File: C DP/CK Photographs of Subject Property Page v. Duplex. Single Family Dwelling

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2 File: C DP/CK Photographs of Subject Property Page v Duplex Single Family Dwelling

3 File: C DP/CK Photographs of Subject Property Page vi Cabins Subject Property

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7 Page 9 Lac La Biche County is strategically situated in the heart of northeast Alberta s natural gas fields and at the crossroads between Fort McMurray and Cold Lake, two major oil sands areas that have global significance. The strategic position bodes well for growth in the industry service sector and has resulted in growth in terms of population and appeal as associated with the more urban communities such as the nearby Town of Lac La Biche. According to the September 2014 Lac Lac Biche County Municipal Profile, available on the Town s website, the county is, the primary economic service centre for industrial activity in northeastern Alberta and is the municipality of choice for commercial, retail, housing and lifestyle investment in the region. Not only are we (Lac La Biche County) the gateway to the South Athabasca Oil Sands and vast northern resources beyond, we are the hub of an ever increasing transportation network including Highways 36, 55, 63, and 881; the only rail system in northeastern Alberta, and an airport in a key location. According to the Lac La Biche County Municipal Census completed in July 2013, the County has a total population of 12,200 people. This represents a substantial increase from the 2011 population of 8,402, as recorded during the 2011 Federal Census. The effects of the increasing population are demonstrated by the increase in Development permits from 2011 to File: C DP/CK Appraisal of the Key-Way-Tin Bible Institute, Lac La Biche County, Alberta

8 Page 10 The following excerpt from the Lac La Biche County Economic Development Strategic Plan for explains the significant increase in total development permits from 2011 to 2012: In 2012, approved development permits leapt from approximately $126 million in 2011 to over $930 million. This phenomenal growth is a direct result of a change to the Lac La Biche County boundaries and the steam assisted gravity drainage (SAGD) operations in the newly acquired land. Effective January 1, 2012, Lac La Biche County obtained 16 townships from the Regional Municipality of Wood Buffalo, while foregoing claim to lands in the Cold Lake Air Weapons Range in a land swap involving Lac La Biche County, Regional Municipality of Wood Buffalo and the City of Cold Lake. As a result of the swap, Lac La Biche County has emerged as the gateway to the South Athabasca Oil Sands and once again, its geographic setting is defining the future of the region. The further development and construction of these substantial projects in the region will cause an influx of workers to the County resulting in the creation of new, sustainable employment opportunities throughout the area. This will serve to bolster the economy of the Region further and, as stated, enhance the appeal associated with the more urban communities, such as the Town of Lac La Biche, that offers all important services and amenities to accommodate this influx and that will benefit most directly from a monetary investment perspective. File: C DP/CK Appraisal of the Key-Way-Tin Bible Institute, Lac La Biche County, Alberta

9 Page 11 Due to the proximity to the Town of Lac La Biche, the subject property is influenced significantly by prevailing market conditions and activity occurring in that community. It is reported, and generally apparent, that there is a lack of available supply for residential housing and an indicated demand that, currently, cannot be appeased. Presently, Lac La Biche County is experiencing an affordable housing shortage, with rental accommodation reported at a near 0 vacancy rate. Moreover, there are limited lands in the community available for additional development in a residential capacity to quell demand issues. This all relates positively to the subject property. The apparent demand for housing suggests that the economic strength of the Region has had an effect on the perception of this area within northeast Alberta and is further positively benefited by the positioning between the oil sands areas as described above. As development and growth within the area continues and the profile of the community as a whole improves, property values will likely follow suit. File: C DP/CK Appraisal of the Key-Way-Tin Bible Institute, Lac La Biche County, Alberta

