MBA Appraisal Services, Inc. · 2018-09-10 · MBA Appraisal Services, Inc. P. O. Box 960177,...

MBA Appraisal Services, Inc. P. O. Box 960177, Riverdale, Georgia 30296 * (404) 766-1116 ph * (404) 766-0962 fax * www.mbaappraisals.com

MBA Appraisal Services, Inc. Office: 404-766-1116 ▪ Fax: 678-261-4022

SUMMARY APPRAISAL REPORT OF:

Vacant Commercial Land

5702, 5758, & 5810 Covington Hwy Decatur, Dekalb County, Georgia 30035

Prepared for:

The Pierre Louisius Group, LLC 5042 Rock Springs Rd

Lithonia, Georgia 30038

Prepared by:

Gordia Ammons, Jr.

Georgia Certified General Real Property Appraiser # 207012

Internal No. 04161857230.77 Effective Date: April 17, 2016

Report Date: May 4, 2016


MBA APPRAISAL SERVICES, INC. P. O. BOX 960177, RIVERDALE, GA 30296

404-766-1116 OFFICE 404-766-0962 FAX

May 4, 2016

Mr. Erick Louisius The Pierre Louisius Group, LLC 5042 Rock Springs Rd Lithonia, Georgia, 30038

Re: MARKET VALUE APPRAISAL Vacant Commercial Land

5702, 5758 & 5810 Covington Hwy Decatur, Georgia 30035

File No. 04161857230.77 Mr. Louisius, The USPAP conforming narrative Appraisal Report subject to a current valuation premise to the 100% undivided ownership interest in the fee simple estate property right has been completed at your request for the above referenced real estate. This appraised property is referred to in the following appraisal report as the “subject property” or “subject”, and it is improved real estate. The analyses, opinions and conclusion of this appraisal report are subject to and qualified by certain definitions, certifications, professional requirements, disclaimers described in detail in the following appraisal report plus the following statements in this letter of transmittal:

This appraisal report has been prepared in compliance with the requirements of the Uniform Standards of Professional Appraisal Practice (USPAP) as stipulated by the Appraisal Foundation.

This appraisal is in compliance with the prevailing guidelines issued under Title XI of the Federal Financial Institution Reform, Recovery, and Enforcement Act of 1989 (FIRREA).

This appraisal is also in compliance with the OCC Appraisal Standards of 12 CFR, part 34; and the Guidelines for Real Estate Appraisal Policies and Review Procedures adopted by the bank supervision offices of the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency as of December 14, 1987.

The following appraisal report presents the opinion of market value along with supporting data, valuation analyses and full identification for the subject property in the following five reports sections which:


1. Communicates information regarded to be necessary to fully understand the nature of the assignment in the “INTRODUCTION-REPORT INFORMATION” report section;

2. Identifies and describes the physical characteristics of the subject property

required for subsequent valuation analyses in the “LOCATION AND PROPERTY DESCRIPTION” report section;

3. Presents opinions of highest and best of the subject property and market value

for the subject land value in the “HIGHEST & BEST USE – LAND VALUATION” report section;

4. Develops an indication of market value for the subject property in the “COST

APPROACH VALUATION” report section if this valuation method is regarded to meaningfully contribute to the evaluation process, or otherwise provides a summary statement explain the exclusion of this valuation method;

5. Develops an indication of market value for the subject in the “SALES

COMPARISON VALUATION” report section if this valuation method is regarded to meaningfully contribute to the evaluation process, or otherwise provides a summary statement explanations the exclusion of the valuation method;

6. Develops an indication of market value for the subject property in the

“INCOME CAPITALIZATION VALUATION” report section if this valuation method is regarding to meaningfully contribute to the evaluation process, or otherwise provides a summary statement explain the exclusion of this valuation method.

7. Concludes with the opinion of market value for the subject property in the

“RECONCILIATION-SIGNED CERTIFICATION” report section together with statements of professional qualifications, assumptions and limiting conditions; and

8. Provides supporting comparable market data, photographs and pertinent

exhibits in the “ADDENDA” report section.


It is the conclusion of this appraisal that the opinion of market value of the 100% ownership interest for the fee simple estates property right of the subject property subject to current valuation premise with an effective date of value as of April 17, 2016 and a date of report completion on May 4, 2016 subject to the definitions, certifications, assumptions, extraordinary assumptions and hypothetical conditions set forth in the attached appraisal report is as follows:

"AS IS" MARKET VALUE 5702, 5758 & 5810Covington Hwy

ONE MILLION TWO HUNDRED THOUSAND DOLLARS $1,200,000.00

This report was prepared for Mr. Erick Louisius. The professional fee for this assignment will be paid by Mr. Erick Louisius. This report may not be distributed to or relied upon by persons or entities not specified in the following report without written permission. The subject property was inspected by Gordia Ammons, Jr.; and the report was developed by Gordia Ammons, Jr.. If you have any questions concerning this report, please contact Gordia Ammons, Jr. at 404-766-1116. It has been a pleasure being of service on this assignment. Sincerely,

Gordia Ammons, Jr. GA Lic. #CG207012 Appraiser


TABLE OF CONTENTS Page Assumptions and Limiting Conditions 1 Certification of Value 2 Summary of Salient Facts and Conclusions 4 Identification of Property Appraised 5 Legal Description 5 Exposure Time 6 Market Value Definition 7 Purpose, Date, Intended Use and Scope of Appraisal 8 Property Rights Appraised 8 Extraordinary Assumptions 9 Scope of Work 10 Metropolitan Atlanta Regional Description 12 Dekalb County Description 20 Neighborhood Description 47 Plat Map 51 Flood Zone 52 Topography Map 53 Site Description 54 Improvement Description 55 Zoning 61 Property History 68 Real Estate Taxes 68 Highest and Best Use 69 Methodology 71 Sales Comparison Approach 74 Income Capitalization Approach 78 Reconciliation 82

Addenda EXIHIBIT A: COMPARABLE DATA SHEETS EXIHIBIT B: RESUME EXIHIBIT C: LICENSE

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P. O. Box 960177 Riverdale, Georgia 30296 * (404) 766-1116 ph * (404) 766-0962 fax * www.mbaappraisals.com

LIMITING CONDITIONS AND ASSUMPTIONS

This appraisal is made subject to the following conditions and assumptions, and to any other specific conditions and assumptions as set forth in this report:

