Institutional Investors Mortgage Banking Business Development of 1987 Very Important
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Transcript of Institutional Investors Mortgage Banking Business Development of 1987 Very Important
Institutional Investors of America, Inc. Financing. Investments & Advisors
iUlan D. Dannsli Managing General Parhler
January 20, 1987
HONORARY CHAIRMAN Gm. s. Moon Mr. Stan Caterbone CHAIRLLINoFrnEmARD Financial Management Group
,) * a d w. I-h
1775 Oreqon Pipe
DIRECTORS ~~~~~.~ ~
k. v*. P&n( k txh B=+. NYC Re: Mortgage Loans C u U *. I.. Commercial and Residential Fo-. oyimy.
) ur. A CAYIW I-. co. F~-u.s. hrnbnvdca Dear Stan: 40 &".."A
Chi,""" An- W. I"'. C*. r- Ouirman norpied C-nth d A r r r i .
In reference to the above captioned subject, enclosed please find a synopsis of our lending programs. We are very interested in business in your part of the Country. I will also be in a position to do some other business with you through the bank we just purchased in 60-90 days.
Very truly yours,
Allan D. Dannatt President
ADD/slh Enclosure
777 North Eldridge Parkway. Suite 730 Houston. Texas 77079
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LOAN HIFTFOLJO
aJFE imRA! iE~v rms
ma &e Pay R a t e - Fee Amortization
V a r i a b l e 10 yrs. 225 bp wer S t a t i n g 1-2 pts. 30 Y e a r s 03F o r 300 bp @ 9% wer 1 yr T- ill
Fixed 5 yrs. 9.5% Fixed 7 yrs. 9.65%
1-2 pts. 30 Y e a r s 1 3/4 pts. 30 Y e a r s
I
Fived Rates also available a t 325 basis pints wer c o ~ ~ T-Bill
Retail, O f f i c e , Industrial
Variable 10 yrs. 300-350 bp wer 1 yr. T-Bill o r 250 bp wer 03F
Fixed 5-7 yrs. 8.75% Fixed 1oyrs . 9%
1-2 pts. 30 Y e a r s
Par-1 pt. 30 Y e a r s Par-1 pt. 30 Y e a r s
Similar terns available f o r m i n i wx&mses, hotels, mobile home parks, nursing homes and ACLF faci l i t ies .
Forwarrl, q, open-ended and covered construction loans are also available. Maxmm loan to value of 809.
Sale Leasebacks - W e are a r n m t l y seeking to plrchase $500 million in prqerties nationwide leased to nationally listed public corporations w i t h good credit ratings. Leases r rp~s t be NNN with a minimJm of a 10 year tenn. Mininnnn cash h-t $5-$500111.
i REMICS - Beginning in the 2nd WXter of 1987, I I A will be placing $100 million a mnth into real estate investment mortgage conduits. Innn&iate £urdbg lcans w i l l be made on all types of Institutional quality property.
Fates quoted are test available and m y vary depending on location and quality I \ of product.
1
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CYWTER BUSINESS PlAN
FDR
JULY 1. 1986
P LWGBER. PA -TION
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Firrancia. Securities, Inc. ............... .?he Broker Dealer -
Em Advisory, ........................ ..The Registered Investment Advisor
Financial Savims Insurance Agemy ..... ..The Insumme Agency
EM; Acmmting Sezvices, In=. ............ .?he Acamting Finn
Financial tbrtqages Services, Inc. ........?he Mortgage Bmkmqe Firm
Wealth MaMgement Semi-, .. ..........The Portfolio MaMger & Market Timer
Financial PlarPling &msultants, Inc. ......We Financial Pla- Finn
mmTE FmG (In Hause)
Eager Real Estate ....................... .Redl Estate Services
O'my ti smith .............................Legal Counsel for Business & Xeal Estate
......... Shirk, Reist, Wagenseller & Shirk Legal cavrsel for Estate Planning
W e l l Associates, Inc. .................. .Property 6 Casualty Servicrs
Pro Financial harp, Inc. ................. Servicc5 for Profe55ional Athletes
Please note that the W e f ins are currently wrler nqotiations and have given ve.rhl amnnitment for affiliation.
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MICHAEL P. O'DAY EDWARD H. SMITH TIMOTHY A. UNU
243 NORTH DUKE STREET LANUSTER, PA 17642
3934CQ1 August 22, 1986
r 1 Mr. Stanley J. Caterbone Financial Management Croup, L t d . 1755 Oregon Pike Lancaster, PA 17601
L -I
805 WEST MAIN STREET MOUNT JOY. PA 17552
U3-9131
- ---
~ r o f e s s i o n a l se rv ices re : Financial Management Group. L t d . . and subsidiary corporat ions, including: ~ o n s u l t a t i o n s and advice; preparation and f i l i n g of Ar t i c les of Incorporation f o r Financial Management Group, L t d . and nine subsidiary corporat ions; prepa- r a t i on and placement of l e g a l not ices . Costs: 1 ) Fi l ing f ee s t o Corporation Bureau -
nine corporat ions a t $75 each ' $675 .OQ 2) Legal Notices ( see at tached invoices) 402.05 3) Corporation o u t f i t - Financial
Management Group, L t d . 76.32 4 ) Additional s tock c e r t i f i c a t e s - Finan-
c i a l Management Group, L t d . 45.76 Total Costs
Total f ees and cos t s Less cos t s r e t a ine r Balance Due.
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OWEN KUGEL 39 NORTH MARKET STREET
LANCASTER PA 17603 717-299-4371
2 March 1987
To: Stanley J. Caterbone President FMG Advisory, Inc. Eden P a r k I I 1755 Oregon Pike Lancaster, - PA 17601 717-569-41 00
From : Owen Kuge l
Subject: . Mortgage Financing.
- T h i s follows up o n o u r 17 F e b r u a r y meeting about 112ortgage Financing f o r o u r upcoming development projects.
I have selected a g r o u p o f 11 pro jects fo r which we h a v e completed pre-development w o r k a n d wh ich a r e r e a d y f o r deb t placement; a n d at tached t h e c u r r e n t f inancial pro ject ions o n each.
1 have assumed a 65/35 D e b t l E q u i t y spl i t , a 9.00% r a t e o f interest, a 30 year term, a n d a one po in t o r ig ina t ion fee. Note tha t the Loantva lue u s i n g a 9 " s a p Rate averages 56.54%.
Note also t h a t 1 have inc luded a 2.50% Deb t Placement Fee f o r y o u r e f fo r ts in p lac ing t h i s debt; wh ich would tota l $433,592 f o r the package.
