CORDRY APPRAISAL SERVICES, INC.

Transcription

1 CORDRY APPRAISAL SERVICES, INC. REAL ESTATE APPRAISAL AND CONSULTATION Reg W. Cordry, MAI Quivira Road, Suite 130 Kevin P. O'Bryan, MAI Overland Park, Kansas Peggy A. Murphy Telephone (913) Duane E. Benne Fax (913) Andrew W. Utlaut Jan S. Tittel INVOICE 11/1/ DATE FILE # Client: Country Club Trust Company 1 Ward Parkway, POB Kansas City, Missouri Ordered By: Ms. Mindy Boyd Services A RESTRICTED APPRAISAL REPORT EMPLOYING THE SALES COMPARISON APPROACH TO VALUE Fee $1,200 Property Name: Property Address: Woodland Land Property located at Kaw Drive Bonner Springs, Kansas Payment Received: Date Received: Total Due: $1,200 Tax I.D. # Thank You. Cordry Appraisal Services, Inc. reserves the right to assert a lien on the property for unpaid appraisal fees and/or expenses.

2 A Restricted Appraisal Report on a Vacant Commercial Lot Known as the: Located At: KAW DRIVE BONNER SPRINGS, KANSAS Effective October 17, 2016 Report Prepared on November 1, 2016 Prepared By: ANDREW W. UTLAUT REG W. CORDRY, MAI CORDRY APPRAISAL SERVICES, INC QUIVIRA ROAD, SUITE 130 OVERLAND PARK, KANSAS Prepared For: MS. MINDY BOYD TRUST ADMINISTRATION ASSORIATE COUNTRY CLUB TRUST COMPANY 1 WARD PARKWAY, POB KANSAS CITY, MISSOURI FILE #:

3 CORDRY APPRAISAL SERVICES, INC. REAL ESTATE APPRAISAL AND CONSULTATION Reg W. Cordry, MAI Quivira Road, Suite 130 Kevin P. O'Bryan, MAI Overland Park, Kansas Peggy A. Murphy Telephone (913) Duane E. Benne Fax (913) Andrew W. Utlaut Jan S. Tittel November 1, 2016 Ms. Mindy Boyd Trust Administration Assoriate Country Club Trust Company 1 Ward Parkway, POB Kansas City, Missouri Re: Woodland Land Property a vacant commercial lot located at Kaw Drive in Bonner Springs, Kansas Cordry Appraisal Services, Inc. File #: Ms. Boyd: Under your authorization, we have made an appraisal of the above captioned property which has been provided in the attached report. A complete property description and legal description for the property can be found in the appraisal report. The purpose of the appraisal is to estimate the Market Value of the real estate described above and the real estate has been appraised as though in Fee Simple Estate. These terms are defined in the body of this report. The report prepared employs the sales comparison approach and is presented in the format of a Restricted Appraisal Report as defined by the Uniform Standards of Professional Appraisal Practice (USPAP). This letter of transmittal is not an appraisal report and the opinions expressed herein are only presented as an overview of the data contained in the appraisal and should be taken only in conjunction with the information contained in the appraisal report and the addenda to that report following. The estimate of value is qualified by various assumptions, limiting conditions, and definitions that are contained in this appraisal report. 1 of 2

4 Following our analysis of the subject property and after having considered all pertinent data affecting valuation, including the type, location, use and earning power of the subject property, the sales and asking prices of comparable properties, and the trend of the neighborhood, we are of the opinion that the current market value or probable selling price of the subject property, the Woodland Land Property is summarized as follows. The final value indication for the Fee Simple Estate interest in the subject property, "as is" by application of the appropriate approaches to value, as of October, 17, 2016, is: $110,000 This appraisal has been made in conformity with the rules of professional ethics of the Appraisal Institute and conforms to the Uniform Standards of Professional Appraisal Practice (USPAP) of the Appraisal Foundation. Your attention is directed to the appraisal report which follows. Thank you for the privilege of serving you. Respectfully submitted, Reg W. Cordry, MAI State of Kansas Cert. # G19 State of Missouri Cert. # RA Andrew W. Utlaut 2 of 2

5 INTRODUCTION PROPERTY OVERVIEW AND IDENTIFICATION Property Overview and Identification Property Name Woodland Land Property Address/Location Kaw Drive City, County, State & Zip Bonner Springs, Wyandotte County, Kansas Site Area 32,048 SF or 0.74 acres Property - As Is Date Detailed The date of inspection, October 17, 2016 Current Use Vacant Commercial Lot The property is located in an area of light industrial, service, and retail properties that is adequately received. The site is situated along the Kaw Drive corridor with adequate access to area thoroughfares. LEGAL DESCRIPTION Lot 1, Replat of Lot 2, Golden Belt Park, a subdivision in Bonner Springs, Wyandotte County, Kansas. OWNERSHIP AND HISTORY OF THE PROPERTY SALE HISTORY Land Acquisition July 1, 1999 Land Area 32,048 Seller Michael R. & Patricia A. Johnson Buyer Jeffrey D. Zimmerman Purchase Price $36,500, or $1.14/SF of Land Earlier Sale August 1, 1999 Seller Jeffrey D. Zimmerman Buyer Woodland Development Company, LLC Purchase Price $56,500, or $1.76/SF of Land There have been no other sales since the land purchase and the property is not currently listed for sale or lease. TAX OVERVIEW The subject is identified as parcel number The valuation by the County totals $33,530, which represents the value of the property as of January 1 of the 2015 tax year. The appraised value by the County is low based on the valuation by this report. 1 CORDRY APPRAISAL SERVICES, INC.

6 The mill levy taxes total $ and there are no special assessment taxes. INTENDED USE AND USER OF THE APPRAISAL This appraisal report is being directed to Ms. Mindy Boyd, Trust Administration Assoriate at Country Club Trust Company (the client), and is being used for the sole purpose of establishing the market value of the subject for use by Country Club Trust Company for trust purposes. Our engagement to provide appraisal services is based upon an exchange of information about the property and assignment that was unique between the client and Cordry Appraisal Services, Inc. This communication serves as the basis upon which this report has been prepared. Because of the importance of this communication, and because of the relationship between the client and the appraiser, any reliance upon or any use of this report by any other parties for any use whatsoever, is prohibited. Reliance or use by any such third party without explicit authorization in the report does not make said third party a third party beneficiary of any contract between the client and Cordry Appraisal Services, Inc. Any such unauthorized reliance or use of this report, including any of its information or conclusions, will be at the third party s risk. For the same reasons, no warranties or representations, expressed or implied in this report, are made to any such third party. Our engagement to provide appraisal services, does not include our participation in or preparation for, whether voluntarily or pursuant to subpoena, any oral or written discovery, sworn testimony in a judicial, arbitration or administrative proceeding, or attendance at any judicial, arbitration, or administrative proceeding relating to this assignment. APPRAISAL DEVELOPMENT AND REPORTING PROCESS The steps taken in the appraisal development and the reporting process are dependent on the problem at hand and require an understanding of the intended use and user of the assignment and key factors relevant to the assignment and any special conditions. A detail of the items considered is included following. PRIOR SUBJECT PROPERTY EXPERIENCE We have not performed any other services regarding the subject property within the last three years, as an appraiser or in any other capacity. PROPERTY CHARACTERISTICS RELATIVE TO THE ASSIGNMENT The subject is a 32,048 square foot vacant commercial lot. 2 CORDRY APPRAISAL SERVICES, INC.