Any legal description or plats reported herein are assumed to be accurate. Any sketches, plats, or drawings included herein are included to assist the reader in visualizing the property. I have made no survey of the property and assume no responsibility in connection with such matters. No responsibility is assumed for matters legal in nature. Title is assumed to be good and marketable and in fee simple unless discussed otherwise in the report. The property is considered to be free and clear of existing liens, assessments, and encumbrances, except as noted. It is assumed that all water and sewer facilities (existing and proposed) are in good working order and are or will be of sufficient size to adequately serve any proposed buildings. The value estimates reported herein apply to the entire property and any proration or division of the total into fractional interests will invalidate the value estimate, unless such proration or division of interests set forth in the report. Unless subsoil opinions based upon engineering core borings were furnished, it is assumed there are no subsoil defects present that would impair development of the land to its maximum permitted use, or would render it more or less valuable. In any assignment involving vacant land, existence of potentially hazardous material, such as the presence of toxic waste, which may or may not be present on the property, has not been considered, unless otherwise noted. Appraisers are not qualified to detect such substances. The client is urged retain an expert in this field. I am not required to give further consultation, testimony or be in attendance in court by reason of this analysis or report, with reference to the property in question, unless arrangements have been made previously therefore. The appraisal is based on the premise that there is full compliance with all applicable federal, state and local environmental regulations and laws unless otherwise stated in the report.

Although the appraiser has made, insofar as is practical, every effort to verify as factual and true all data set forth in this report, no responsibility is assumed for the accuracy of any information furnished the appraiser either by the client or others. If for any reason, further investigations should prove any data to be in substantial variance with that presented in this report, the appraiser reserves the right to alter or change any or all conclusions and/or estimates of value.

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SIGNED CERTIFICATION OF VALUE

I certify that, to the best of my knowledge and belief:

The statements of fact contained in this report are true and correct.

The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions.

I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved.

I have not performed services as an appraiser or any other services in the past three years.

I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment.

My engagement in this assignment was not contingent upon developing or reporting predetermined results.

My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal.

My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice.

I have made a personal inspection of the property that is the subject of this report.

No one provided significant real property appraisal assistance to the person signing this certification.

The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute.

The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives.

As of the date of this report, I have completed the Standards and Ethics Education Requirements for Practicing Affiliates of the Appraisal Institute.

The contract for appraisal, consultation or analytical service, is fulfilled and the total fee payable upon completion of the report. That I have not revealed the findings and results of such appraisal to anyone other than the proper officials of the client. I will not do so until authorized by said officials, until I am requested to do so by due process of law, or until I am released from this obligation by having publicly testified as to the validity of the findings. All future engagements in connection with the assignment of the Appraiser will be provided at a cost of $150.00 per hour of fractional part thereof plus expenses incurred.

PAGE #3


That the conclusion set forth is this appraisal is our independent opinion of the value of the property as of April 17, 2016 and that such conclusion was reached without direction as to value. It is my opinion that the MARKET VALUE of the above captioned real property is as follows:

"AS IS" MARKET VALUE 5702, 5758 & 5810 Covington Hwy


The property has been appraised for its market value as though owned in fee simple. The opinion of value expressed above is the result of and is subject to the data and conditions described in detail in this Appraisal. Sincerely,

Gordia Ammons, Jr. GA Lic. #CG207012 Exp. Date March 31, 2017

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APPRAISER'S SUMMARY OF SALIENT FACTS AND CONCLUSIONS

Property Name/Type:

5702, 5758 & 5810 Covington Hwy Commercial Vacant Land

Tax Assessor’s Parcel Numbers 16-026-02-001, 002 & 018 Location:

City of Decatur East of downtown Atlanta

County:

Dekalb County

Interest(s) Appraised:

Fee Simple

Zoning:

C-1,Local Commercial District

Land Area:

692,601 SF +/- or 15.90 acres Based on Legal Description

Highest and Best Use:

It is the appraiser's opinion that the land should be used for a commercial development because of its zoning.

Valuation Date:

April 17, 2016

Land Value

$1,200,000.00

Cost Approach

N/A

Sales Comparison Approach

$1,200,000.00

Income Capitalization Approach

N/A

“As Is” Market Value:

$1,200,000.00

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IDENTIFICATION OF PROPERTY APPRAISED

The property appraised consists of three parcels totaling approximately 15.90 +/- acre lot. The surrounding properties are commercial buildings, multi-family buildings and single family residence. The property address is 5702, 5758 & 5810 Covington Hwy, in the City of Decatur, Dekalb County and the county real estate parcel tax I.D. number 16-026-02-001, 002 & 018.

LEGAL DESCRIPTION

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EXPOSURE TIME/MARKETING TIME The consideration of exposure time is applicable when the scope of the assignment is to develop an opinion of market value, and this is required to be included in all type of appraisals that are subject to provisions of USPAP excluding assignments completed under the Uniform Appraisal Standards for Federal Land Acquisitions. The USPAP definition of Exposure Time is …”the estimated length of time the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal; a retrospective opinion based upon an analysis of past events assuming a competitive and open market”. The USPAP definition of the Marketing Time is …”an opinion of the amount of time it might take to sell a real or personal property interest at the concluded market value level during the period immediately after the effective date of an appraisal.” Statistical information about days on the market for vacant land listings from the local

MLS services, Costar, Loop Net, and local brokers were reported to range from twelve to eighteen months.

Information gathered through an analysis of the comparable vacant land sales submitted

in the addenda of this report average about twelve to eighteen months for exposure time.

Interviews of market participants suggests anywhere from thirteen to twenty four months as a reasonable exposure time period for a vacant land sales similar to the subject property.

MBA Appraisal Services, Inc. has concluded an exposure/marketing time of 12 months to be reasonable for the subject. This exposure/marketing time reflects current economic conditions, current real estate investment market conditions, the terms and availability of financing for real estate acquisitions, and property and market-specific factors. It assumes that the subject is (or has been) actively and professionally marketed. The marketing/exposure time would apply to all valuation premises included in this report.

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MARKET VALUE DEFINITION MARKET VALUE, as used in this report, means the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeable and assuming the price is not affected by undue stimulus. Implicit in this definition are the consummation of a sale as of a specified date and the passing of title from buyer to seller under conditions whereby:

a) Buyer and seller are typically motivated; b) Both parties are well informed or well advised, and each acting in what he

considers his/her own best interest; c) a reasonable time is allowed for exposure in the open market; d) payment is made in terms of cash in US. dollars or in terms of financial

arrangements comparable there to; e) the price represents the normal consideration for the property sold unaffected by

special or creative financing or sales concessions granted by anyone associated with the sale.

f) Substitution of another currency for United States dollars in the fourth condition

is appropriate in other countries or in reports addressed to clients other countries. g) Persons performing appraisal services that may be subject to litigation are

cautioned to seek the exact legal definition of market value in the jurisdiction in which the services are being performed.