Le t me know if the re i s i n te res t and, if so, what addi t ional information you w i l l need.
Regards,
msr lat tachments 1
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FBI Pro.bes Kugel Contracts with
N.Carolina Cities Several Towns Unhappy with Delays;
Kugel Says He'll Fulfill Pacts
Lancasler developer Owen Kugel, whose rev~tal- iration succea in domtom lancaster helpcd him land %imilsr confram in at least seven states, is bein inverti. Bald by, t k , ~ e d e r a f Bureau Of Investlgatron for downtown revitalization pro'eets in North Carolina. FBf omcia; sav.
Robert Pence, in charge OrNorth Carolina FBI opera. tiotb. said (he investiflahen centers on whether Kugel's OK Assmiales firm based here is involved in -mail fraud, wire fraud or any other typeofrraud.,,
lle added thal Ule use of interstate racilities, as well as the use of funds in interstate eom,yeree,wouldbr studied.
I can confirm that we
are looking into the matter to determine if an federal laws have been vioited:. added. Daniel Womiak, a senior FRI agent a t Ute bureau's GWM. boro. N.C.. omce today.
omcials in a t least flve North Camlina cities sa they.re dissatisilied w i d Kugel's prfarmanee on the contracis and each has asked him to returnhis w,m fee.
Kugel this mornin& tm the New Era that he has been aware of the investigation for several w e d s and that he is y p e r a t i n g with authorities
100 percent, in the interest of &etttg It wrapped up quie ly
"We know" the outcome "can on1 be successful from our standipo' ~nt." he said.
Kuge s a d he did not
know how the FBI got in. volved in the situation. EX. Plainin the contracts, he said i f d w t ( f o u m thmugh on contract pmmis. es. '.we give the money back."
On the advice of dis attnr. W . Alvin B. Lewis Jr. Kugel wwld not discuss thd status of the develo Pro* underway in ?%h' Carolina.
Pence said the investiga. t i ~ l began about M days ago. But Kugel's former vice pres- ]dent. who arranged the North Carolina contracts and
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JOHN M. C I C A L A SR. DEVELOPER
22nd & Boardwalk North Wildwood N.J . 0 8 2 6 0
December 1 2 , 1986
Dear P r o p r i e t o r :
Due t o y o u r e x c e l l e n t r e p u t a t i o n a s a s u c c e s s f u l member of New J e r s e y ' s S o u t h S h o r e b u s i n e s s community , we a r e d e l i g h t e d t o i n v i t e you t o p a r t i c i p a t e i n a n e x c i t i n g new v e n t u r e : SEAPORT VILLAGE.
SEAPORT V I L L A G E h a s been d e s i g n e d a s a u n i q u e a n d p i c t u r e s q u e shopping complex s i t u a t e d a t 22nd S t r e e t i n North Wildwood. The complex is now under c o n s t r u c t i o n on a r e b u i l t , widened p i e r t h a t w i l l e x t e n d 5 0 0 f e e t o u t f rom t h e b o a r d w a l k t o w a d s t h e ocean. The development, scheduled f o r comple t ion i n t i m e f o r t h e s t a r t of t h e Spr ing , 1987 season, w i l l f e a t u r e a t o t a l of f o r t y s p e c i a l t y and f o o d shops . These s p a c e s a r e now a v a i l a b l e f o r annual r e n t a l , a t p re -cons t ruc t ion p r i c e s ranging f rom $30 t o $36 p e r s q u a r e f o o t . Types of b u s i n e s s e s i n c l u d e d w i l l b e c a r e f u l l y chosen t o i n s u r e succes s f o r a l l .
A p e r f o r m a n c e a r e a w i l l b e b u i l t a t t h e end o f t h e p i e r . T h i s a r e a , t o i n c l u d e l i v e t e l e v i s i o n and r a d i o f a c i l i t i e s , w i l l s e r v e
) a s t h e s i t e f o r ' p o p u l a r en t e r t a inmen t and o t h e r e v e n t s designed I O t o a t t r a c t l a r g e numbers of people throughout t h e s eason as well
a s c o n t i n u e d m e d i a c o v e r a g e . R e s t r o o m s a n d o t h e r p u b l i c a m e n i t i e s w i l l a l s o be included t o h e l p i n c r e a s e f o o t t r a f f i c . A l a r g e s t a i r w a y w i l l p e r m i t b e a c h a c c e s s . A n e x c i t i n g a d v e r t i s i n g and promotion campaign is planned t o c a l l a t t e n t i o n t o SEAPORT VILLAGE.
According t o r e c e n t demographic s t u d i e s , t h e number of a f f l u e n t s i n g l e s , coup le s and f a m i l i e s v i s i t i n g North Wildwood each summer i s r a p i d l y i n c r e a s i n g - a l o n g w i t h t h e i r p e r c a p i t a s p e n d i n g . The o t h e r p i e r s i n t h e a r e a a r e a l l Amusement P i e r s . Thus, S e a p o r t V i l l a g e i s a f i r s t of i t s k i n d - and a n a t u r a l s i t e f o r t h e r e l o c a t i o n o r expansion of your bus iness .
Thus f a r we h a v e app roached B e n e t t o n , Swa tch , A t h l e t e ' s F o o t , Gimmee J immies Cookies and Banana Republic, a s w e l l a s a s e l e c t g r o u p of l o c a l b u s i n e s s e s s u c h a s y o u r s t h a t would b e b e s t s u i t e d t o o u r c o n c e p t and would have t h e g r e a t e s t c h a n c e o f s u c c e s s . S ince r e n t a l space is l i m i t e d , we w i l l a ccep t r e s e r v a t i o n s on a f i r s t - c o m e , f i r s t - s e r v e d b a s i s . An a r c h i t e c t u r a l r e n d e r i n g of Seapor t V i l l a g e i s enc losed f o r your f u r t h e r i n fo rma t ion .
Our r e p r e s e n t a t i v e , E l l e n Libman, w i l l b e i n y o u r area i n t h e n e x t two weeks. She w i l l c a l l on you t o p r o v i d e you w i t h
I a d d i t i o n a l in format ion . Of cou r se p l e a s e f e e l f r e e t o c o n t a c t me a t anytime.
S i n c e r e l y , l i
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February 13, 1987
Stanley 3. Caterbone Financial Management Group 1755 Oregon Pike Lancaster, PA 17601
Re: Carter Manor Associates
Dear Stan:
Enclosed is a Loan Request for Carter Manor Associates for the Refinancing of two particular properties that it currently owns and we would appreciate you consideration of this matter. Please note that the terms in the Loan Request are negotiable.