7 TYPE OF VALUE AND INTEREST APPRAISED Primary Valuation Vacant Commercial Lot Value Type Market Value Estate Fee Simple Estate This type of value is applied because there are no known leases in place that would have an impact the valuation of the property. Valuation Scenario As Is Valuation Date The date of inspection, October 17, 2016 Estate Definition Fee Simple: An absolute fee; a fee without limitations to any particular class of heirs or restrictions; but subject to the limitations of eminent domain, escheat, police powers, and taxation: an inheritable estate. Valuation Comments The value derived is a current market value. Market Value is described as follows. The most probable price which a property will bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: 1. Buyer and seller are typically motivated. 2. Both parties are well informed or well advised and each acting in what they consider to be their own best interests. 3. Reasonable time is allowed for exposure in the open market. 4. Payment is made in terms of cash in U.S. dollars, or in terms of financial arrangements comparable thereto. 5. The price represents a normal consideration for the property sold, unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. The term reasonable exposure time is defined as the estimated length of time a property interest being appraised would have been offered prior to the consummation of a sale at market value assuming a competitive and open market. It is noted that with regard to the USPAP requirement concerning a reasonable exposure time, exposure time is always presumed to precede the effective date of appraisal. It is further noted that the overall concept of reasonable exposure time assumes an adequate, sufficient, and reasonable marketing effort on the part of the seller. The appropriate exposure time for the subject property in this market is discussed and quantified in the Market Analysis section of the report following. Federal Deposit Insurance Corporation, 12 CFR CORDRY APPRAISAL SERVICES, INC.

8 DATA COLLECTION AND PROPERTY INSPECTION In preparing this appraisal, we have consulted with the client of this report and the owner in an effort to attain any site plans and/or surveys of the property, as well as any floor and elevation plans, and title policies. We have also interviewed these parties and reviewed available County records and other sources in an attempt to determine the recent history of the property in terms of both its performance in the market and its chain of ownership. In addition, we have gathered information from the subject s neighborhood and competing areas concerning area trends and development. We have reviewed available aerial maps and other exhibits. The site was inspected. Any improvements to the site were inspected on a cursory level. The site area used is taken from County records. APPLICATION OF VALUATION APPROACHES AND REPORTING OPTION For the subject property, we have considered all three traditional approaches to value in the development of this report and we have considered all available information in the process and analysis of this report in the determining of a value for the subject property. A summary of the scope of work performed is included following. Cost Approach In the case of the subject property the cost approach is not applicable because the site is a minimally improved site. The Cost Approach is not applied. Income Approach - The Income Approach is not applicable because the land does not generate any income that supports its value. The Income Approach is not applied. Sales Comparison Approach - A purchaser would typically place significant reliance on a value conclusion derived from sales in the market. The Sales Comparison Approach is applied using the most recent comparable sales found in the market. This appraisal employs the sales comparison approach to value, and per agreement with the client, the appraisal is presented in a Restricted Appraisal Report format. The report content is intended to comply with the reporting requirements of Standards Rule 2-2(b) of the Uniform Standards of Professional Appraisal Practice for a Restricted Appraisal Report. As presented, the report provides significant detail on the reasoning that was used in the appraisal process in developing our opinion of value. Valuation models depicting the analyses and conclusions are included in the report. The report contains the necessary elements of information, data collection and analysis that have enabled us to make a proper evaluation of the market value of the subject by each particular approach. The scope of work performed has yielded credible results given the nature of the appraisal assignment. 4 CORDRY APPRAISAL SERVICES, INC.

9 EXTRAORDINARY ASSUMPTIONS An extraordinary assumption is an underlying premise of the assignment, specific to that assignment, and that is appropriate given the intended use of the assignment. An extraordinary assumption is something that is believed to be true for the sake of the analysis, but whether or not is in fact true is uncertain. If an extraordinary assumption is found to be contrary to truth, the assignment results would be affected. There are no Extraordinary Assumptions with regard to this assignment. HYPOTHETICAL CONDITIONS A hypothetical condition is a condition that is known to be contrary to fact. The use of a hypothetical condition is appropriate in the valuation of real property when the use of the hypothetical condition is clearly required for legal purposes, for purposes of reasonable analysis, or for purposes of comparison. It is further required that the use of a hypothetical condition results in a credible analysis and that the assumption is disclosed in the appraisal report. The use of such a condition may result in a value conclusion that differs substantially from a value conclusion derived without the application of such a condition. There are no Hypothetical Conditions with regard to this assignment. APPRAISER COMPETENCY No steps were necessary to meet the competency provisions established under Section U-11 in the Uniform Standards of Professional Appraisal Practice (USPAP), and required for lenders by the FDIC under Section The appraiser has appraised many properties similar to the subject over the last several years and has adequate experience and qualifications to appraise the subject. Appraiser qualifications are included in the Addenda of this report. 5 CORDRY APPRAISAL SERVICES, INC.

10 SITE ANALYSIS The property is situated along the Kaw Drive corridor with adequate access to area thoroughfares. The property is located in an area of light industrial, service, and retail properties that is adequately received. Aerial Map Overview of Area 6 CORDRY APPRAISAL SERVICES, INC.

11 Tract Square Feet Acres Configuration Topography Drainage Effective Usable Area Aerial Map Close-up View of Site Subject Site 32, Rectangular Basically level and at grade Adequate Two utility poles are located approximately 35 feet to the east of the west property boundary, which is a slight detriment to the site. The remainder of the site area has good utility with no substantive detrimental conditions to development. 7 CORDRY APPRAISAL SERVICES, INC.

12 Street Name Kaw Drive Frontage 235' Direction From Street South Paving Asphalt Curbing Asphalt Shoulders Sidewalks No Condition Average Type of Street Secondary Thoroughfare View East Along Street Direction of Traffic East/West # of Lanes (Ea. Direction) Two Speed Limit Moderate Traffic Levels Medium Access Via Access Drive Access Rating Adequate Visibility Good View West Along Street Kaw Drive is median divided at the subject propperty. Access onto the subject site is available via an unnamed access road along the west side of the property. The access road is accessible from both eastbound and westbound Kaw Drive. Street Name Access Drive Frontage 133' Direction From Street East Paving Asphalt Curbing None Sidewalks No Condition Fair to Average Type of Street Secondary Side Street View North Along Street Direction of Traffic North/South # of Lanes (Ea. Direction) One Speed Limit Low Traffic Levels Low Access No Curb Cut Access Rating Adequate Visibility Adequate View South Along Street Flood Plain Influence Flood Zone FEMA Map # Flood Map Date Flood Map Description Zone X (shaded) 20209C0128D September 2, 2011 in the 500 year Flood Plain This designation is defined as "areas of moderate flood hazard, usually the area between the limits of the 100 year and 500 year floods." 8 CORDRY APPRAISAL SERVICES, INC.