*The Appraisal of Real Estate, Twelfth Edition, page 23

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PURPOSE, DATE, INTENDED USE AND SCOPE OF APPRAISAL The purpose of this summary appraisal is to estimate the "As Is" Market Value of the subject property as of the date of the value, April 17, 2016. The date of this report is that date appearing on the cover letter. It is understood by the appraiser that the facts, observations, comments, analyses and estimates reported herein will have the intended use of serving as an aid or guide. “Market Value”, as used in this report, is defined in the previous section. The scope of inquiry conducted in the process of completing this appraisal was confined to the collection, verification, and analysis of both general and specific market and economic data deemed requisite to performing the estimates, under the assumptions taken as detailed elsewhere in this report, and reaching the conclusions in connection with the estimate of fee simple Market Value. Accordingly, certain land sales and improved property sales have been researched and verified where judged appropriate, and then compared to the property appraised for the purpose of forming the opinions reported. This summary appraisal report is subject to the Assumptions and Limiting Conditions noted within this report.

PROPERTY RIGHTS APPRAISED

This appraisal addresses the fee simple interests of the described subject property.

The ownership interest in real property consists of a bundle of rights. When the entire bundle of rights is vested in the owner of the property, the ownership interest is referred to as the fee simple estate. When a portion of these rights is conveyed by lease, two interests in the property are created. The owner, or landlord, retains a leased fee estate, while the tenant acquires a leasehold estate. These ownership interests are defined as follows.

3 Federal Register, Vol. 55. No. 165, Part 34.43(f), August 24, 1990, Page 34696; also quoted in the Introduction to the Standards of Professional Appraisal Practice of the Appraisal Institute. The Dictionary of Real Estate Appraisal, Third Edition, 1993; Appraisal Institute.

Fee Simple Estate: Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat.

Leased Fee Estate: An ownership interest held by a landlord with the rights of use and occupancy conveyed by lease to others. The rights of the lessor (the leased fee owner) and the leased fee are specified by contract terms contained within the lease.

Leasehold Estate: The interest held by the lessee (the tenant or renter) through a lease conveying the rights of use and occupancy for a stated term under certain conditions.

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EXTRAORDINARY ASSUMPTIONS

An extraordinary assumptions may be used in an assignment only if: It is required to properly develop credible opinions and conclusions; The appraiser has a reasonable basis for the extraordinary assumption; Use of the extraordinary assumption results in a credible analysis; and The appraiser complies with the disclosure requirements set forth in USPAP for

extraordinary assumptions. *Uniform Standards of Professional Appraisal Practice, 2014 - 2015 Edition ASSUMPTIONS: None

HYPOTHETICAL CONDITION

A hypothetical condition may be used in an assignment only if: Use of the hypothetical condition is clearly required for legal purposes, for purposes of

reasonable analysis, or for purposes of comparison; Use of the hypothetical condition results in a credible analysis; and The appraiser complies with the disclosure requirements set forth in USPAP for

hypothetical conditions *Uniform Standard of Professional Appraisal Practice, 2014 – 2015 Edition ASSUMPTIONS: None

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SCOPE OF WORK The appraiser is required to identify the scope of work sufficient to produce credible assignment results that are supported to the degree necessary for the intended use of the assignment. It is important that both the appraiser and the client fully understand the scope of work to ensure that it is appropriate for the intended use of the assignment. This requires that the appraiser must identify the problem to be solved, determine the scope of work necessary to develop credible assignment results and to disclose the scope of work in the report. It is the intent of this assignment that all appropriate data regarded to be pertinent to the development of this appraisal be collected, confirmed and reported in conformity with Uniform Standard of Professional Appraisal Practice (USPAP). The Scope of Work sufficient to produce credible appraisal assignment results for the subject property is described as follows:

1. The basic problem(s) to be solved associated with achieving credible appraisal assignment results are identified as: (1) Produce an opinion of market value supported by an analysis of comparable market data; (2) The highest and best use of the comparable sales will focus on office building uses.

2. An inspection of the subject land is required for this assignment.

3. Discussions between the client and appraiser resulted in agreement that the appropriate

report type for this assignment is an Appraisal Report in a narrative report format.

4. The appraisal client and any other intended users, intended use of the appraiser’s opinions and conclusions, type and definition of value, effective date of the appraiser’s opinions and conclusions and subject of the assignment and its relevant characteristics are described in detail elsewhere in the Introduction-Report Information Section of this report.

5. Client agency or special legal instructions involving extraordinary assumptions provided

to the appraiser are described as none.

6. Property inspection contact: Mr. Erick Louisius, property owner.

7. Information concerning the subject property was obtained from Mr. Erick Louisius, property owner.

8. A Cost Approach to Value will not be completed in this assignment.

9. A Sales Comparison Approach to Value based on an analysis of comparable buildings sales will be completed for this assignment with a summary explanation of adjustments applied in the valuation analysis.

10. An Income Capitalization Approach to Value will not be completed for this assignment with adequate market support.

11. The assignment requires a summary description of the improvements.

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12. This assignment requires a summary description of the land.

13. Comparable building sales have been obtained from in-house appraiser data files,

confirmation with buyers and sellers, public property records, assessor’s office, real estate brokers, data sources available to REALTORS, and data sharing with outside real estate professionals.

14. Appropriate research will be conducted pertaining to current market conditions relating to

the specific market demand for the subject property. The geographic area to be search for market data generally limited to the city of Lithonia, Georgia specifically adjacent and in close proximity to Interstates 285, & Interstate 20 within a past time span of about three years with the type of market data other than comparable land sales focused upon retail strip center.

The opinion of value conclusion for the subject real estate involves a reconciliation of the previous indications of value, which are regarded to meaningfully contribute to this appraisal assignment. The valuation analyses are described in detail elsewhere in this report together with a statement explaining the exclusion of any of the three traditional valuation methods. Consideration of these valuation analyses along with professional judgment forms the basis for an opinion value.

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METROPOLITAN ATLANTA CITY AND NEIGHBORHOOD DATA 2015

The subject property is part of suburban metro Atlanta region situated in Union City, Fulton

County, Georgia. Location maps follow this discussion.