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12 Page 14 The majority of the buildings on the site are provided municipal sewer services, however some buildings, most notably the Administrative Building, are equipped with septic tanks and fields. The property is fully serviced with natural gas, electricity, and telephone services. The servicing levels of the subject property are reflective of the specific needs of the Client and their operation of the property as a Bible School. Significant capital expenditures were incurred as the property was developed to its current state, which is considered to be reflective of a fully serviced property. It should be noted however, that an alternate user of the property may not attribute the same level of utility to the services in place, or would have serviced the property to a lower standard. Furthermore, if the property were to be redeveloped to another use, the services and infrastructure in place may have minimal to no contributory value to the property as a whole. The subject site is currently zoned CR for Country Residential District uses. A discussion on this zoning designation is provided under the Land Use Classification section of this report. Land Titles Review A review of the registered Land Title Certificate revealed 2 instruments registered on title for Block 3, and 1 instrument registered on title for Block 1A. Block 1A: Registration No is a caveat registered by the Town of Lac La Biche. This instrument has been specifically reviewed and pertains to the servicing of the property with natural gas. This registration is beneficial to the property and will not adversely impact its market value. Block 3: Registration No is with regard to a Deferred Reserve Caveat in favour of the Director of Town Planning. This Caveat forbids the registration of any person as transferee or owner of, or of any instrument affecting the said estate or interest, unless the instrument or certificate of title, as the case may be, is expressed to be subject to this claim. The Deferred Reserve will be dealt with as subdivision of the lands commences and will likely be accommodated via a partial taking of the lands or on a cash-in-lieu-of basis. For the purposes of this appraisal, it is assumed that this instrument will not have a negative impact on the development potential, developable area or ultimately the Market Value of the subject property as estimated herein. File: C DP/CK Appraisal of the Key-Way-Tin Bible Institute, Lac La Biche County, Alberta

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15 Page 17 Building Height: Building Age: The gymnasium has a clear interior height of approximately 24 ft. The remaining portions of the building have a typical clear interior height of 9 to 10 ft. The building was originally constructed in 1984, with a one-storey, wood frame addition completed to the northeast corner in An effective age of 25 years is estimated for the development. Remaining Economic Life: A remaining economic life of 25 years is estimated, assuming prudent maintenance. Exterior Finishing: The building has a stucco exterior on all four elevations, with vertical cedar siding along the second floor of the north elevation, and along the top of the remaining three sides. The roof is finished with asphalt shingles. There is a combination of PVC and wood-cased windows throughout the building, however the majority have been upgraded to PVC. The main entrance is located along the north elevation and consists of a vestibule with typical aluminium-cased glass commercial doors. Interior Improvements: Main Floor: The main entrance of the Administrative Building features a vestibule entrance that leads into an open lounge area serviced by a small kitchen. An open worship area is situated at the southeast corner within the addition area. To the west is a common hallway that provides access to a general office, two classrooms, men s and women s washrooms and locker rooms, and a handicap washroom. A mechanical room is also located on the main floor, however it is accessed via an exterior entrance. Finishing throughout the main floor varies. Flooring in the worship area, classrooms, and office consists of carpet, while the common hallway, kitchen, washrooms, and lounge area have a vinyl floor. Ceilings throughout the main floor are stippled with fluorescent light fixtures. Ceiling fans are present in the worship area. The walls consist of painted drywall, with faux wood panelling in the offices. The men s washroom features 3 stalls, with 2 urinals, and 2 sinks. There is a change room at the rear that leads to 4 shower stalls. The women s washroom has 4 stalls with 3 sinks. It also features a change room and 4 shower stalls. File: C DP/CK Appraisal of the Key-Way-Tin Bible Institute, Lac La Biche County, Alberta