13 Flood Map Utilities All utilities are available Zoning Zoning Code Governing Body C-2, General Business District City of Bonner Springs This designation and the restrictions and uses allowed within this designation are described in detail in the Highest and Best Use section of this report. Site Improvements & Landscaping The subject site is a minimally improved site. Easements & Encroachments Utility The site appears to be served with standard utility easements. Electrical/Gas Lines There are above ground electrical lines along the north and west sides of the property. The rest of the utility lines are buried. Encroachments No survey has been provided. We are not aware of any encroachment. 9 CORDRY APPRAISAL SERVICES, INC.

14 It is assumed in this analysis that there are no unidentified easements or encroachments having a substantive negative impact on the property. Environmental Hazards We have not been supplied with an environmental study of the site and make no judgments as to potential environmental hazards. We have no knowledge of the existence of such materials in or on the property. There do not appear to be any obvious environmental problems associated with the property. It is assumed in this analysis that there are no substantive environmental hazards affecting the subject property. The appraisers are not qualified in making definitive judgments with respect to environmental hazards. Please refer to the limiting conditions at the conclusion of this report with regards to the appraisers qualification in such matters. 10 CORDRY APPRAISAL SERVICES, INC.

15 HIGHEST AND BEST USE ANALYSIS For the purpose of this analysis, highest and best use is defined by The Appraisal of Real Estate, copyright by the Appraisal Institute (1992), as follows: The reasonably probable and legal use of vacant land for an improved property, which is physically possible, appropriately supported, financially feasible, and results in the highest value. In cases where a site has existing improvements on it, the highest and best use may be determined to be different from the existing use. The existing use will continue, unless and until land value in its highest and best use exceeds the total value of the property in its existing use. The four primary areas of evaluation used by the appraiser to estimate the highest and best use for a property, as though unimproved and ready for development, are as follows: 1. Physically possible - All possible uses which are physically possible for the site in question. 2. Legally permissible - Those uses which are permitted by zoning and deed restrictions of the site in question. 3. Financially feasible - Those possible and permissible uses which will produce positive net returns to the owner of the site under current or projected market conditions. 4. Maximally productive - That use among the alternative possible, permissible and feasible uses that will produce the highest net returns or present worth to the owner. The primary concern of the appraiser is the determination of the highest and best use of the site as vacant. Once that determination has been made, the property is considered as improved to determine the contributory value, if any, of the improvements. HIGHEST AND BEST USE AS VACANT The property is located in an area of light industrial, service, and retail properties that is adequately received. The site is situated along the Kaw Drive corridor with adequate access to area thoroughfares. All utilities are available to the site, and the topography is basically level and at grade and appears readily developable. The site is zoned C-2, General Business District by the City of Bonner Springs, Kansas. A summary table detailing the primary uses and requirements of the zoning is included following. 11 CORDRY APPRAISAL SERVICES, INC.

16 ITEM ZONING TYPICAL USE HEIGHT STANDARD SUBJECT C-2, General Business District Retail and Commercial Buildings Maximum 3 Stories or 45 in Height FRONT SETBACK Minimum 20 REAR SETBACK Minimum 20 SIDE SETBACK PARKING STANDARDS None Required, Except if Property Abuts a Residential District, Then a Minimum 10 Side Yard is Required 1 Space per 250 SF of Gross Floor Area This district is intended to allow for the retailing of goods and services within zones suitable for groupings of properties offering limited highway oriented services. Permitted uses include auto repair, car washes, drug stores, fitness centers, dry cleaners, gas service stations, hospitals, motels, offices, restaurants, and other retail uses, among others. Special uses include day care centers, flea markets, kennels, public utility stations, indoor shooting ranges, and telecommunication towers, among others. Given the size of the site prior to any assemblage, and given typical land to building ratios of 4.0:1 to 6.0:1 for similar properties in this area, a building ranging from 5,000 to 8,000 would be appropriate. 12 CORDRY APPRAISAL SERVICES, INC.

17 ECONOMIC / EXTERNAL FACTORS An assessment of the market demand for the property is included following. Market Conditions No significant economic obsolescence Surrounding Uses Mixed The subject is surrounded by some retail uses, including restaurant uses, along the Kaw Drive frontage. The second tier uses generally include industrial and services uses. Market Rents, Occupancy, and Improving Construction Demand Market rents and occupancies in the metropolitan area are improving but remain low. Development demand is improving and is most active for pre-leased and build to suit developments, but there is only limited demand for speculative developments at this time. Financing Availability Improving Although there had been limited availability of financing due to the decline in the real estate markets and subsequent tightening in the credit markets, mortgage rates remain low and banks are pursuing new deals. Comments The subject does not suffer from any significant economic obsolescence. The highest and best use of the property is for speculative holding for future development when sufficient tenancy can be found for a build to suit arrangement or for an owner user. The ultimate highest and best use of the site, As Vacant, would be for a commercial development of average quality, consistent with the existing development in the local market. MARKETING PERIOD AND EXPOSURE TIME To estimate the marketing period and exposure time for the subject property, we have held discussions with area real estate market participants and have consulted national real estate market publications and survey data. PricewaterhouseCoopers performs an investor survey of market participants by the various property classes. Their most recent report includes the PwC Real Estate Barometer. This details the real estate performance for the office, retail, industrial and multifamily sectors. Marketing Time The average anticipated marketing time for land properties has been in the range of six to nine months. Marketing times increased substantially once the full weight of the recession began to be realized, but began to moderate in 2010 and have since returned to near pre-recession levels. The market continues to recover from recession and the most recent survey data for this class of property supports improving expectations. 13 CORDRY APPRAISAL SERVICES, INC.

18 The subject property is in a desirable location and its design and scale are generally consistent with much of the product in the market. The marketing time is estimated at one year. Exposure Time The term reasonable exposure time is defined as the estimated length of time the property interest being appraised would have been offered prior to the consummation of a sale at market value assuming a competitive and open market. The overall concept of reasonable exposure time assumes an adequate, sufficient, and reasonable marketing effort on the part of the seller. The exposure time is estimated at one year. 14 CORDRY APPRAISAL SERVICES, INC.

19 THE APPRAISAL PROCESS The subject is a 32,048 square foot vacant commercial lot. Our valuation considers the valuation of the Fee Simple Estate of the property, "as is", as of October 17, Our analysis employs the sales comparison approach to value. The analysis that follows contains the necessary elements of information, data collection and analysis that has enabled us to make a proper evaluation of the market value of the subject. 15 CORDRY APPRAISAL SERVICES, INC.