THE ATLANTA METROPOLITAN AREA

Population Growth

http://www.atlantaregional.com/about-us/news-press/press-releases/population-growth-in-atlanta-region-steady-according-to-arc-annual-estimates

(ATLANTA - Aug 16, 2013)

According to the annual population estimates of the Atlanta Regional Commission (ARC), the

10-county Atlanta region* added some 40,100 people between April 1, 2012, and April 1, 2013.

That growth puts the region’s total population at 4,219,600, a number larger than the populations

of 24 states.

While the addition of 40,100 new residents in the 10-county region is considerably lower than

the annual growth experienced in the 1990s and early 2000s, it is slightly higher than the growth

experienced during the previous year. It is also higher than the average annual growth of 37,283

since the year 2010. To put that in perspective, the region averaged more than 77,000 new

residents each year between 1990 and 2010.

“While our latest population estimates reflect slower growth than we became accustomed to in

the 90s and 2000s, metro Atlanta is still a place that attracts many people,” said Doug Hooker,

ARC executive director. “Our local jurisdictions have had a few years to catch their collective

breaths and are preparing for faster growth that will come as the housing market and the

economy continue to bounce back.”

This slower growth is a national phenomenon, due to the country’s slow recovery from the Great

Recession. According to the U.S. Census Bureau, metro Atlanta was the 6th fastest growing

metro region in the United States during 2012 - 2013. That ranking is based on the Census

Bureau’s definition of “urbanized areas.” The Atlanta urbanized area includes 28 counties.

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“People just don’t move as much when the economy is slow,” said Mike Alexander, manager of

ARC’s Research & Analytics Division. “And, considering that this recession severely impacted

the housing industry, forcing property values down, fewer people are able to sell their homes and

move to different metro areas, even if jobs are available there.”

Fulton County, still the largest in metro Atlanta, added 9,300 residents. Gwinnett County, long a

growth leader in the region, added 9,100 new residents during the year. The growth of Fulton

and Gwinnett was followed by Cobb (8,000) and DeKalb (5,900) counties.

All 10 counties and the City of Atlanta experienced growth during the year. Cherokee County

added 2,500, Henry County 1,800, Clayton County 1,400, Douglas County 800, Fayette County

700 and Rockdale County 600.

The following population survey chart from the US census Bureau shows Population growth

from 2010 thru 2014 By Nation, State, county and then city. As indicated Union city has

experienced an average 5% growth rate over this same time period. While lower than the county,

Union city’s growth rate is higher than the national and state average indicating growth and

stability for the area.

US Census Bureau.

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Employment Growth

ARC forecasts that the Atlanta region will add some three million residents and 1.5 million jobs

during the next 30 years. This Regional update provides new, detailed information on

ARC’s forecasts for county and small areas-indicating that five metro counties will double their

population and 10 counties will experience a doubling of their job base by 2040.

http://www.atlantaregional.com/info-center/forecasts/data

As noted in the graphs below employment is down in the subject’s county roughly 3%+/-

however this is consistent across the state and the nation according to the data. The upside is that

there is expected growth and a rebound after the great recession that took place roughly from

2007-2009. Another plus is that as indicated in the census bureau data the subject’s county

employment numbers are roughly 2%+/- stronger than the state and the country as a whole

indicating a relatively stable and stronger economy.

http://factfinder.census.gov/faces/tableservices/jsf/pages/productview.xhtml?pid=ACS_14_5YR

_DP03&src=pt

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Industry Employment

Over the past decade, Georgia and our nation has experienced two recessions, caused by the

attacks on September 11th, the dot.com bust, and a housing crisis. To determine the impact of the

nation’s crises on the state, “Georgia’s Workforce: An Annual Report” analyzed Georgia’s

population, labor force, unemployment insurance statistics, industry, and wages. In short,

Georgia was able to grow in many areas throughout the past decade, but the events from 2000 to

2009, were too much for the state to sustain the level of economic growth it experienced

throughout the 1990s. One area in which Georgia grew was population adding 1,642,430

individuals during the decade finishing with a total population of 9,829,211. This represented a

20.1 percent rate of growth – which ranked fourth nationally in net population gain and percent

growth rate. As Georgia grew, signs of its attractiveness to both domestic and international

migrants were illustrated as 52 percent of Georgia’s growth was attributed to immigration. This

also contributed to Georgia’s diversity, as the increase in minority groups outpaced that of

dominant groups. Over the decade, Georgia’s white population increased at a rate of fifteen

percent and African-Americans at 25 percent, while all other races combined grew by 62 percent.

Hispanics grew at a rate of 88 percent. By 2009, Georgia had four counties ranked in the nation’s

100 most populous counties and seventeen in the nation’s 100 fastest growing counties with a

population above 10,000 (more than any other state). Georgia’s civilian labor force also showed

resilience by weathering many of the events of the decade. The state’s civilian labor force topped

4.8 million individuals during 2008, the highest total ever recorded in Georgia. Although the

decade ended with Georgia experiencing its first decline since 1991, the numbers continued to

show Georgia as having one of the largest and most diverse labor forces in the nation.

Conversely, as Georgia’s labor force increased, so did its unemployment rate. While Georgia

entered the decade with one of the nation’s lowest rates at 3.5 percent compared to the U.S. rate

of four percent- by 2009 Georgia’s unemployment rate of 9.6 percent had surpassed the U.S. rate

of 9.3 percent. Georgia’s industry employment was one area that experienced significant ups and

downs throughout the decade. Job growth occurred during the year 2000 and from 2004-2007,

but employment declined during 2001-2003 and again in 2008-2009. Manufacturing and

Construction were the two most recognized sectors to experience losses, accounting for 175,000

and 40,000 jobs, respectively. Education and Health Services was the only sector that was able to

PAGE #18


grow each year of the decade, gaining over 120,000 total jobs. As Georgia experienced both the

greatest of highs and lows throughout the decade, signs of Georgia’s entrepreneurial spirit

prevailed as Georgia gained over 43,000 new establishments and average wages rose throughout

the decade. Wages and population were two areas analyzed for this publication to demonstrate

how Georgia made positive gains even during these difficult times. Georgia’s labor force and

industry employment had mixed results, but as 2009 ended signs of Georgia’s resiliency have

once again emerged.

file:///C:/Users/Home/Desktop/Commercial%20work/5100%20Highpoint%20Rd/Stats%20revi

sed/ga_economic_report_py2010.pdf

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INDUSTRY MIX

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Transportation

The American Recovery and Reinvestment Act of 2009 (ARRA) was signed into law by

President Barack Obama on February 17th, 2009 as an effort to jumpstart our economy and

create and/or retain millions of jobs across the country. The $789 billion Act included $48 billion

worth of investment in our nation’s transportation infrastructure, highways, public transit, high-

speed rail and aviation. The State of Georgia received $932 million in ARRA funds for highway

transportation; $38 million for public transit; and nearly $10 million for aviation projects. Very

specific spending guidelines accompanied this federal funding; in order to efficiently meet the

strict project criteria and quickly-approaching deadlines of the funding, Georgia DOT quickly

mobilized to: 1) create an internal steering committee for ARRA project criteria review, contract

administration, and the reporting and transparency aspects of this important initiative, and 2)

create an inter-agency ARRA Task Force including representatives from Federal Highways

Administration (FHWA), the Governor’s Office of Planning and Budget (OPB), Georgia

Regional Transportation Authority (GRTA) and other transportation partner agencies in Georgia.