If you have any questions, please do not hesitate to contact me.
Sincerely,
Enclosure
REAL ESTATE DEVELOPMENT I BUSINESS ACOUISITIONS ,. >
) 1681 Crown Avenue 1 PO Box 8200 i Lancasler PA 17604 11717) 395-7100
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COLUbBIA ASSET MANAGEMENT CORP. IXVESTbENT BANKERS
TWINING OFFICE CENTER 715 TWINING ROAD SUITE 116
DRESHER. PA 19025
Scott Rabertson Financial Management Group 1755 Oregon P i k e Lancaster , P A 17601
February 10 1987
Dear Scott :
Enclosed is a vrrite up on the prcxperty we discussed. The owner desires to refinance for a minimum of $2,500,000 on a non-recourse assumable basis. It is understood that the enclosure is ta be forwarded to a private investor in Texas and is not to be shown to anyone else.
I f this is handled to our satisfaction, I would be pleased to submit additional properties for your clients cc-nsideratinn.
Leonard M. Shendell
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Qxative Finance Campany P.O. Box 4412 Lancaster. PA 17604
Hi* Ascciates, LTD. Tom Kyle 1861 William Pem Way Iaraster, PA 17601
February 3, 1987
Dear Tom:
As per your recent mane conversation w i t h Bob brig, I would like to give you scane information reganiing cur lenling ability. I have been selected to
,l represent a group of Institutiondl Investors that are htemsb3 in projects in the Eastern part of the acRmtry. We are able to finance projects ranging in size of $3 to $100 million. hrojeds include aparbe&s, retail, office, hdwtrial, health care facili t ies, mabile hare parks, hotels and mini warehouses. Underwriting can be very fas t and can often times be approved in 1 4 days froan time of application. follow^ is list of underwriting
I r q h x m m t s ; pro forma, rent roll , financial statemnts, resume of borrower, . and s c a n e ~ under certain cadit ions an MAI Wraisal. For new amstn~ction a sales agreement and cost brealcdowns are r q u i r d .
~slclosed is a copy of our portfolio. I hope that w e on do hiness together and provide ycmr financing for your next: project, o r possibly prwide a r e f h n c i q package for ycur existing portfolio. I appreciate the opportunity to work w i t h you.
) W e may be reached a t the following nlrmber; (717) 569-5555
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KENNE~Y PROPERTY CORPORAT~ON A Subsidiaw of Kennedy Health Cars Foundation
May 6, 1987
Mr. Stan Caterbone 1755 Oregon Pike Lancaster, Pennsylvania 17601
Dear Stan:
This correspondence is to address our previous conversations regarding the refinancing of some commercial real estate that I am currently managing for Kennedy Property Corporation. At that time, you had requested information on each of the buildings so as to determine the feasability of this endeavor.
Of the four properties listed, three are owned by Kennedy Property Corporation and the fourth is owned by Professional Medical Management, Inc. Both companies are subsidiaries of the Kennedy Health Care Foundation.
Enclosed you will find a description on each property. This is accompanied by the current lease schedule for each property and an income statement for Kennedy Property Corporation.
If after reviewing this package you believe that favorable fixed terms can be provided, please contact me at your earliest convenience.
Sincerely,
Michael Lawson Property Manager
ML/£~ Enclosures
P.O. Box 1015 ' 100 Egg Harbor Road ' Turnersviile. N.J. (W012 ' 604589.3300 Ext. 421
8'
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MICHAEL LAWSON
Property Manager
P.O. rn 101s im E Q ~ nubor M. 1wmn.Ill.. WJ mot1
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Management Group, LTD
,,".K,., W A M C M C " . G..O", ,,o
STANLEY J. CATERBONE EXECUTIVE VICE PRESIDENT
554 Berli ley Road Stone Hartwr, NJ 08247 (W) %7-5184
J u l y 24, 1987
J i m Bly Sourcz C a p i t a l 6725 (Xlrran Street W e a n , VA 22101
Dear J i m : . .
Enclosed is t h e pack* f o r t h e Real E s t a t e Deal as per o u r conversat ion. Pl- g i v e me your response as to a n i n d i c a t i o n of i n t e r e s t as = a n as p o s s i b l e so t h a t I may c o n t a c t someone else if you are n o t i n t e r e s t e d . I a p p r e c i a t e your t ime and cons idera t ion .
Zk ley J. catertxre
Securltl~s Offcred through Planner's Securnler Group. Ine. A Reglitered BrokcrlDealer Member StPC Member NASO
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I. Scope of Business
11. Servioes and f u n c t i o n s of Sour- C a p i t a l , Inves tor / Inves tors , and Bennet Williams.
111. S t r u c t u r e of Syndica t ion
I V . Costs of Syndica t ion - Bennett W i l l i m F inancia l Center
V. F inanc ia l P r o j e c t i o n s
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sWswpE..a...~~-~.~.s2 . .
The f o l l w i n g is a pr-1 to Bennett Williams, Im. to provide the
, . syndication and marketing of the 2.6 million o f f i e building to be constructed
i n downtown York, PA. This prqms-a1 is an attecrpt to describe the role and
function of Swrce Capital along w i t h the relationships of Bennett Williams,
Im. and the Investor/I-tors.
The plm of the project is to r a i r e the ~ r / capital approximately 2.6
million (excluding syndication fees) and to mange the partnership thrwgh its
ent i re ty u n t i l it is dissolved. As per previous conversations, the building
w i l l be funded mnple te ly from partnership proceeds w i t h t using debt, which
w i l l provide a steady stream of inccme, projected to be between 12% - 15% w i t h
the poss ib i l i ty of refinancing the project around the =nth year i n order to
return the o r i g i m l capital back to the investors.
R1G w i l l also consider developing a F i ~ r C i a l Sewice m n t e r , similar to that
which ex i s t s i n Lamaster. While Bennett Williams w i l l be the major tenant and
responsible f o r the 1- up, f%2 w i l l consider also aiding i n t h a t pr-
through w n s i o n of t he i r business to York.
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I.: DELI% E . B F T T . ..WIUI.W.-zTK GU'E~...~~~E~..IG..~?.,.)