16 Page 18 Second Floor: The second floor section of the front of the building is demised into a library, a classroom, a nursery room with a two-piece washroom, and two private offices. Finishing is consistent with the main floor, and consists of carpet flooring, painted drywall walls, and stippled ceilings. The classroom has faux wood panelling. Gymnasium: The gymnasium is located towards the middle of the structure, and the front and rear stud frame sections are developed off of the gym in a lean-to design. The gym is rectangular in shape and features concrete block construction with a clear interior height of approximately 24 ft. The interior walls consist of painted concrete block along the first 14 ft., and painted drywall with acoustic panels installed over top. The ceiling features painted drywall with fluorescent light fixtures and ceiling fans mounted in protective cages. The floor has an epoxy coating and is equipped with mounting points for volleyballs nets. It has lines painted for multiple sports/games. There are basketball hoops and backboards installed at the east and west end of the gym. The gym is wired for, and is equipped with built-in speakers and a small electronic scoreboard. A stage is accessible along the south wall of the gym, and features crawlspace storage underneath. It is open to the gymnasium, allowing for viewing from the gym floor. A mezzanine level office is accessed via a stairwell adjacent to east side of the stage, while a sports equipment storage room is located to the west side of the stage that is accessed from the gym floor. Overall, the gymnasium offers a similar level of utility to gymnasiums typically found in schools. Plumbing, Electrical, and Mechanical: The addition located at the northeast corner of the building that contains the worship area and the lounge area is heated via in floor radiant heating, as well as a forced air furnace. The remaining office and classroom areas are heated via hot water radiant heating provided by typical commercial wall radiators. The gymnasium is equipped with a separate forced air furnace that is located in the ceiling above the gym storage room. The mechanical room for the building houses two 500,000 BTU boilers, one of which is refurbished, and one that is newer in vintage. There are also two forced air furnaces located in the mechanical room, along with an 85 US gallon hot water tank. The building is equipped with a 3-phase/4-wire, 400-amp electrical service. The building is also equipped with an emergency lighting system. File: C DP/CK Appraisal of the Key-Way-Tin Bible Institute, Lac La Biche County, Alberta

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25 Dining Hall/Commercial Kitchen Page 27 Located towards the middle of the property is a dining hall equipped with a commercial kitchen, as well as a walk-in cooler and a walk-in freezer. The building appears to have been constructed in phases and consists of a wood framed Quonset development that houses the dining area, along with one-storey, wood frame additions that house the kitchen and cooler/freezers. The development has a total area of 2,480 sq. ft., of which, 1,456 sq. ft. is the dining hall. The entirety of the building has a vinyl siding exterior. At the time of inspection, the roofs were snow covered, however they are assumed to be asphalt-shingled. The interior of the dining hall features a concrete floor finished with an epoxy coating. The bottom 7 ft. of the interior walls are finished with faux wood panelling, while the ceiling and top of the interior walls are finished with older acoustic ceiling tiles. The Quonset area is heated via a ceiling hung forced air furnace. The kitchen addition is located at the south end of the development and houses a commercial kitchen, as well as a two-piece washroom and a small mechanical room. Finishing within the kitchen consists of a vinyl floor with painted drywall walls and ceiling. There is a significant amount of commercial kitchen equipment located in the kitchen area. The kitchen equipment has been included in this market value appraisal of the subject property as the equipment is essential to the operation of this particular structure. Within the kitchen, there is a newer commercial dishwashing system (low temp, chemical system), a Habco cooler, a Blodgett convection oven, a commercial mixer, a Garland deep fryer, two Garland Ranges with hot plates, and a large overhead exhaust fan and ventilation system. The dining hall was originally constructed in 1972, resulting in a chronological age of 42 years. An effective age of 30 years is estimated, with a remaining economic life of 15 to 20 years, assuming prudent maintenance. File: C DP/CK Appraisal of the Key-Way-Tin Bible Institute, Lac La Biche County, Alberta

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43 Site Improvements Page 45 In addition to the building improvements described herein, the subject property also features an array of site improvements that facilitated the property s use as a bible college. The property is improved with several athletic fields including a hockey rink, a baseball diamond, and fields utilized for soccer and football. A small playground is also present. In addition, the property is improved with a network of gravel roadways that provide access to each of the building improvements. At the time of inspection, the property was snow-covered. As such, the quality of the athletic fields surfaces cannot be commented on. The Client disclosed that the hockey rink and soccer/football fields are fully functional and have a level surface. The hockey rink is fully enclosed with wood boards. It has a sand base. There is a small, wood shack that provides utility as a change room. At the time of inspection, the rink was not in use. The baseball diamond is fully fenced with chain link fencing and has wooden benches. File: C DP/CK Appraisal of the Key-Way-Tin Bible Institute, Lac La Biche County, Alberta

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48 Schedule A Zoning Criteria

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