The Georgia interstate highway system is a man thoroughfare in the southeastern US which

provides direct access to a number of major states and cities in the Southeast US. The Atlanta

Hartsfield-Jackson International Airport serves numerous carriers that provide non-stop service.

The Railroad systems allow for transport of a variety of goods throughout the country.

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http://www.metroatlantachamber.com/docs/default-source/EcoDev/metro-atlanta-top-employers-2014.pdf?sfvrsn=2

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Education

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Forward-Looking Economic Indicators

According to the U.S Census Bureau, Fulton County’s 2010 population was 920,581. Fulton

County’s 2013 estimate was approximately 984,293 and represents a 7% population increase

from 2010. The cities projected to grow the most from 2015 to 2040 are located in South Fulton.

Over the next 25 years, several South Fulton Cities could experience population growth between

2,000 and 7,000 people. - See more at: http://www.fultonecondev.org/data-

center/#sthash.wvPMgzbZ.dpuf

Most employees in Fulton County work in the management, business, science, and arts

occupations which comprises over 48% of the workforce. The second largest category of

employment is the sales and office occupations which comprises about 25% of Fulton County’s

workforce - See more at: http://www.fultonecondev.org/data-center/#sthash.wvPMgzbZ.dpuf

The most prevalent industries in Fulton County are educational services, health care, and social

assistance which employ nearly 20% of the population. Other industries that employ a significant

amount of Fulton County residents include: professional, scientific, management, administrative,

and waste management services, and retail trade. - See more at:

http://www.fultonecondev.org/data-center/#sthash.wvPMgzbZ.dpuf

The majority of workers in Fulton County are private wage and salary workers, while

government workers and self-employed workers comprise 11.5% and 5.2% of the population

respectively. Jobs are projected to increase significantly in Fulton County from 2015 to 2040

with several cities throughout the county expecting to add between 400 and 4,000 jobs. The

percentage of jobs lost over this 25 year period is projected to be very low. - See more at:

http://www.fultonecondev.org/data-center/#sthash.wvPMgzbZ.dpuf

Much of Fulton County’s wealth is concentrated in Sandy Springs, Roswell, and North Fulton

Areas with median household incomes ranging from $75,000 to 176,000. Within the City of

Atlanta, Northeast Atlanta, Southeast Atlanta, Northwest Atlanta, and Buckhead also have high

median household incomes reaching $176,000. The South Fulton Area has median household

incomes ranging from $41,000 to $83,000. - See more at: http://www.fultonecondev.org/data-

center/#sthash.wvPMgzbZ.dpuf

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Metropolitan Atlanta Area Map

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DEKALB COUNTY

County Formed December 9, 1822

County Seat Decatur

Incorporated Cities

Avondale Estates, Chamblee, Clarkston, Decatur, Doraville, Lithonia, Pine Lake and Stone Mountain

Total Area 268.3 square miles

History DeKalb County was formed in 1822 from parts of Henry, Gwinnett, and Fayette counties. It was the 56th county created in the state and was named after Baron Johann DeKalb who accompanied LaFayette to America and served as a major general in the Continental Army.

Decatur was incorporated December 10,1823, and named after Stephen Decatur, a U.S. Naval hero. It is said that early residents rejected a proposal by the Western and Atlantic Railroad to make Decatur a major stop on its new line in the 1830s. These citizens did not want the noise, smoke and confusion, and turned the railroad down. The railroad thus moved seven miles west to a small settlement called Terminus. In 1843, that settlement was renamed Marthasville, and two years later became Atlanta.

Mills and ginneries were vital to the county's early growth. This heritage lives on in the names of various DeKalb roads that once led to these mills, such as Browns Mill, Evans Mill and Henderson Mill.

The county's previous courthouse was built in 1917 at a cost of $10,000. DeKalb's present courthouse was built in 1965 at a cost of $3.5 million, while the old facility has been renovated and serves as the headquarters for the DeKalb Historical Society.

Higher Education

Emory University, Agnes Scott College, Mercer University and Georgia Perimeter College

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NEIGHBORHOOD MAP

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NEIGHBORHOOD

Decatur, Georgia

Decatur is a city in, and county seat of, DeKalb County, Georgia, United States. With a population of 20,148 in the 2013 census, the city is sometimes assumed to be larger since multiple zip codes in unincorporated DeKalb County bear the Decatur name. It is an intown suburb of Atlanta and part of the Atlanta Metropolitan Area, and its public transportation is served by three MARTA rail stations.

Decatur's official motto is "A city of homes, schools and places of worship." Prior to 2000, this motto was "A city of homes, schools, and churches." Residents frequently refer to the unofficial motto of the town, "It's greater in Decatur."

As of the 2010 census, there were 19,335 people, 8,599 occupied housing units, and 4,215 families residing in the city. The population density was 4,603.6 people per square mile (2,860.2/km²). There were 9,335 housing units at an average density of 2,222.6 per square mile (1,380.9/km²). The racial makeup of the city was 73.5% White, 20.2% African American, 0.0% Native American, 2.9% Asian, 0.0% Pacific Islander, 0.6% from other races, and 2.4% from two or more races. Hispanic or Latino of any race were 3.2% of the population.

There were 2,541 (29.5%) households which had children under the age of 18 living with them, 3,336 (38.8%) were a Husband-Wife family living together, 984 (11.4%) of households had a female householder with no husband present, and 4,063 (47.2) did not fit into either of the two previously mentioned categories. 3,263 (37.9%) of all households were made up of individuals of those, 1,814 (21.1%) had someone living alone who was 65 years of age or older. The average household size was 2.17 and the average family size was 2.96.