T k Gewral Partner (GP) will be responsible for t k following:
a). Development - The G.P. will be r-nsible for all dsvelcpwnt
involved in t k project.
b). Construction - The G.P. will be rqnsible for all construction
pbses associated with the project.
c ) . Lait-g - All leasing responsibilities will be of the G.P. The
G.P. will have the task of obtaining l a occupancy of the building
ina reasomble and timely fashion. The G.P. will also be
responsible for determining the fair market value of the =pa-
and for attracting attractive t e ~ n t s with favorable leasing
agreements to maintain a favorable and healthy cash flow.
d). Management - The G.P. will be m n s i b l e for the managsent of
both tenants and the building in order to obtain maximum
income and future appreciation given favorable eoomnic oonditions.
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LL W L I C N E ~.%...%!?IT.K
MG, Ltd. w i l l be reqxnslble for the follcwing services and factors:
a). The Syndicator w i l l be r e n s i b l e for a l l legal
and a-nting services rezdsd to register the partnership with
the apprwriate regulatory authorities i n order to solicit
investors.
b). Prospectus - The Syndicator w i l l be reqmnsible for the development
and prmhction of the pr-tus to be used to solicit investors.
c). Marketing - The Syndicator w i l l be responsible for the marketing
and solici tat ion of investors i n order to raise the necessary
capital to fimnce the project.
d). Distribution of ~roceeds - The Syndicator w i l l be responsible for
a-nting and reporting functions necesrary to provide investors
w i t h the progress and performance of the Partnership. The
Syndicator w i l l be r w n s i b l e for the reporting regulations of the
Interm1 Revewe Service for both Investors and the G.P. The
Syndicator w i l l a l m be responsible for U7e distribution of p r m
both &ring operation and upon sale w r e f i ~ n c i n g of the project.
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The fol lcwing is a c k s c r ~ p t i o n of the s t r u c t u r e of t k par tnersh ip . T k
Par tnersh ip w i l l be r e g i s t e r e d by t k Securities and Exckr@ Carmisrion as a
P r i v a t e Pla-nt - la t ion D, Rule 144 Offering. This w i l l l i m i t t h e rxlrrber
of u m c c r e d i t e d i n v e s t o r s t o 35.
Bennet Williams Inc. - General Par tner
E q i t y : 20% of Pa r tne r sh ip sale d i s t r i b u t i o n s
Incane: 15% of Net cash f low d i s t r i b u t i o n s
. . Souroe C a p i w - Marketing Fees
E q i t y : 5% of Pa r tne r sh ip =le proceeds.
Incane: @ of N e t cash flow d i s t r i b u t i o n s
Eq l i ty : 75%
I m : 85% of Net P r c c e d s
Load : ES% of cash goes i n t o actual development
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(gipl-hl will receive ~roximtely 8% of the capital raie& in
order to perform the necessary services associated with the project. This
imludes all legal, accrxlnting and marketing fees needed.
Bennett-Williams will receive a 3% G.P. developnent fee for pltting the project
together (building design, construction %pervision ... etc.).
The Broker/Dealer (if needed) will receive a 1% syndication fee for . - , . registration and preparation of financial disclosure documents for the
. . partnership.
This means approximately a8% of the capital raised will go into the actual
j' iltilding and grand. This ircludes all 1-1, aoaunting, printing, marketing,
of the partmrship. With this ratio, the program will be among the most
marketable anywhere in the country.
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FiMnCial M a ~ m n t . Grcup, LTD. w i l l a t tecrpt to &welop a F iMIXia l Service
Center similar to the Lancaster Office i n t h e bui ld ing being vndicated. MG
has d e v e l q x d a F u l l Service F i m w i a l Center t h a t provides a l l of the r e l a t i v e
s e r v i c e s re=essary to mamge the f i ~ n c i a l affairs of i n d i v i d a l s , bus inesses
and institutions. The Center w i l l inc lude the fol lowing services:
1. F i renc ia1 Planning
2. Investment and P o r t f o l i o Management
3. k c c u n t i n g and Tax Prepara t ion
4. Real E s t a t e Services
5. Legal Servioes
6 . I ~ r a r c e Services
7. I ~ ~ n t and Mortgage Banking
F i n a m i a l Managewnt Group, LTD w i l l s t r u c t u r e the Center similar to that of
the L a m a s t e r l o c a t i o n with the except ion that Bennett Williams w i l l have a
role i n the formation and the ope ra t ions of the Center. Ft% w i l l p rovide the
r e c r u i t i n g and managerent of t h e -ration and w i l l u s e t h e w r r e n t s y s m
that Pave been dweloped and used i n Lancaster . The ownership w i l l be
s t r u c t u r e d m n g MG, Bennett W i l l i a m , and the other Major P laye r s who wish to
pt involved. Enclw_sd is a n o r i g i ~ l Busi- Plan that o u t l i n e s tk concept
i n more detail.
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T h e following Firms have exprezsed very s t rong and favorable ind ica t ions
of i n t e r e s t to s i g n lorg term 1- agreements f o r -ace. Please be aware t h a t
t h i s w i l l be the premier o f f i c e q ~ c e located i n Downtown York, and mt
irrportantly w i l l be the Only Of f ice S>acz with on site parking. Parking spa-
w i l l be rented for $30.00 per month, and t h i s is the f a i r market value, not
considerin3 the convienewe.
Bennet W i l l i a m s w i l l occupy 25% of the space a t market va lue lease
agreemenb. Bennet W i l l i a m s is t h e largst Real E s t a t e Firm i n the York area,
0 and is one of the L a r i Q t i n Central Pennsylvania. Dave %had is the President
and can be reached a t (717) 843-5551.
Cum-ican Erpress 7 . W Sq. F t .
York Bank 10,000 "
FIcrxrunting Firm 5,000 "
wraisal Firm 1,1333 "
Bennet ~ i l l i a m s 8,000
T o t a l 31,50 Square Fee t '
Advanced Media Group Page 24 of 45 02/16/2007
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WRD COSTS
W I S I T I m i CCNSTRUCTIa'l 4% CONTINGENCY FEE $1.960,00CI.O(i
SOFT COSTS
DES1Q.I $ 1 ~ , 0 ~ k l . ~ FuWISHINGlj $m,oi3o.ix F I W I f f i FEES $Z€B,KKl.Oi,
TOTAL COSTS $ Z , ~ ~ R , G X J . I X )
WSH FLOW
31,000 32. FT. @ $10.00 $310,000 9,033 SQ. FT. @ $6.00 $54,003 108 PARKIW SPACES e m/m. $38,800
TClrPL INCOME $402,800
C ; W ON CAW RETURN 15
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h 8 A D q e b S r QL 90067 , FEB 1 : : m A ~ . C u l c r r ' b
SEE REVERSE SIDE FOR i
INSTRUCTIONS st&--. - ......-.. ~-
FICTITIOUS BUSINESS NAME STATEMENT THE FOLLOWING PERSONIS) IS (ARE) DOING BUSINESS AS: --
lFictitious B&ess Name(~) 1 .