20 THE SALES COMPARISON APPROACH A search was made of the market for all recent sales of properties in the immediate area of the subject or competitive locations that were considered similar to the subject. The sales were inspected by us and the sales price and terms and conditions of the sale were confirmed. If the sale could not be confirmed or if the terms and motivations of the sale indicated less than an "arm's length" transaction, the sale was not given consideration in this analysis. On the adjustment grid following, a number of items are directly treated in the adjustment process. Comments specific to the magnitude of the adjustments made, if any, are detailed following, within the land sale summary pages included for each of the sales considered. Full write-ups of the sales cited are contained in Addendum B to this report. 16 CORDRY APPRAISAL SERVICES, INC.

21 LAND SALES ADJUSTMENT GRID CORDRY APPRAISAL SERVICES, INC. 10/17/2016 FILE # Sale number SUBJECT Index # Name WOODLAND LAND PRMETAL PANELS INC. DOLLAR GENERAL SI AUTOZONE SITE VACANT LAND FUTURE FAMILY DOL COMMERCIAL SITE Address KAW DRIVE 8330 KAW DRIVE 6448 KAW DRIVE 545 SOUTH 129TH ST 203 S KANSAS AVE NORTH 63RD DRSEQ OF SOUTH CENT City, State, Zip CodeBONNER SPRINGS, K KANSAS CITY, KANSAKANSAS CITY, KANSABONNER SPRINGS, K OLATHE, KANSAS 660KANSAS CITY, KANSAGARDNER, KANSAS 6 Sale date 17-Oct Jul Feb Aug Feb Mar Feb-16 Land area (acres) Land area (sf) 32, ,176 33,541 53,968 15,550 65,248 36,452 # of front feet # of gbsf 6,446 Sale price w/ Cash EN/A $253,000 $125,000 $417,500 $55,000 $380,000 $110,000 Zoning C-2, GENERAL BUSIN MP-2, PLANNED GENEC-3, COMMERCIAL DISC-2, GENERAL BUSIN C-2, COMMERICAL CP-2, CP-2, PLANNED GENE Specific use Topography/terrain BASICALLY LEVEL ANLEVEL LEVEL LEVEL LEVEL GENTLY SLOPING GENTLY SLOPING Location in block CORNER ADEQUATE ADEQUATE ADEQUATE ADEQUATE ADEQUATE ADEQUATE Utilities ALL UTILITIES ARE AVALL AVAILABLE ALL AVAILABLE ALL AVAILABLE ALL AVAILABLE ALL AVAILABLE ALL AVAILABLE Floodplain influence ZONE X (SHADED) NO NO NO NO Dimensions RECTANGULAR TRIANGULAR SLIGHTLY IRREGULA SLIGHTLY IRREGULA RECTANGULAR SLIGHTLY IRREGULA IRREGULAR Price per SF $2.16 $3.73 $7.74 $3.54 $5.82 $3.02 PROPERTY RIGHTS Adjusted price per square foot $2.16 $3.73 $7.74 $3.54 $5.82 $3.02 FINANCING TERMS Adjusted price per square foot $2.16 $3.73 $7.74 $3.54 $5.82 $3.02 CONDITIONS OF SALE 10.00% Adjusted price per square foot $2.16 $3.73 $7.74 $3.54 $5.82 $3.32 TIME/MARKET CONDITIONS 5.00% 5.00% 4.00% 3.00% 3.00% 1.00% Adjusted price per square foot $2.27 $3.91 $8.05 $3.64 $6.00 $3.35 LOCATION COMPARABLE SUPERIOR SUPERIOR SUPERIOR SUPERIOR INFERIOR Percentage adjustment -5% -35% -20% -25% 5% Dollar adjustment -$0.20 -$2.82 -$0.73 -$1.50 $0.17 ACCESS/VISIBILITY COMPARABLE SUPERIOR SUPERIOR INFERIOR SUPERIOR INFERIOR Percentage adjustment -5% -15% 10% -15% 5% Dollar adjustment -$0.20 -$1.21 $0.36 -$0.90 $0.17 PHYSICAL ATTRIBUTES COMPARABLE COMPARABLE COMPARABLE COMPARABLE COMPARABLE COMPARABLE Percentage adjustment Dollar adjustment ZONING INFERIOR COMPARABLE COMPARABLE COMPARABLE COMPARABLE COMPARABLE Percentage adjustment 20% Dollar adjustment $0.45 SIZE INFERIOR COMPARABLE INFERIOR SUPERIOR INFERIOR COMPARABLE Percentage adjustment 15% 5% -10% 10% Dollar adjustment $0.34 $0.40 -$0.36 $0.60 Gross percentage adjustment 35% 10% 55% 40% 50% 10% Net percentage adjustment 35% -10% -45% -20% -30% 10% Gross dollar adjustment $0.79 $0.39 $4.43 $1.46 $3.00 $0.34 Net dollar adjustment $0.79 ($0.39) ($3.62) ($0.73) ($1.80) $0.34 Adjusted price per square foot $3.06 $3.52 $4.43 $2.91 $4.20 $3.69 Market range per SF Rate Per SF $3.50 Minimum: $2.91 # of Square Feet 32,048 Maximum: $4.43 Value indication: $112,168 Average (Mean): $3.63 Rounded: $110, CORDRY APPRAISAL SERVICES, INC.

22 LAND SALES MAP 18 CORDRY APPRAISAL SERVICES, INC.

23 The land sales used involve sites that have similar attributes to the subject. The sales are the most recent sales of similar tracts in market and are felt to provide adequate support for the value of the subject. The sales used sold for prices ranging from $2.16 to $7.74 per square foot. Based on the application of the adjustment process to the sales used, the indicated value of the subject site should range between about $2.91 to $4.43 per square foot. Sales 2 and 6 have the least adjustment and provide the best support for the subject's value. Sales 1, 3, 4, and 5 have greater adjustment and provide secondary support for the subject's value. Sales 4, 5, and 6 involve the most recent activity and provide good support for the current market. Sales 1, 2, and 3 are the most proximate and provide good support for the local market. Considering all factors, a value of $3.50 per square foot is used. Then, $3.50 per square foot times 32,048 square feet, results in a final value of $110,000 (rounded). The final value indication for the Fee Simple Estate interest in the subject land, "as is", as of October, 17, 2016, is: $110, CORDRY APPRAISAL SERVICES, INC.

24 RECONCILIATION AND FINAL ESTIMATE OF VALUE The approaches to value have yielded value indications for the Fee Simple Estate interests of the subject property as follows: THE COST APPROACH Not Applied THE INCOME APPROACH Not Applied THE SALES COMPARISON APPROACH $110,000 In the case of the subject property, a vacant commercial lot, the sales comparison approach is considered to provide a reliable indication of value. The final value indication for the Fee Simple Estate interest in the subject property, "as is" by the sales comparison approach, as of October, 17, 2016, is: $110, CORDRY APPRAISAL SERVICES, INC.