In the city the population was spread out with 25.1% under the age of 19, 5.2% from 20 to 24, 32.9% from 25 to 44, 25.7% from 45 to 64, and 11.1% who were 65 years of age or older. The median age was 38 years. There are roughly 44 males for every 56 females. The ZIP code 30030 (which includes Decatur) has one of the highest percentages of households with same sex couples in Georgia, 9.20% as of 2000.

The median income for a household in the city was $73,602. Males had a median income of $73,089 versus $58,580 for females. The per capita income for the city was $42,926. About 12.20% of families and 14.9% of the population were below the poverty line, including 24.2% of those under age 18 and 12.5% of those age 65 or over.

Education levels for Decatur are above average for the Atlanta area, with 56% of residents having obtained a bachelor's degree or higher, and 27% having obtained a graduate degree or higher.]

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Decatur has operated under a Commission-Manager form of government since 1920. The Charter of the City of Decatur establishes the City Commission as the governing and legislative authority of the City government. A five-member City Commission is elected for four-year terms on two-year cycles. Two members are elected from the south side of the city, two from the north side and one is elected at-large. At their organizational meeting each January, the Commissioners elect a mayor and mayor-pro-tem from among their own membership for a one-year term. The mayor is not a separate elected office. The current mayor is Patti Garrett. Previous mayors have included Leslie Jasper Steele (1915), Jack Hamilton, Walter Drake, Mike Mears, Ann A. Crichton, Elizabeth Wilson, William Floyd, Jim Baskett and Scott Candler, Sr. (known as Mr. DeKalb).

The Commission appoints a professional City Manager to carry out the policies, directives and day-to-day business of the city. There are also several citizen volunteer boards and commissions appointed by the City Commission, including the Planning Commission, the Zoning Board of Appeals, and the Historic Preservation Commission.

Subject Property Approximate Immediate Neighborhood Boundaries:

South side boundary: Interstate- 20 West side boundary: Interstate-285 North side boundary: Memorial Dr East side boundary: Rock Chapel Rd

Neighborhood Characteristic Poor Fair Average Good Excellent Adequacy of shopping X Adequacy of utilities X Employment opportunities X Property compatibility X Recreation facilities X Fire and police protection X General appearance of properties X Building upkeep and maintenance X Protection from detrimental X Appeal to the real estate market X Quality of real estate developments X Retail/commercial occupancy levels X Industrial occupancy levels X Apartment occupancy levels X Single family occupancy levels X Development and growth trends X Amenities X

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STREET MAP

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PLAT MAP

The subject site contains three parcels that are irregular in shape. The site encloses a land area of approximately 692,601 square feet or 15.90 acres. The adjacent properties are commercial and residential buildings. All utilities are available to the site. The subject is not in a flood zone (See next page) and the topography is sloping upward from the street.

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FLOOD PLAIN DESCRIPTION

A survey of the property was not provided and it appears that the property is not located within a flood hazard area. The relevant Federal Emergency Management Agency's flood insurance rate map, identified as Community Panel #13089C0156J, Dekalb County Unincorporated & Incorporated and dated May 16, 2013.

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TOPOGRAPHY MAP The subject site is sloping downward from the street. The topography map reflects several contour lines on the subject property.

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DESCRIPTION OF SITE

Tax ID Numbers 16-026-02-001, 002, & 018

Size Approximately 692,601 square feet or 15.90 +/- acres

Shape The subject property is considered irregular in shape.

Street Access Covington Highway

Street Description Covington Hwy(Residential/Commercial Road)

5 Lane Asphalt Paved Road Concrete curbs on both sides of street Two way street in east and west directions

Topography The subject site is sloping upward from the street.

Drainage According to Flood Insurance Rate Map Panel No. 13089C0156J dated May 16, 2013, this tract of land does not lie within the 100-year flood zone. A copy of the flood hazard map is included in this report.

Utilities and Services All utilities and services are available within the subject area.

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Subject Photographs

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Subject Street Photographs

Covington Hwy west view

Covington Hwy east view

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ZONING

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C-1 (LOCAL COMMERCIAL) DISTRICT

Sec. 27-561. - Statement of purpose and intent.

The purpose and intent of the board of commissioners in establishing the C-1 (Local Commercial) District is as follows:

(a) To provide convenient local retail shopping and service areas within the county for all residents;

(b) To provide for auto-oriented needs outside of the Neighborhood Center, Town Center and Regional Center character areas, but to focus on the pedestrian oriented development within these districts;

(c) To provide for quality control in development through materials and building placement;

(d) To assure that the uses authorized within the C-1 (Local Commercial) District are those uses which are designed to serve the convenience shopping and service needs of groups of neighborhoods;

(e) To implement the future development map of the county's most current comprehensive plan.

(Ord. No. 15-06, § 2.26.1, 8-25-2015)

Sec. 27-562. - Permitted and special land uses.

Permitted uses and uses requiring special land use permits shall be as provided in Table 4.1. In cases where a use is permitted, but there are supplemental use regulations for that use specified in article IV, such regulations shall also apply and must be complied with.

(Ord. No. 15-06, § 2.26.2, 8-25-2015)

Sec. 27-563. - Dimensional requirements.

Dimensional requirements for the C-1 (Local Commercial) District shall be as provided in Table 2.24, "Non-Residential Zoning Districts Dimensional Requirements."

(Ord. No. 15-06, § 2.26.3, 8-25-2015)

Sec. 27-564. - Site and building design standards.

Site and building design standards and regulations to be applied in this zoning district shall be as provided in article V, site design and building form standards.

(Ord. No. 15-06, § 2.26.4, 8-25-2015)

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PROPERTY HISTORY

Dekalb County tax information indicates that the subject is reportedly titled in the name of The Pierre Louisius Group, LLC for 5702 & 5810 Covington Hwy. 5758 Covington Hwy is reportedly titled in the name of EPL Enterprises, Inc. No other transfers noted in the past three years.

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REAL ESTATE TAXES

Overview:

The following table is for the subject is comprised of tax parcels 16-026-02-001, 002 & 018. The tax for this property is $7,456.80.

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HIGHEST AND BEST USE Highest and Best Use is taken to mean that most probable, profitable and permissive use to which the property is adapted and for which it could be used. Highest and Best Use considers four criteria; such use must be: (1) physically possible, (2) legally permissible, (3) financially feasible, and (4) maximally productive. The definition is further explained within the Project Data Book. The condition underlying the appraiser's conclusions pertaining to Highest and Best Use is the continued functioning of the current improvements, which are substantial and contributory to value of the property, and which conform to the intent of the zoning under which they are permitted. Any alternative use of the site must consider the recovery of the current value contribution of the improvements, which necessarily would require razing in the event of an alternative use.