AUDIO SERVlcBs/mBarr sowD aooIOs - ,- Street Address Cltb & State of Pr~nc~pal place of Bus~ners~n Cal~forp~a . F
7 ZIP Code -
2. - 1 1137 north kcadden Place, Lam Angrlem, CA 90038 Full name a e g l s t r a n t ( ~ f corporation show state of ~ncorporat~onl
3 ! ... I 1 "side- "ress City State Zip Code
/ 1137 lQorth madden Place, La6 Angelas, CA 90038 & Full name of Registrant (if corporation - show state of incorporation)
Res~dence Address City State Z i P G d e
-- -
1 ( bull name of Registrant ( i f corpaatlon . show state of inmporat io") I i
... - ~. ~ 1 Residence Address City State Zip Code
- - Full name of Registrant
I 111 corporatlon show state of lncorporat~onl
- . . - . . - - - . Stale I 17p Codr ,F
J . : - _ _ - - L . ~ . . . . ~ ~ .~ . ~ ~~~
: 1 s I t a n 80deradu.l I 1 a wneral wrln.#mlo I I larn8tad mrln.nnar, t . .... I ta~,Is?...a1...8ala.l *.I.=I . . t t - r r an.,, a oar#,>e-rn~u ( ro,on,.8qa,n I 8 ba,.enn. tr~ast icb&*. onr c , N ~ v ( . . ...... ?- ~ . . . ~ * 5 . I f Registrant a corporation r@ below:
4 1 , ! I - , I 1 Signed 3 d . u -
"
I ' 'II - L . - ( Corporation Name 1
I :'.:#. - . . . . . . . . Typed or Printed-- Signature & Title ,, .h
--- . ~ - -.--.~.-.a- ?* C&~I?*;( :: ..... . ~ .- . . . 1 This statement was filed with the County Clerk of ... - . . . ---Cwnty on &re indiuted by file sump ab - -. . . . . . .- -
I HEREBY CERTIFY THAT THIS COPY IS A CORRECT COPY 6. New Fict~tious Busineu OF THE ORIGINAI.STATEMENTOL1 FILE I N MY OFFICE.
Name Statement rn 7- ! .. - - - - . . __-..-
7 . 2 4 , .efile - Statement expire
a'%> c- December 31.<* File No. ry. 1 - - 1 I
THE L m ANGELES DAILY Y)URI\IAL c.uus+n( ,am Y)URNAL OF COMMERCE - REVIEW
210 South & r w S t r r t . P 0 110. Yo16 L.U(.II*I." >el7
L a A W k . Wltc.",. Oa)+l 210 h m s . . ~ strrl. r.o eo. wx
T*.pho- 12131 6252141 =, ,_.__ - - ~~ - ~
**-.I. ~ . ~ . Wlt--"l. sM11 ......... ..............-.
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r1.m .swt to 11Ia a 1981 plt 114 ralurn (form 709) due p h d n a t)r clow of Uw W h dwda awmc of 19ll.chclchnba8 0. 1 mausst an autornatoc 2.rnontlj eltensoon 01 tln~e'untll June 15. 1SZ. In whlch to file Fom 1040 for tho-lender yder I&.& Ol
'
..- . r r T-R to File U.S. mdivldual lncqms ,Tak ~et$ih', . . .*kl I- Lnr. ,0, . . . I . . . . ' I . I _
. . . ~ .. . - . ., . + ' : ;.. - ' . w hwal year return until .................... 1 ................-.- L..:.. 19--. fw th. tar year beginning A -.-....-...-...--. :~.1981,. . .
. . .....I.. . . . . . . and ending ............................................... 19 ........ )< .,. .
. l o I
' - r W d
r r:
;l Total income tar liability for 1981 (You n). e s t i ~ t e thla .ino~nL). I, M o t . : YOU must enter an amount on line If p u do not *Ip.Ct to 0" LI.
enter zero (0). . . . . B Federal Income tax withheld . . . . . . . . . . . , . . . . . . .
95 1.981 estimated tax payrnwta (include 1980 ov&&nt ,bawd u i credit). . .
1 : Other payments (sea instruction E) . . . . . . . . . . . . . . )I, Totai (add l i n n 2.3, and 4) . . . . . . . . . . . . . . . . . . . . . . . . . . G lncome tax balance due (subtract line 5 fmrn line 1). Pay In full with mlr form . . : . . . . .
Your riot nam. and lnat~al (if loon1 mum. dsa Or* spouse'. turn wd InlUaO b s l nome
€ 0 f M A R Y . . GOM ~ u o n l
Ressnt homo address (Number and ~l,?naWik ' ~ . n m . b a , w v d w j ' ' ' . . . . . .
/ / / 3 ' / cdcerc/cnwd city. tam or port ouca. stat*. snd z ~ ~ c o d . <. .. . :, , + ' ': . : . C U C V E r i C l T y . C r ( ~ / g . 300 3 y
,r Total gift tax you expect to owe for 1981 (w inshuctian E) .Notc This i s the amount you oxput to gw I 1 i
. . ~ HQbl: file this lorm with the lntsrnal Rsvenue Service Cnter.wnere you m r t flle your iwnm tir return ;nd;p'.y t h mOuat ShoWlUn f . . , , , . line 6 be:@w. Thls is not an eltenslon of Unw lor payment of tar. Tke k w mqalra that'e pen& beth.f#ed or late w$m#IIt bt , ,&
tar and idle l i l~np unless you show relaonible cause for not payon. the tax when due (see 4nstructlonO);, p. '?.:. . , .
r for the gii t tax return due following the cJow ot me tounh uI*nd.r q u e r h r d 1981 (A imtruciion fot . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1 .. -. . , l,liny--'i .,
......... m . . ~ u b . w c M i w b r t h i l n m a m d ~ m ~ d ~ r l t + ? a ~ ~ ~ ~ * . m & ~ h & i r ~ ~ ~ . ~ ' * ~ ~ * ~ . . . . . . .
.ignature and Verification I If Repard by Teapayer.-Undu puraltles of perluy, I declen that I have bumlnd'thla form, lndudinp eccMnpnylng schadula .!a StdtcllIents, and to the best of my knowledge and bllef. it Is truo, corn(. .nd complete.