25 CERTIFICATION OF VALUE I (we) certify that, to the best of my (our) 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 (our) personal, impartial, and unbiased professional analyses, opinions, and conclusions. I (we) 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 (we) have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. My (our) engagement in this assignment was not contingent upon developing or reporting predetermined results. My (our) 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 (our) analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. I (we) 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(s) signing this certification. As of the date of this report, Reg W. Cordry, MAI, has completed the requirements of the continuing education program of the Appraisal Institute. Prior services performed regarding the subject property are discussed in the Appraisal Development and Reporting Process section of the report. November 1, 2016 Date Reg W. Cordry, MAI Andrew W. Utlaut 21 CORDRY APPRAISAL SERVICES, INC.

26 CONTINGENT AND LIMITING CONDITIONS The certification of the Appraiser appearing in the appraisal report is subject to the following conditions and to such other specific and limiting conditions as are set forth by the Appraiser in the report The Appraiser assumes no responsibility for matters of a legal nature affecting the property appraised or the title thereto, nor does the Appraiser render any opinion as to the title, which is assumed to be good and marketable. The property is appraised as though under responsible ownership. Any sketch in the report may show approximate dimensions and is included to assist the reader in visualizing the property. The Appraiser has made no survey of the property. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. The Appraiser is not required to give testimony or appear in court because of having made the appraisal with reference to the property in question, unless arrangements have been previously made. Any distribution of the valuation in the report between land and improvements applies only under the existing program of utilization. The separate valuations for land and building must not be used in conjunction with any other appraisal and are invalid if so used. The Appraiser assumes that there are no hidden or unapparent conditions of the property, subsoil, or structures, which would render it more or less valuable. The Appraiser assumes no responsibility for such conditions, or for engineering which might be required to discover such factors. Information, estimates, and opinions furnished to the Appraiser, and contained in the report, were obtained from sources considered reliable and believed to be true and correct. However, no responsibility for accuracy of such items furnished the Appraiser can be assumed by the Appraiser. The use of this report is subject to the requirements of the Appraisal Institute relating to the review by its duly authorized representatives. Neither all, nor any part of the content of the report, or copy thereof (including conclusions as to the property value, the identity of the Appraiser, professional designations, reference to any professional appraisal organizations, or the firm with which the Appraiser is connected), shall be used for any purposes by anyone but the client specified in the report, the borrower if appraisal fee paid by the same, the mortgagee or its successors and assigns, mortgage insurers, consultants, professional appraisal organizations, any state or federally approved financial institution, any department, agency, or instrumentality of the United States or any state or the District of Columbia, without the previous written consent of the Appraiser; nor shall it be conveyed by anyone to the public through advertising, public relations, news, sales, or other media, without the written consent and approval of the Appraiser. 22 CORDRY APPRAISAL SERVICES, INC.

27 On all appraisals, subject to satisfactory completion, repairs, or alterations, the appraisal report and value conclusion are contingent upon completion of the improvements in a workmanlike manner. Unless otherwise stated in this report, the existence of hazardous substances, including without limitation asbestos, polychlorinated biphenyls, petroleum leakage, or agricultural chemicals, which may or may not be present on the property, or other environmental conditions, were not called to the attention of nor did the appraiser become aware of such during the appraiser's inspection. The appraiser has no knowledge of the existence of such materials on or in the property unless otherwise stated. The appraiser, however, is not qualified to test such substances or conditions. If the presence of such substances, such as asbestos, urea formaldehyde, foam insulation, or other hazardous substances or environmental conditions, may affect the value of the property, the value estimated is predicated on the assumption that there is no such condition on or in the property or in such proximity thereto that it would cause a loss in value. No responsibility is assumed for any such conditions, nor for any expertise or engineering knowledge required to discover them. The client is urged to retain an expert in the field of environmental impacts upon real estate if so desired. The Americans with Disabilities Act ("ADA") became effective January 26, We have not made a specific compliance survey and analysis of this property to determine whether or not it is in conformity with the various detailed requirements of the ADA. It is possible that a compliance survey of the property, together with a detailed analysis of the requirements of the ADA, could reveal that the property is not in compliance with one or more of the requirements of the Act. If so, this fact could have a negative effect upon the value of the property. Since we have no direct evidence relating to this issue, we did not consider possible noncompliance with the requirements of ADA in estimating the value of the 23 CORDRY APPRAISAL SERVICES, INC.

28 QUALIFICATIONS OF REG W. CORDRY, MAI Established CORDRY APPRAISAL SERVICES in December 1984: Providing professional services in commercial and residential real estate, including real estate appraisal and consultation, including litigation support, estate planning, etc. Appraised a wide variety of properties for financial institutions, individuals, attorneys and local and federal government entities. Qualified as an expert witness in the Circuit Courts in Kansas and Missouri as well as Federal Bankruptcy Court in Kansas and Missouri. Properties appraised include: * Raw Land * Farm Land * Residential Land * Residential Subdivisions * Commercial Land * Industrial Land * Single Family Residences * Duplex Units * Apartments * Mobile Home Parks * Surgery Centers * Office Condominiums * Office Subdivisions * Transmission Towers * Child Care Centers * Service Stations * Bowling Centers * Ice Rinks * Loft Apartments * Restaurants * Hotels/Motels * Free Standing Retail Buildings * Neighborhood Retail Centers * Grocery Stores * Storage Facilities * Office Warehouses * Manufacturing Buildings * Distribution Centers * Residential Condominiums * Mixed Use Properties * Car Washes * Churches * Historic Properties * Banks * Stone Quarries * Assisted Living Centers * Nursing Homes * Group Care Homes * Large/Medium Box Retail * Convenience Stores In addition to performing appraisals on the preceding property types, specialized appraisal analyses involving façade easements, low income/affordable housing, historic and low income housing tax credits have been performed. Additional services completed include right-of -way analyses, and tax and condemnation valuation services and consultation. PRIOR EXPERIENCE: From February, 1979 until December, 1984, Corporate Vice President of Metropolitan Appraisal Company, with offices in Kansas City, Missouri. From May, 1976 until January, 1979, full-time employment as a real estate appraiser with John D. O Flaherty, MAI, SRPA. From September, 1974 until April, 1976, employment as residential and commercial real estate agent. 24 CORDRY APPRAISAL SERVICES, INC.

29 EDUCATION: M.B.A. in Finance - University of Missouri-Kansas City, Kansas City, Missouri, July, B.S. Degree in Mathematics Southwest Missouri State University, Springfield, Missouri, May, PROFESSIONAL AFFILIATIONS: Certified General Real Property Appraiser State of Kansas Real Estate Appraisal Board, effective July 1, State of Kansas Certification Number G-19. Certified General Real Estate Appraiser State of Missouri Real Estate Appraisal Commission, effective December 10, State of Missouri Certification Number RA Member of the Appraisal Institute, MAI Designation (1984-Present) Member of the Kansas City Regional Association of Realtors KCRAR Member of Heartland Multiple Listing Service President of AIREA Kansas City Chapter #20 (1989) Vice President of AIREA Kansas City Chapter #20 (1988) Treasurer of AIREA Kansas City Chapter #20 (1987) Member Board of Directors, AIREA Kansas City Chapter #20 ( ) Member Board of Directors, Metropolitan Kansas City Board of Realtors ( ) Member Board of Directors, Kansas City Data Service ( , 1998, ) Member Board of Directors, Appraisal Institute s Residential Database, Inc. ( ) PROFESSIONAL EDUCATION: Instructor: Appraisal Institute courses at Rockhurst University and Johnson County Community College ( ) Student: The Appraisal Institute and State Appraisal Certification Law require initial and continuing education in real estate appraisal matters. Total requirements for continuing education result in my participation in at least 15 hours per year of real estate education. Total educational hours accumulated exceed 500 hours. 25 CORDRY APPRAISAL SERVICES, INC.