Physically Possible - The size, shape, topography, and availability of public utilities impose physical constraints upon the types of uses possible for the subject site. The size of the sites is approximately 692,601 square feet. This site has easy access from Covington Hwy. All utilities are available to this site. The site is in a residential/business district with good road access to a major business thoroughfare. Legally Permissible – The C-1 Local Commercial district is intended to provide for convenient local retail shopping and service areas within the county for residents; to provide for auto-oriented needs outside of the Neighborhood Center, Town Center and Regional Center character areas, but to focus on the pedestrian oriented development within these districts; to provide for quality control in development through materials and building placement; to assure that the uses authorized within the C-1 (Local Commercial) District are those uses which are designed to serve the convenience shopping and service needs of groups of neighborhoods; to implement the future development map of the county’s most current comprehensive plan. It is unlikely that this site will be rezoned to industrial or agricultural uses. Financially Feasible - Any use of the site which provides a financial return to the land in excess of that required to satisfy operating expenses, financial yields on capital and capital amortization is considered financially feasible, albeit such performance may be less than that available from alternative financial investments. There are many residential alternatives for this site. Maximally Productive – The use that has the most probable prospect of producing the greatest amount of monetary profit is the Highest and Best Use of the site. Given its location and the condition, future residential development would generate the most return.

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AS VACANT: It is the appraiser's opinion that the land should be used for commercial development.

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METHODOLOGY In the appraisal of real estate any one or all three of the traditional approaches to estimating value may be applied. These are the Cost, Sales Comparison, and Income Capitalization Approach. The Cost Approach is based on a concept that suggests that the value of the property tends to be set by the cost of reproducing or replacement of the improvements including entrepreneurial profit, less the amount of depreciation evident in the improvements, plus the value of the underlying land. Therefore, the validity of the Cost Approach depends on the availability of comparable land sales and data that allow accurate estimates of construction costs. The Cost Approach is especially applicable to new construction where the improvements represent the Highest and Best Use of the land, where depreciation is of little consequence, and to special purpose properties where there are no comparable data from which to develop either the Sales Comparison Approach or Income Capitalization Approach. Current costs for construction improvements are obtained from professional cost estimates, cost estimation publications, builders, and contractors. Accrued depreciation is deducted from the new cost of the improvements and this figure is added to the land value to indicate the value of the whole property. The cost approach has been deemed not to be applicable due to the fact that the appraisal is of vacant land.

The Sales Comparison Approach is based on a concept that suggests the value of a property tends to be set by the cost of acquiring an equally desirable substitute property that are currently available for sale in the subject market. The value estimate is predicated on prices paid for similar properties in "arms length" market transactions over a time period that reasonably reflects market conditions. Therefore, the validity of the Sales Comparison Approach depends on the existence of recent sales of property which are comparable in location, size, age, condition, utility, construction, and overall market appeal. Adjustments will have to be made to the sales price for various dissimilar elements or features which, in our opinion, would influence the value of the property. This method can be useful for valuing developed general purpose properties or vacant land. The Income Capitalization Approach is based on a concept that measures the present value of the future benefits from property ownership (cash flow plus reversion). The indication of value by this approach results from the analysis of historical operating data for the subject (when available), and for similar comparable properties. Based on analysis of this data, future income, vacancy rates and expense estimates are established for the subject property. The forecasted net operating income is converted into a present value estimate by the process of capitalization. The appropriate rates or factors used for capitalization are based on an investigation of acceptable rates of return reflected by recent transfers of comparable properties and investor surveys. This approach is applicable for vacant land. .

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This valuation analysis will provide indications of value which are reconciled by the appraiser to a final value estimate according to their relative reliability. The valuation analysis relative to the subject property are in accordance with the preceding described methodology regarding valuation technique.

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VALUATION SECTION

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COMPARABLE SALES MAP

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SALES COMPARISON APPROACH

The sales comparison approach is based on the assumption that an informed buyer will pay no more for the subject property than the cost of a similar property. Based on this assumption, similar property that has recently sold will be identified and compared to the subject. Any differences between the subject and these comparable sales will be noted and adjustments made to the comparable's sale price. Detailed analysis and photographs of the comparables are included in the Addenda.

SALE#

ADDRESS

SIZE/ PER ACRE

SALES PRICE

PRICE PER ACRE

SALE DATE

#1 3568 Covington Hwy 2.3 $355,000 $154,348 03-15 #2 3700 Flakes Mill Rd 8.8 $550,000 $62,500 02-16 #3 6000 Hillandale Dr 4.8 $632,000 $131,667 02-14 #4 3721 Flakes Mill Rd 3.9 $365,000 $93,590 12-15 #5 6030 Rockland Rd 28.8 $2,479,675 $86,100 12-14

SUBJECT 5702, 5758 & 5810 Covington Hwy 15.90 N/A N/A N/A

SUMMARY GRID ANALYSIS

Adjustments COMP #1 COMP #2 COMP #3 COMP #4 COMP #5

Sales Price $154,348 $62,500 $131,667 $93,590 $86,100

Financing Terms 0% 0% 0% 0% 0%

Adjusted Price $154,348 $62,500 $131,667 $93,950 $86,100

Condition of Sale 0% 0%

0%

0% 0%

Sales Date 0% 0% 0% 0% 0%

Time-Adjusted Price

$154,348 $62,500 $131,667 $93,500 $86,100

Lot Size -10%

-10% -10%

-10% 0%

Zoning 0% 0% 10% 0% 10%

Topography -20% -20%

-20%

-20%

-20%

Net Adjustments -30% -30% -20% -30% -10%

ADJUSTED SALES PRICE

$108,044 $43,750 $105,334 $65,450 $77,490

Average Adjusted Sales Price

$80,014

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EXPLANATION OF ADJUSTMENTS

Discussion of Vacant Land Sales The unit of comparison used for estimating the value of the subject vacant commercial land will be the price per acre. Property Rights Conveyed: The property rights conveyed at sale is the basis for the first adjustment. Discussions with a principal to the sale, or a survey of the deeds recorded at the County Courthouse, indicated the comparable sales involved the sale and purchase of the fee simple estate, which is assumed for the subject. There is no adjustment made for these differences in this element of comparison. Cash Equivalency: A survey of the financing of the sales indicates most of the sales are cash or cash equivalent, as they must be, in accordance with the definition of market value shown earlier. Motivation: All of the sales were reported to us to be arm’s-length transactions, which is the condition we assume for the subject. Condition of Sale: No adjustments were made for the condition of sales. Lot size: Comparable #1, 2, 3 & 4 are smaller than the subject. A downward adjustment of was made to these comparable. Zoning: Comparable #3 is zoned industrial and comparable #5 is zoned residential. These comparables received an upward adjustment. Topography: The topography of the subject is sloping downward. It is the opinion of the appraiser that the topography of the subject has an adverse effect on the usage of the subject. The comparables used in this report were given a downward adjustment.

