florida Department of Transportation Expert witness testimony In the following iudsdlcHons: United States Bankruptcy Court, Southern District of Florida Circuit Court, Nineteenth Judicial Circuit Circuit Court, County of St. Louis, State of Missouri PROFESSIONAL ASSOCIATION: Board of Directors - Florida Indian River Chapter of the Appraisal Institute Chairman of Education Committee - Florida Indian River Chapter of the Appraisal Institute Regional Ethics and Counseling Panel, Region X - Appraisal Institute APPRAISAL AND/OR CONSULTATION EXPERIENCE: Condominium Projects Fixed Base Operations Residential Subdivisions Industrial Buildings Single -Family Residences Industrial Subdivisions Mobile Home Parks Industrial Parks RV. Parks Sand Mines Citrus Groves Easements Acreage Tracts Eminent Domain Shopping Centers Feasibility Studies Professional Offices Highest & Best Use Analysis Medical Offices Rental Analysis Retail Stores Convenience Stores Mixed Use Projects Gas Statlons Lumber Yards Marinas Property Tax Appeals 15