30 QUALIFICATIONS OF ANDREW W. UTLAUT EXPERIENCE: From February, 2011 to present, full-time employment as an Appraisal Analyst for Cordry Appraisal Services, Inc., in Overland Park, Kansas. Appraised or assisted in the appraisal of a variety of property types for individuals, law firms, businesses, government agencies, and financial organizations. Properties types include: * Raw Land * Farm Land * Residential Land * Residential Subdivisions * Commercial Land * Industrial Land * Apartments * Loft Apartments * Churches * Child Care Centers * Assisted Living Facilities * Group Care Homes * Nursing Homes * Office Condominiums * Banks * Billboards * Car Washes * Transmission Towers * Restaurants * Hotels/Motels * Vehicle Service Properties * Service Stations * Convenience Stores * Free Standing Retail * Development Land Analyses * Large/Medium Box Retail Stores * Grocery Stores * Neighborhood Shopping Centers * Community Shopping Centers * Regional Shopping Centers * Storage Facilities * Office/Warehouses & Flex Space * Manufacturing Warehouses * Distribution Centers * General & Medical Office Buildings * Mixed Use Properties EDUCATION: Bachelor's Degree in Human Environment Sciences with an emphasis in Personal Financial Management Services from the University of Missouri. Related coursework includes Business Law, Statistics, Money and Banking, Public Finance, Microeconomics, Macroeconomics, Economic Planning, Economic Systems, and Labor Economics. This coursework has been supported by an extensive math and English background. PROFESSIONAL EDUCATION: Residential Report Writing 15 Classroom Hours (including 1 hour examination) Bobbitt and Company, Overland Park, Kansas (2007). National Uniform Standards of Professional Appraisal Practice Course 15 Classroom Hours (including 1 hour examination) Bobbitt and Company, Overland Park, Kansas (2006). Residential Sales Comparison and Income Approach 30 Classroom Hours (including 2 hour examination) Bobbitt and Company, Overland Park, Kansas (2006). 26 CORDRY APPRAISAL SERVICES, INC.

31 Residential Site Valuation and Cost Approach 15 Classroom Hours (including 1 hour examination) Bobbitt and Company, Overland Park, Kansas (2006). Basic Appraisal Procedures 30 Classroom Hours (including 2 hour examination) Bobbitt and Company, Overland Park, Kansas (2006). Basic Appraisal Principles 30 Classroom Hours (including 2 hour examination) Bobbitt and Company, Overland Park, Kansas (2006). 27 CORDRY APPRAISAL SERVICES, INC.

32 ADDENDUM A SUBJECT PHOTOGRAPHS

33 SUBJECT PHOTOGRAPHS Woodland Land Property Kaw Drive Bonner Springs, Kansas Representative view of the subject Representative view of the subject CORDRY APPRAISAL SERVICES, INC.

34 SUBJECT PHOTOGRAPHS Woodland Land Property Located At Kaw Drive Bonner Springs, Kansas Representative view of the subject Representative view of the subject CORDRY APPRAISAL SERVICES, INC.

35 ADDENDUM B COMPARABLE LAND SALES

36 SUMMARY OF LAND SALE #1 INDEX # CORDRY APPRAISAL SERVICES, INC. File # PROPERTY IDENTIFICATION SALE TRANSACTION DATA Property name: METAL PANELS INC. Grantor: WEST HILLS INDUSTRIAL PARK LLC Address: 8330 KAW DRIVE Grantee: METAL PANELS INC. City, state, zip code: KANSAS CITY, KANSAS Sale date: 7/20/2011 County: WYANDOTTE Sale price: $253,000 Legal description: WESTHILLS INDUSTRIAL PARK THIRD PLAT, S29, T11, R24, ACRES 2.74, L1 Adjusted price: $253,000 Confirmed by: RYAN FITZPATRICK Source: JEFF VAUGHT SITE DESCRIPTION & PHYSICAL ATTRIBUTES Location in block: ADEQUATE Category: SALE Land topography: LEVEL Land dimensions: TRIANGULAR Estate/Terms/Rights FEE SIMPLE Street frontage: ALONG THE NORTH SIDE OF KAW DRIVE Flood map panel #: 20209C0134D Flood map date: 9/2/2011 Land area (acres): 2.69 Drainage: ADEQUATE Land area (sf): 117,176 Zoning: MP-2, PLANNED GE # of front feet: 580 Utilities: ALL AVAILABLE ANALYSIS Price per square foot $2.16 Price per acre: $94,052 ADJUSTMENTS PROPERTY RIGHTS No adjustment Fee Simple Price per front foot: $436 Price per site: $253,000 Adjust. Price/SF $3.06 FINANCING TERMS No adjustment Arm's Length CONDITIONS OF SALE No adjustment TIME/MARKET CONDITIONS Appreciation, adjusted upward 5.00%. LOCATION No adjustment Located in close proximity within a similar area of Wyandotte County. ACCESS/VISIBILITY No adjustment Similar access and visibility along Kaw Drive. No adjustment is made. PHYSICAL ATTRIBUTES No adjustment Generally readily developable site. ZONING Sale is inferior, adjusted upward $0.45 or 20.00%. Inferior industrial zoning. SIZE Sale is inferior, adjusted upward $0.34 or 15.00%. CORDRY APPRAISAL SERVICES, INC.