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Reconciliation

The Comparable sales prices range from $62,500 per acre to $154,348 per acre. After the adjustments were made, the range tightened to $43,750 per acre to $108,044 per acre. Given the subject condition, the subject's value should be towards the upper range of the adjusted value range. It is the opinion of this appraiser that the market value of the subject property is $75,000 per acre.

VALUATION VALUE Via Sales Comparison Approach


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RECONCILIATION OF VALUE INDICATORS

LAND VALUE $1,200,000

COST APPROACH N/ASALES COMPARISON APPROACH $1,200,000

INCOME CAPITALIZATION APPROACH N/A

ANALYSIS

The following market value will be based on the above values.

COST APPROACH The Cost Approach provides the least reliable indication of value. The Cost Approach was not used in the report due to the age of the subject.

SALES COMPARISON APPROACH

The Sales Comparison Approach provided a good indication of value for the improved property. Five well documented sales & listing were used and were located within a few miles of the subject, as well as a current listing from within the subject area.

INCOME CAPITALIZATION

APPROACH

In this case, the Income Capitalization Approach was notapplicable to this appraisal being that the subject is vacant land.

Conclusion The appraiser will provide an "as is" market value by relying mostly on the Sales Comparison Approach which provided the best indication of value. The Income Approach was not utilized in the appraisal. The Cost Approach is the least reliable, and was not provided in the appraisal report. Similar properties are typically owner occupied, and therefore the appraiser placed the most weight on the Sales Comparison Approach. It is the opinion of the appraiser that the "as-is" market value of the subject is $1,200,000.00.

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ADDENDA

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Exhibit A

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COMPARABLE #1

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COMPARABLE #2

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COMPARABLE #3

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COMPARABLE #4

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COMPARABLE #5

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Exhibit B

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Gordia Ammons, Jr.

PO Box 960177 Riverdale, GA 30296 (678)-886-9244 Cell (678)-261-4022 Fax

[email protected] www.mbaappraisals.com

PROFESSIONAL EXPERIENCE July 1999 to Present MBA Appraisal Services, Inc. Atlanta, GA GA State Certified General Real Property Appraiser #207012, FHA Appraiser #GACG207012

MBA Appraisal Services, Inc. was established as a full service Real Estate appraisal company that

partners with several larger appraisal companies.

Performs valuation on commercial and residential real properties by developing full narrative appraisals on commercial properties and form appraisals for residential properties as well as desk and field reviews. Advises client on highest and best use, tax reduction procedures, special use alternatives, market analysis, feasibility studies, acquisition methods and financing methods. Performs collateral appraisals and evaluations for legal matters, such as divorce, estate settlements and business negotiations. Has provided training opportunities for entry level appraisers. Advanced knowledge of USPAP, FIRREA requirements and the Interagency Appraisal and Evaluation Guidelines. Basic knowledge of ARGUS. October 1998 to June 1999 Mark-It Value Atlanta, GA Appraisal Apprentice Assist in field appraisal inspections. Routinely assisted with desk and field appraisal reviews. Suggested and implemented ways to increase earnings. APPRAISAL EDUCATION The New FHA Handbook 4000.1 2016 2016 – 2017 National USPAP Update 2016 Appraisal of Self-Storage Facilities 2015

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Appraisal of Fast Food Facilities 2015 Introduction to Valuation Litigation & 2014 The Appraiser as Expert Witness Rates and Ratios: Making Sense of GIMs, 2014 OARs and DCF Standing Strong in a Changing Appraisal 2014 Environment 2014-2015 National USPAP Update 2014 Appraising & Analyzing Retail Shopping Centers For Mortgage Underwriting 2013 Appraisal Application of Regression Analysis 2013 2012-2013 National USPSP Update 2012 Appraising the Appraisal 2012 Introduction to the HP12-C Calculator 2011 Mortgage Fraud: A Dangerous Business 2011 2010-2011 National USPAP Update 2010 Foreclosures 2010 Introduction to Commercial Appraisal 2010 Market Conditions Reporting 2009 Appraisal Consulting 2008 General Demonstration Report Writing Seminar 2008 2008-2009 National USPAP Update 2007 Real Estate Investing & Development 2007 Condemnation Appraising Basic Principals 2007 Engineering Plan Development & Applications 2007 Scope of Work & USPAP Requirements 2006 2006 State of Atlanta: Bubble of Bounce 2006 Georgia Appraisal Law II 2006 National USPAP Update 2006 Capitalization Case Studies 2005 Yield Capitalization 2005 Direct Capitalization 2005 USPAP Course 2005 Appraisal Review (new FNMA form) 2005 Introduction to Capitalization 2004 Principles of Mortgage Finance 2004 Georgia Regulations and Compliance 2003 USPAP Course 2003 Mastering the FHA Inspection 2001 Legal & Economic Aspects of Appraising 2001 The Income Approach to Value 2001 FHA Home Inspection 1999 Guidelines for Real Estate Appraising 1999 Registered Residential Appraisals Course 1998 – 1999

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POST-SECONDARY EDUCATION Accounting Major 1984 – 1985 Newberry College Accounting Major 1985 – 1986 St. Leo College REFERENCES/CLIENTS The Hannibal Group Oscar Sistrunk 404-509-0533 VanAllenWhite Realty Vanessa Allen Howard 678-878-0528 Metro Fair Housing Services, Inc. Marion Thomas 404-524-0000 AFFILIATIONS National Society of Real Estate Appraisers 2014 Vice President SKILLS/TECHNICAL ATTRIBUTES Microsoft Office – Word, Excel, PowerPoint, Outlook, Publisher Analytical problem solving skills WinTotal Appraisal Software CoStar Appraisal Software LoopNet Appraisal Software GAMLS/FMLS CRS PowerTools Appraisal Suite

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Exhibit C

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