. -. :. I If Prepared by Someone Other Than ~w:&Und.rp.d.y,a of pwfuy, I I h& &mi& tq , fa&, Iqdudlng. rrwnpanying schedules and statemants and to Ui. best of my I&- i nd bollof. .kb tiuq- ai+, .dd e p l a t b - t h q l'iin
. . .. . . . . buthorized to prepre this form; and that I am: . ' : ~ ' . ! ..: * .z
e * - . #
' I
, . . : . ' - mernbor In &mod standlng of the bar of th. hymt court .@ (spdfy luWls(l4n) - . . : . . . . . , . ceitified pubnic accountant qualifiql to p m c t b In (*pan jurId)_ . ? . ' i ,.,,- - 1 A panon anmlled to practlce beforethe Internal Revenue S.rvlu.
nl h authorized agent holding' a power of .ttorn+. (YOU nwd not u n d in the power of ~ m o y unhss r e q u v . ) 11 A penon in close personal br bu.slnau rektion~hlp tq Uu bxpem & annot ilgn.pilstormkcaliq of l l t n . 4 ' i ) b l r ~ ora@U
.%. .; . . . . *\,, ."..' . . . . . +.:. . , . .!? v..- , . -.~ ;< ...... pwd cause. MY relationship toihetar&y6rand th.'iwii+v@;tli, ... t&yuannot *,'&id& in, .
. . . . . . . . . . . . . . . . . . . . . ? L U . :.! " . . . . . , ~. , . . . . . . . . . . . . . .
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B R O U T & C O M P A N Y C E R T I C I E D PUBLIC A C C O U N T A N T S
v E r 10'1 . LOS ANGZLES . W O R m l S V O l N . N d.
1900 A V E N U E OF T H E S T A R S
LOF. A N G E L E S . C A L ~ F O R N ~ A 90087
213 553-1941
Dear 7-i 3 ' Enclosed is tt ie o r i g i n a l and o n e copy of t h e County of Los Angeles Bus iness S t a t e m e n t a s o f Marcti 1. 1982.
The o r i g i n a l s h o u l d be s i g n e d by you and postmarked on or b e f o r e A p r i l 30. 1982. Mai l t o :
County o f Los Ange les O f f i c e o f t h e A s s e s s o r
dPFF.) 4 , @ A 9 /YO(
The d u p l i c a t e copy i s f o r your f i l e .
Very t r u l y y o u r s ,
BROUT h COMPANY
E n c l o s u r e s
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. . . From the &sk of
ROBERT 0. ACKERMAN
519 CENTRAL AVE. HIGHLAND PARK, IL 60035 (312)433-4500 ii
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PLANNER'S SECURITIES CONSULTING SERVICES
Planner's Securities Consulting Services offers the independence and expertise to help the client:
1. Develop an INVESTMENT PLAN
2. Determine the criteria for selection of an INVESTMENT MANAGER
3. Evaluate investment managers, presenting only those who can meet investment plan's needs
4. Monitor these investment managers' performances within customer set parameters
5. Monitor monthly detail reports
Our structured approach saves a plan's sponsor, trustees or individuals time and effort and allows them to retain control over asset management.
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PTY.
~ ~ t ~ t f e e i s b a t e d o n t h e m a r k e t ~ ~ l o l u e d the. account, hrdudlng tush. as shown on fhe lnltlal and gUatW oppratsd a cutodlan bank octhrity 4. .Th;e maw auement tee k d e t e c m i n e d - m t to the f o l m scheduk .
.85%onnext S I . ~ ~ ~ X K K ) C ~ M O ~ ~ ~ ~ V O ~ ~ . .
-75% on next s i m m o f ~orketva~ue ' .
.65% on nad ' ~1.OObXXKJ 0f;MarketWil~e
-6% on next s l ~ I . l O O C 4 Market Value
R X B ) I ~ E m R T m l m (~axabie or Non TcKable)
5 of 1% of Maket Value
Fees are prepoyable quatecly. @demge may be &ed and allocated per ciient )nmuctlons
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INVESTMENT MANAGER Dataform
i
.(
i
1 fi c
Name CUMBERLAND ADVISORS, PTY.
Address 614 LANDIS AVENUE
city/~tate/Zip VINELAND. NEW JERSEY 08360
Ownership PARTNERSHIP
e
V t Mutual Funds Managed: CUMBERLAND GROWTH FUND
Telephone 800-257-7013 Contact Name DONALD SULAM Contact Name SUZANNE GREENBERG
Date Founded .JUNE 197 3
Affiliation NONE
Feestructure SEE ATTACHED FEE SCHEDULE
z
3
- In-House Co-Mingled Funds: .
Minimum Tax-Exempt Taxable Account Size: S100.000
Equity Balanced Fixed Cash Manage: Only Acwunts Income [ia Management (7 Other: MUNICIPAL BONDS
Corporate Government International Capital Markets Used: Stock lxl Bond Bond (7 Cash IXI Securities (7
Minimum Account 1 Special Services (check one): Active Passive N I A Size (specify):
Minimum Tax-Exempt Taxable Fee: $1.500
I Real Estate Equity Futures Options Other: CD' S
Asset Mix in All jEqJy Accounts as of Max Equity 100 % Min. Equity 0 %
Bond lmmunization/Bond Dedication
Municipal Bonds
Socially Sensitive (if asked, will not invest in "sin" stocks)
Convertible Preferreds - - - - -
Convertible Bonds
Government Bonds
INVESTMENT STYLE: attach statement of investment philosophy and style for each type of management.
f send a copy o f your current marketing piece, contract(s), ADV andfiscal report.
@ 1886 Richard SchlMMh h Awcdates. Ud. The lnlonnatbn provided haiein la oblalned lrom the investment manager named herein .nd Publkly lvailaMe .wroes and la bePsMd to be rdiaMe, bul ma mpwmbtlon or wananly is made w to ks accuracy or axnpleteness.