37 SUMMARY OF LAND SALE #2 INDEX # CORDRY APPRAISAL SERVICES, INC. File # PROPERTY IDENTIFICATION SALE TRANSACTION DATA Property name: DOLLAR GENERAL SITE Grantor: LEANN SAINT Address: 6448 KAW DRIVE Grantee: COMMON GROUND PARTNERS City, state, zip code: KANSAS CITY, KANSAS Sale date: 2/8/2012 County: WYANDOTTE Sale price: $125,000 Legal description: L78 TO L87 LS W 10FT & PTS L75 TO L77: BEG 10FT E OF NW COR L77; S 36.84FT, S17E-61.49FT, N49E-120FT, N 21.7FT TO N Adjusted price: $125,000 Confirmed by: WILL RIGNDON Source: BUYER SITE DESCRIPTION & PHYSICAL ATTRIBUTES Location in block: ADEQUATE Category: SALE Land topography: LEVEL Land dimensions: SLIGHTLY IRREGULAR Estate/Terms/Rights FEE SIMPLE Street frontage: ALONG THE NORTH SIDE OF KAW DRIVE Flood map panel #: 20209C0153D Flood map date: 9/2/2011 Land area (acres): 0.77 Drainage: ADEQUATE Land area (sf): 33,541 Zoning: C-3, COMMERCIAL # of front feet: 120 Utilities: ALL AVAILABLE ANALYSIS Price per square foot $3.73 Price per acre: $162,338 ADJUSTMENTS PROPERTY RIGHTS No Adjustment Fee Simple Price per front foot: $1,042 Price per site: $125,000 Adjust. Price/SF $3.52 FINANCING TERMS No Adjustment Arm's Length CONDITIONS OF SALE No Adjustment TIME/MARKET CONDITIONS Appreciation, adjusted upward 5.00%. LOCATION Sale is superior, adjusted downward $0.20 or 5.00%. Located in a comparable area of Wyandotte County, but more built up with slightly higher demand. ACCESS/VISIBILITY Sale is superior, adjusted downward $0.20 or 5.00%. Situated along Kaw Drive, but in higher traffic area with slightly superior thoroughfare access. A slight downward adjustment is made. PHYSICAL ATTRIBUTES No Adjustment Generally readily developable site. ZONING No Adjustment SIZE No Adjustment CORDRY APPRAISAL SERVICES, INC.

38 SUMMARY OF LAND SALE #3 INDEX # CORDRY APPRAISAL SERVICES, INC. File # PROPERTY IDENTIFICATION SALE TRANSACTION DATA Property name: AUTOZONE SITE Grantor: KAVE, INC. Address: 545 SOUTH 129TH STREET Grantee: AUTOZONE, INC. City, state, zip code: BONNER SPRINGS, KANSAS Sale date: 8/15/2012 County: WYANDOTTE Sale price: $417,500 Legal description: LOT 4, BONNER SPRINGS POINTE II Adjusted price: $417,500 Confirmed by: DOUG LYNCH Source: DAVID CBRE SITE DESCRIPTION & PHYSICAL ATTRIBUTES Location in block: ADEQUATE Category: SALE Land topography: LEVEL Land dimensions: SLIGHTLY IRREGULAR Estate/Terms/Rights FEE SIMPLE Street frontage: ALONG THE EAST SIDE OF 129TH STREET Flood map panel #: 20209C0109D Flood map date: 9/2/2011 Land area (acres): 1.24 Drainage: ADEQUATE Land area (sf): 53,968 Zoning: C-2, GENERAL BUS # of Gross building sf: 6,446 # of front feet: 247 Utilities: ALL AVAILABLE Floodplain influence: NO ANALYSIS Price per square foot $7.74 Price per acre: $336,984 Price per GBSF: $64.77 ADJUSTMENTS PROPERTY RIGHTS No Adjustment Fee Simple Price per front foot: $1,688 Price per site: $417,500 Adjust. Price/SF $4.43 FINANCING TERMS No Adjustment Arm's Length CONDITIONS OF SALE No Adjustment TIME/MARKET CONDITIONS Appreciation, adjusted upward 4.00%. LOCATION Sale is superior, adjusted downward $2.82 or 35.00%. Located in a higher demand retail area in Wyandotte County. ACCESS/VISIBILITY Sale is superior, adjusted downward $1.21 or 15.00%. Second tier site limits visibility, but good access to both K-7 and I-70. A downward adjustment is made. PHYSICAL ATTRIBUTES No Adjustment Generally readily developable site. ZONING No Adjustment SIZE Sale is inferior, adjusted upward $0.40 or 5.00%. CORDRY APPRAISAL SERVICES, INC.

39 SUMMARY OF LAND SALE #4 INDEX # CORDRY APPRAISAL SERVICES, INC. File # PROPERTY IDENTIFICATION SALE TRANSACTION DATA Property name: VACANT LAND Grantor: SPENCER MATTERS Address: 203 S KANSAS AVE. Grantee: LEGACY, LLC City, state, zip code: OLATHE, KANSAS Sale date: 2/4/2014 County: JOHNSON Sale price: $55,000 Legal description: BLOCK 60, LOTS 1-4, OLATHE OLC 1430 Adjusted price: $55,000 Confirmed by: JOHN PERRY Source: BUYER SITE DESCRIPTION & PHYSICAL ATTRIBUTES Location in block: ADEQUATE Category: SALE Land topography: LEVEL Land dimensions: RECTANGULAR Estate/Terms/Rights FEE SIMPLE Street frontage: ALONG THE SOUTH SIDE OF LOULA AND THE WEST SIDE OF KANSAS AVENUE Flood map panel #: 20091C0078G Flood map date: 8/3/2009 Land area (acres): 0.36 Drainage: ADEQUATE Land area (sf): 15,550 Zoning: C-2, COMMERICAL Utilities: ALL AVAILABLE Floodplain influence: NO ANALYSIS Price per square foot $3.54 Price per acre: $154,070 ADJUSTMENTS PROPERTY RIGHTS No Adjustment Fee Simple Price per site: $55,000 Adjust. Price/SF $2.91 FINANCING TERMS No Adjustment Arm's Length CONDITIONS OF SALE No Adjustment TIME/MARKET CONDITIONS Appreciation, adjusted upward 3.00%. LOCATION Sale is superior, adjusted downward $0.73 or 20.00%. Located near downtown Olathe, a superior area in Johnson County. ACCESS/VISIBILITY Sale is inferior, adjusted upward $0.36 or 10.00%. Good corner location but inferior access and visibility. PHYSICAL ATTRIBUTES No Adjustment Generally readily developable site. ZONING No Adjustment SIZE Sale is superior, adjusted downward $0.36 or 10.00%. CORDRY APPRAISAL SERVICES, INC.

40 SUMMARY OF LAND SALE #5 INDEX # CORDRY APPRAISAL SERVICES, INC. File # PROPERTY IDENTIFICATION SALE TRANSACTION DATA Property name: FUTURE FAMILY DOLLAR Grantor: DEBRA CALHOUN TRUST Address: 1999 NORTH 63RD DRIVE Grantee: ARCP FDCCC1402 LLC City, state, zip code: KANSAS CITY, KANSAS Sale date: 3/24/2014 County: WYANDOTTE Sale price: $355,000 Cash equiv. adj: $25,000 Adjusted price: $380,000 Source: SHERYL VICKERS SITE DESCRIPTION & PHYSICAL ATTRIBUTES Location in block: ADEQUATE Category: SALE Land topography: GENTLY SLOPING Land dimensions: SLIGHTLY IRREGULAR Estate/Terms/Rights FEE SIMPLE Street frontage: ALONG THE SOUTH SIDE OF PARALLEL PARKWAY Flood map panel #: 20209C0063E Flood map date: 9/2/2015 Land area (acres): 1.50 Drainage: ADEQUATE Land area (sf): 65,248 Zoning: CP-2, Utilities: ALL AVAILABLE Floodplain influence: NO ANALYSIS Price per square foot $5.82 Price per acre: $253,690 ADJUSTMENTS PROPERTY RIGHTS No Adjustment Fee Simple Price per site: $380,000 Adjust. Price/SF $4.20 FINANCING TERMS No Adjustment Arm's Length CONDITIONS OF SALE No Adjustment TIME/MARKET CONDITIONS Appreciation, adjusted upward 3.00%. LOCATION Sale is superior, adjusted downward $1.50 or 25.00%. Located in a higher demand retail area in Wyandotte County. ACCESS/VISIBILITY Sale is superior, adjusted downward $0.90 or 15.00%. Frontage along Parallel Parkway, a superior thoroughfare with higher traffic. PHYSICAL ATTRIBUTES No Adjustment Generally readily developable site. ZONING No Adjustment SIZE Sale is inferior, adjusted upward $0.60 or 10.00%. CORDRY APPRAISAL SERVICES, INC.