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1 1 u v c 3 I MEN I MANAtikH
Dataform
Name Swanson C a p i t a l Management Telephone (517) 790-1291
Address Contact
4600 Fashion Square Blvd. ~ t e 109 & 111 Name Stephen Swanson
Cit~/State/Zi~ Saginaw, M I 48608 Contact Name
Ownership Incorpora ted Date Founded 1973
Affiliation None
Minimum Tax-Exempt Taxable Minimum Tax-Exempt Account Size: $100,000
Taxable $100.000 Fee: $1,000 $1,000
Fee Structure 1% F~~~~ - u o
In-House Co-Mingled Funds: 0
,
-
. Minimum Account Special Services (check one): Active Passive N I A Size (specify):
Bond Immunization/Bond Dedication El
Municipal Bonds El
Socially Sensitive (if asked, will not invest in "sin" stodts) rn Convertible Preferreds a Convertible Bonds rn Government Bonds rn
INVESTMENT STYLE: Please a m h statement of investment philosophy and sty* for each of manawment. nt i "fe rend a mpy of your current marketing piece, wntract(s), ADV and f seal report.
I d , 0 1 s f l lchd SChlmMh I ate^, M. Th. lnform6lbn pmvldad IwreIn b obtained fmm the inwamdnt mamger named herem ~ ~ ~ n W * ~ . . ~ b b e ~ t ~ b e r e ~ s b l e ~ b u l m ~ t l o n o r w ~ ~ k m & ~ t o ~ t s - ~ o r a m p l e f -
I
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INVESTMENT MANAGER Dataform
Name Van Deventer & Hoch 420 North Brand Boulevard, Suite 405
Address Glendale, CA 91203
Feestructure 2% first $100,000; 1% next $200,000; 3/4% next $200,000: 2/3% all over $500,000
(818) 247-5330 Telephone (213) 245 - 7461 Contact Name Richard A. Snyders Contact
cin//State/zip 1 Name
Equity Balanced Fixed Cash Manage: Only Accounts Income Management Other:
Corporate Government International Capital Markets Used: Stock Bond Bond Cash [XI Securities a
Real Estate Equity Futures Options Other:
Asset Mix in Al l in/ Accounts as of n/a Max Equity % Min. Equity %
Mutual Funds Managed: none
Ownership Chemical New York Cor~oration
In-House Co-Mingled Funds: none
Date Founded 1969
Minimum Account Special Services (check one): Active Passive N/A Size (specify):
Bond Irnmunization/Bond Dedication I3
Municipal Bonds [7 Ed a Socially Sensitive (if asked, will not invest in "sin" stocks)
Convertible Preferreds rn Convertible Bonds El I3 0
Government Bonds Ed 0
INVESTMENT STYLE: ease attach statement of investment philosophy and style for ewh type of management. a- M a copy of your current marketing piece, contractls), ADV and fiscal report.
01986 Richud Schimarth &ksoda(es. m. ~ h s Infanutbn prov~ed m h is obtained fmm the lnvwtmnr manager named herem ."d prblidy .MIlabb wrcw mnd b belle& to be rel&e. bul m representabon a wanamy k made as to its accuracy aampkrtemtss.
Affiliation Minimum Tax-Exempt Taxable ~ccoun t Size: $100,000 $100,000
Minimum Tax-Exempt Taxable Fee: (annual) $2.000 $2,000
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Van Deuenier 81 Hoch 4.0 North Brand Boulevard ~1enda.k. California 9120) (213) 247-5330/24;
Id Investment Counsel
FEE SCHEDULE
Fees are charged QUARTERLY in advance using the following W A L formula:
Portfolio Fee as a % of Value portfolio Value
First $100,000 2%
Next $200,000 1%
Next $200,000 3/4 9
Amounts Over $500,000 2/39
Examples of V A L Fees:
Portfolio Annual Fee as a % of Value Fee portfolio Value
750,000 7,167 0.96
I 1,000,000 8,833 0.88
I 2,000,000 15,500 0.78
3,500,000 25,500 0.73
I 5,000,000 35,500 0.71
I pINIMUM ANNUAL FEE: $2,000 PER YEAR
I Note: No start-up or termination charses
i I I I I
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. . . . I 1 . ' % L.1; -.; .'* - -._ - ----. -!--=.L --. -__
PENSION AND PROFIT SHARING COLLECTIVE INVESTMENT FUND
REPORT ON EXAMINATIONS OF FINANCIAL STATEMENTS
for the years ended December 31, 1986 and 1985
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To the Board of Directors
~ari-isburg, Pennsylvania
We have examined the statements of assets and liabilities of the Pension and Profit Sharing Collective Investment Fund as of December 31. 1986 and 1985, including the portfolio of invest- ments as of December 31, 1986, and the related statements of opera- tions and changes in net assets for the years then ended. Our examinations were made in accordance with generally accepted audit- ing standards and, accordingly, included confirmation of investments held for the account of the fund by the custodians, and such tests of the accounting records and such other auditing procedures as we con- sidered necessary in the circumstances.
.In our opinion, the financial statements referred to above present fairly the financial position of the Pension and Pro- fit Sharing Collective Investment Fund as of December 31, 1986 and 1985, and the results of its operations and the changes in its net assets for the years then ended, in conformity with generally accepted accounting principles applied on a consistent basis.
We have also previously examined. in accordance with gen- erally accepted auditing standards. the financial statements of the fund for each of the three years in the period ended December 31, 1984; and we expressed unqualified opinions on those financial state- ments. In our opinion, the financial information set forth in Note 4 to the financial statements for each of the five years in the period ended December 31, 1986, is fairly stated in all material respects in relation to the financial statements from which it has been derived.
March 19. 1987
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L , 7 6 ',."- ,f&Q I . . . -. .. . , . :.-::r- - ;... .?.- 2 : ' ? ,
.:$? PENSION AND P R O F I T S H A R I N & ' " , . - -&:% ;I v, - ! . ! : ,2 .u-
COLLECTIVE INVESTMENT FUND ... I h ... . _...
STATEMENTS OF A S S E T S AND L I A B I L I T I E S "// ! ...,. .
December 31, 1986 and 1985
A S S E T S : Investments at value (cost
$126,174,490 and $125,472,567, respectively)
Cash Accrued interest and dividends
receivable
Total assets
LIABILITIES: Income due participants for month
of December 1986, payable January 1, 1987 at rate of $.697 per unit and for month of December 1985, payable January 1, 1986 at rate of S.800 per unit
Accrued expenses
Total liabilities
NET ASSETS
Net assets are represented by: Funds applicable to 1,093,410 units
outstanding, equivalent to $131.00 per unit in 1986,,and to 1,174,423 units outstanding equivalent to $121.81 per unit in 1985:
Consisting of: Amounts invested by
participating trusts 111,304,255 116,450,421 Accumulated gain on securities
sold or redeemed 24,250,255 13,163,605 ' Unrealized appreciation
of investments 15,432,951 15,944,284 Excess of accumulated redemption
value of units redeemed over participants' cost (7,778,196) (2,520,983)
Undistributed net investment income 28,780 16,695
$143,238,045 $143,054,022
See accompanying notes to financial statements.
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THE VILLAGE OF OLDE HICKORY VILLAGE SQUARE OF OLDE HICKORY
OLDE HICKORY RACQUET CLUB BOYDfWILSON BUILDING
OREGON PIKE MANHEIM TOWNSHIP
LANCASTER COUNTY, PENNSYLVANIA
f o r
BOYD/WILSoN COMPANY
MARY L. CLINTON APPRAISAL ASSOCIATES, INC.
PRESIDENT
DATED: SEPTEMBER 1, 1985
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.,. . . .., . . . . . - 430 WEST CHESTNUT STREET LANCASTER, PENNSYLVANIA 17603
October 2 3 , 1985
BoydfWilson Company 208 Oregon Pike Lancaster , PA 17601 ATTN: Dale Witmer
RE: The Olde Hickory Complex
Dear M r . Witmer:
In accordance with your r eques t , I have examined t h e above premises, c o n s i s t i n g of a group of townhouses, 3.0 s t o r y e l e v a t o r garden apartment bu i ld ings , a l o c a l shopping c e n t e r , ( 2 ) o f f i c e bu i ld ings , a racquet c lub and miscellaneous improvements including a swimming pool , a 30 acre golf course and t enn i s cour ts loca ted on approximately 100 ac res of land i n Manheim Township, Lancaster County, Pennsylvania. The purpose of my examination and study i s t o value the premises i n the cu r ren t market . t I n a r r i v i n g a t my va lua t ion , I have among o t h e r f a c t o r s considered the following:
(1) Location Trends. The Vi l lage of Olde Hickory and t h e surrounding developing a rea i s an a t t r a c t i v e r e s i d e n t i a l d i s t r i c t . I am o f t h e opinion t h a t i t w i l l maintain i t s present s t a t u s o r gradul ly improve.
(2) I es t imate t h e e s t ab l i shed Net Income imputable t o a l l t h e f r a c t i o n s of t h e Vi l lage of Olde Hickory a t $1,324,333 p e r annum.
(3) Cap i t a l i zed Value f o r both income flows which computes a t $13,000,000 per annum. This i s predica ted upon t h e t o t a l earn ings of $1,324.333 per annum c a p i t a l i z e d a t an o v e r a l l r a t e of 10.14%.
In my opin ion , the market value of the premises i n t h e c u r r e n t market is:
THIRTEEN MILLION DOLLARS
In l i g h t of t hese cons idera t ions and o t h e r f a c t o r s s e t f o r t h i n my a p p r a i s a l r epor t which fo l lows, I have a r r i v e d a t t h e aforementioned va lua t ion .
Respectful ly submit ted,
Mary L. Cl in ton pres ident
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INCOME APPROACH
VILLAGE OF OLDE HICKORY:
DEFINITION: This approach dea ls with the present worth and fu tu re p o t e n t i a l b e n e f i t s of the proper ty . This i s genera l ly measured by the ne t income which a f u l l y informed person i s warranted i n assuming the property w i l l produce during t h e remaining use fu l l i f e . Af t e r comparison with investments of s i m i l a r type and c l a s s , the n e t income i s c a p i t a l i z e d i n t o a value e s t ima te .
The gross and n e t income generated by the cu r ren t r en t s f o r the year 1985 a r e divided as fol lows:
Annual Gross Income Annual Net Income
Res iden t i a l $2,224,766 $1,072,465
Commercial Income 275,714 204,182
Golf & Swimming 93,310 (11,870)
Racquet Club
Tota l
(Expense r a t i o i s 52% of gross ( inc luding vacancy & bad debt allowance).
The r e s i d e n t i a l income of $2,224,766 per annum averages $89.31 pe r room pe r month. The l eases have a 1 year term with tenants absorbing a l l of t h e i r e l e c t r i c a l charges which inc ludes e l e c t r i c h e a t i n g , a i r condit ioning and h o t water .
Management expects a turnover of 30% t o 35% i n the r e s i d e n t i a l u n i t s dur ing 1985. This would inc rease t h e r e n t r o l l m a t e r i a l l y as shown on the following schedule of Monthly Rates e f f e c t i v e September 1, 1985.
A 3% allowance f o r vacancy and bad debts was considered appropr ia te due t o t h e f a c t t h a t t h e r e i s gene ra l ly a wa i t ing l i s t f o r new con t rac t s .
COMMERCIAL RENTALS:
Rentals f o r the shopping c e n t e r , the four o f f i c e s i n the former s tone farmhouse and 3 r e t a i l and o f f i c e u n i t s i n t h e Boyd/Wilson Building aggregates $275,714 per annum ( see schedule of base r e n t a l s ) . A 5% vacancy and bad debt deduct ion appears appropr i based on pas t h i s t o r i c a l records .
The r e n t a l o f f i c e (Unit 6 ) does not con t r ibu te any r e n t . I have appl ied a r e n t a l of $6.75 per sq . i t . which i s i n the lower h a l f of the r e n t r o l l range which computes t o $9,072 annually.
I 1
The income from t h e Golf and Swim Club which we have taken from t h e l a s t s ta tement of earn ings i s $93,310 per annum and miscel laeous income approximates $5,000 pe r y e a r
x P P a S a 1 ~ S S O C S . ~ S 430 WEST CHESTNUT STREET, IANCASTER, PENNSYLVANIA 116m
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1 2 0 C O U N T Y R O A D I E N A F N l O I h 7 O 2 0 1 5 6 8 h 8 7 5
June 15, 1987
Mr. Stanley Caterbone FINANCIAL MANAGEMENT GROUP LTD 1755 Oregon Pike Lancaster, Pennsylvania 17601
Dear Stan:
It was good speaking with you - - at last - - after our message go round. Enclosed are the materials you requested. I expect that this should reach you by Wednesday.
As I indicated to you, Hunterdon County is the area I have tareeted for development in New Jersey. InteretaLc 78 was completed this year and tied Hunterdon County into a 25-35 minute commute to many major corporate centers in New Jersey, i.e. Morristown. Princeton and New Brunswick. After completing a survey of the area, I am satisfied with the resulting information. I have been dealing with local brbkers with a view towards locating both residential and commercial sites for development, several properties are under negotiation at this time. These projected investments are well leveraged and offer impressive cash-on-cash returns.
I look forward to discussing these opportunities with you.
SW:wc
Enclosures
Via Express Mali
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