41 SUMMARY OF LAND SALE #6 INDEX # CORDRY APPRAISAL SERVICES, INC. File # PROPERTY IDENTIFICATION SALE TRANSACTION DATA Property name: COMMERCIAL SITE Grantor: N/A Address: SEQ OF SOUTH CENTER STREET AND WEST 183Grantee: JASON L. SMITH City, state, zip code: GARDNER, KANSAS Sale date: 2/1/2016 County: JOHNSON Sale price: $110,000 Adjusted price: $110,000 Confirmed by: BROCK HEYDE Source: TERRY MOODY - REECE COMMECIAL SITE DESCRIPTION & PHYSICAL ATTRIBUTES Location in block: ADEQUATE Category: SALE Land topography: GENTLY SLOPING Land dimensions: IRREGULAR Estate/Terms/Rights FEE SIMPLE Street frontage: ALONG THE EAST SIDE OF CENTER ROAD Flood map panel #: 20091C0120G Flood map date: 8/3/2009 Land area (acres): 0.84 Land area (sf): 36,452 Zoning: CP-2, PLANNED GE Utilities: ALL AVAILABLE Floodplain influence: NO ANALYSIS Price per square foot $3.02 Price per acre: $131,450 ADJUSTMENTS PROPERTY RIGHTS No Adjustment Fee Simple Price per site: $110,000 Adjust. Price/SF $3.69 FINANCING TERMS No Adjustment Bank Sale/Arm's Length CONDITIONS OF SALE Inferior, adjusted upward 10.00%. TIME/MARKET CONDITIONS Appreciation, adjusted upward 1.00%. LOCATION Sale is inferior, adjusted upward $0.17 or 5.00%. Located in a predominately residential area of Gardner. An upward adjustment is made. ACCESS/VISIBILITY Sale is inferior, adjusted upward $0.17 or 5.00%. Located along a prominent roadway in Gardner, with adequate access to I-35. A slight upward adjustment is made. PHYSICAL ATTRIBUTES No Adjustment Generally readily developable site. ZONING No Adjustment SIZE No Adjustment CORDRY APPRAISAL SERVICES, INC.

42 COMPARABLE LAND SALE #1 INDEX # CORDRY APPRAISAL SERVICES, INC. File # PROPERTY IDENTIFICATION Category: SALE Property name: METAL PANELS INC. Address: 8330 KAW DRIVE Photo ID #: R:\LANDSCAPEPHOTOS\PHOTOS\ City, state, zip code: KANSAS CITY, KANSAS Map ID #: LAT: /LONG: County: WYANDOTTE Legal description: WESTHILLS INDUSTRIAL PARK THIRD PLAT, S29, T11, R24, ACRES 2.74, L1 SALE TRANSACTION DATA Grantor: WEST HILLS INDUSTRIAL PARK LLC Grantee: METAL PANELS INC. Sale date: 7/20/2011 Sale price: $253,000 Confirmed by: Company: Estate/Terms/Rights: Financing source: RYAN FITZPATRICK JEFF VAUGHT FEE SIMPLE ARM'S LENGTH SITE DESCRIPTION & PHYSICAL CHARACTERISTICS Land area (acres): 2.69 Tax identification #: Land area (sf): 117, Location in block: ADEQUATE Land topography: LEVEL Zoning: MP-2, PLANNED GENERAL INDUSTRIAL DISTRIC Land dimensions: TRIANGULAR Street frontage: ALONG THE NORTH SIDE OF KAW DRIVE # of front feet: 580 Utilities: ALL AVAILABLE Flood map panel #: 20209C0134D Flood map date: 9/2/2011 Drainage: ADEQUATE ANALYSIS Price per square foot: $2.16 Price per acre: $94,052 Price per front foot: $ Price per site: $253,000 COMMENTS APPROXIMATE ASKING PRICE AND DOM ACCORDING TO COSTAR.

43 COMPARABLE LAND SALE #2 INDEX # CORDRY APPRAISAL SERVICES, INC. File # PROPERTY IDENTIFICATION Category: SALE Property name: DOLLAR GENERAL SITE Address: 6448 KAW DRIVE Photo ID #: R:\LANDSCAPEPHOTOS\PHOTOS\ City, state, zip code: KANSAS CITY, KANSAS Map ID #: LAT: /LONG: County: WYANDOTTE Legal description: L78 TO L87 LS W 10FT & PTS L75 TO L77: BEG 10FT E OF NW COR L77; S 36.84FT, S17E-61.49FT, N49E-120FT, N 21.7FT TO N SALE TRANSACTION DATA Grantor: LEANN SAINT Grantee: COMMON GROUND PARTNERS Sale date: 2/8/2012 Sale price: $125,000 Confirmed by: Company: Estate/Terms/Rights: Financing source: WILL RIGNDON BUYER FEE SIMPLE ARM'S LENGTH SITE DESCRIPTION & PHYSICAL CHARACTERISTICS Land area (acres): 0.77 Tax identification #: Land area (sf): 33, Location in block: ADEQUATE Land topography: LEVEL Zoning: C-3, COMMERCIAL DISTRICT Land dimensions: SLIGHTLY IRREGULAR Street frontage: ALONG THE NORTH SIDE OF KAW DRIVE # of front feet: 120 Utilities: ALL AVAILABLE Flood map panel #: 20209C0153D Flood map date: 9/2/2011 Drainage: ADEQUATE ANALYSIS Price per square foot: $3.73 Price per acre: $162,338 Price per front foot: $1, Price per site: $125,000 COMMENTS NEC OF KANSAS 32 HWY (KAW DRIVE) AND S 65TH STREET. SITE OF THE FORMER WALTER`S BAKERY - 3,200 SF BUILDING CONSTRUCTED IN 1968 WAS DEMOLISHED AFTER THE SALE (DEMO COSTS NOT AVAILABLE). IT WAS A ONE-STORY MASONRY BUILDING IN AVERAGE CONDITION. OWNERS WANTED OUT OF BUSINESS. DEVELOPER PURCHASED FOR DOLLAR GENERAL WHO SIGNED A 15-YEAR NNN LEASE. PROPERTY RESOLD (LEASED FEE) FOR AROUND $1.2 MILLION IN JUNE 2012.