Value. City/Ward Property Exchange. Broker Opinion of. Bend, Oregon. Prepared for: City of Bend. July 24, Ron Ross, CCIM

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1 City/Ward Property Exchange Bend, Oregon Broker Opinion of Value Prepared for: City of Bend July 24, 2014 Ron Ross, CCIM

2 Table of Contents Page Broker Opinion of Value Exhibit # acres right of way dedication from Ward to City Exhibits #2, 3 & 4 Three easements from Ward to City Exhibit # acres deeded from City to Ward Exhibit # acres release of easements from City to Ward Exhibits #7 & acre easements from Ward to City Broker Profile 2

3 July 24, 2014 City of Bend 710 NW Wall St. Bend, OR Broker Opinion of Value (BOV) Compass Commercial has been commissioned by the City of Bend to provide Broker Opinion of Values on several parcels of land detailed in the ensuing pages for the purposes of evaluating a multiple parcel land swap between the City of Bend and the JL Ward Company. Note that we originally provided a similar report on August 17, This report is an update of the original report to reflect changing market conditions as well as changes in the property mix. It needs to be noted that Compass Commercial has conducted no investigation into the environmental condition of any of the properties being evaluated. We have no ability or expertise in conducting environmental assessments and that could have a large impact on property values. We would recommend that appropriate environmental investigations be conducted prior to acquiring or transferring property that may have any sort of contamination or other environmental issues. The evaluations that we are conducting are based on the assumption that the properties are clean and free of environmental contamination or other related issues. We have also not done any title work on any of the properties. We recommend that sufficient title reports and title insurance be provided by a competent title insurance company for all potential transactions. It also needs to be noted that in all cases regarding this assignment Compass Commercial is placing no value on any equipment or improvements related to the sewer treatment or Juniper Water Facilities. Compass Commercial has no expertise or license to evaluate the value, if any, of this equipment and improvements. This valuation is for the land only, as if there was no equipment or related improvements, unless noted otherwise herein. It also needs to be noted that this report is not intended to meet the requirements set out in the Uniform Standards of Professional Appraisal Practice; this is a Broker Opinion of Value and is not intended as an appraisal. If an appraisal is desired, the services of a competent professional licensed appraiser should be obtained. 3

4 Summary of Findings and Research This summary format follows the Summary of Properties to be Exchanged provided by the City on the following page. FROM WARD TO CITY Exhibit #1... $678,000 Right of Way Dedication (6.78 Acres) Exhibit #2... $6,860 Temporary Construction Easement (0.49 Acre) Exhibit #3... $5,000 Sewer Utility Easement (0.20 Acre) Exhibit #4... $3,780 Temporary Construction Easement (0.27 Acre) Exhibit #7 & Exhibit #8... $18,620 Sewer Utility Easement (0.22 Acre) & Water Utility Easement (0.16 Acre) Total Ward to City: $712,260 FROM CITY OF BEND TO WARD Exhibit #5... $518,550 Statutory Warranty Deed (4.35 Acres) Exhibit #6... $257,261 Release of Easements (17.33 Acres) Total City to Ward: $775,811 Please reference ensuing pages for discussion, data, and other market information that was used to determine these Broker Opinion of Values. Thank you for allowing us to assist. Should you have any questions, please do not hesitate to contact us. Sincerely, Ron Ross, CCIM Principal Broker 4

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6 Ward to City Exhibit #1 Exhibit # Acres right of way dedication from Ward to City Subject Property 6.78 acres as delineated in the attached survey. The subject property is a portion of a 32 acre lot zoned RS for Standard Density Residential development. It is located in the City of Bend and has city water in 15th Street. There will be sewer to serve this property upon the completion of the SE Interceptor project which is one of the purposes for this Right of Way Dedication. The property is in a desirable location with a nice view, attractive surrounding properties and natural features. The topography is fairly level and most of the native trees have been cleared from the site. Discussion and Conclusion as to Opinion of Value We valued this parcel in the original report dated August 12, 2012 at $35,000 to $40,000 per acre. After researching and reviewing comparable sales, we have selected three properties from which to derive our Opinion of Value. One of those properties is currently for sale and two have recently sold. Those comparable sales are detailed in the ensuing pages. The market has changed dramatically since our last report nearly two years ago. Land is the most volatile of all the property types. Based on these comps and our market knowledge and experience, we have assigned a value to this property of $100,000 per acre which equals $678,000. 6

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9 Ward to City Exhibit #1 Exhibit #1 Comps 6.78 Acres right of way dedication from Ward to City Sold Comparable Properties For Sale Comparable Property NEC of Boyd Acres Rd. and Ross Rd., Bend 5.31 acres zoned RM. This property is located within the City of Bend in the north east part of town. All infrastructure is in place to build multifamily residential units. This property just sold in June of 2014 for a sales price of $925,000 or $174,200 per acre. This property is superior to the subject primarily for the availability of all infrastructure and the RM zoning for higher density. In addition, this was a smaller parcel which created higher values per square foot. We adjusted the square foot value downward by 40% resulting in a value for subject property of $104,520 per acre. Ferguson Rd., Bend acres zoned UAR-10. This is a good comp in that is a similar location in SE Bend and a similar size. However, it is inferior in that it is not in the city and is zoned UAR-10. It is priced with the expectation that it will come into the city. There is a sewer line to the property. It is priced at $52,000 per acre. We have adjusted to reflect a value of approximately $90,000 per acre for the subject property which is already in the city limits Reed Market Rd., Bend 50 acres in SE Bend zoned RS. This property sold in July, 2013 and is a very good comparable sale. It is slightly superior to the subject due to its proximity to infrastructure, but that was countered by the fact that the sale is a year old and the market has improved since then. This property sold for $5,000,000 or $99,305 per acre and we made no adjustments resulting in a value for the subject of $99,305. SITE AREA ZONING ACRES DATE $ PER ACRE ADJUSTED $ Boyd Acres and Ross Rd. NE RM $174,200 $104, Reed Market Rd. SE RS $99,305 $99,305 Ferguson Rd. SE UAR For sale $52,000 $90,000 9

10 FOR SALE Multi-Family Land NEC of Boyd ACrEs rd. & ross rd., BENd, oregon Multi-faMily parcel with Mountain views size: lot: 5.31 acres PriCE: $925, units being developed on adjacent lot Zoned medium density residential (RM) Surrounded by single family and multifamily uses All utilities available Great visibility Easy access to Highway 97 Jay Lyons, CCIM Erich Schultz, SIOR Darren Powderly, CCIM I sw columbia st., suite 6100 I Bend, oregon I tel I fax Brokers are licensed in the state of Oregon. This information has been furnished from sources we deem reliable, but for which we assume no liability. This is an exclusive listing. The information contained herein is given in confidence with the understanding that all negotiations pertaining to this property be handled through Compass Commercial Real Estate Services. All measurements are approximate. 10

11 Prepared for Presented by lupita wesseler Compass Commercial Real Estate Services 7/16/2014 (541) sale one Page Report for land in Bend, or Reed Market Road, Bend, OR sale Information Sale Status: Sold Sale Date: 07/31/2013 Sale Price: $5,000,000 ($99,304.87/Acre) Listing Price: $6,500,000 Property details Property Type: Property Sub-type: Lot Size: Land Multifamily (land) Acres Property description The property is comprised of 3 separate tax lots totaling acres of RS land. The City of Bend has confirmed there is a general plan designation of RM. The property has canal frontage, and is one of the last, largest, level properties in the UGB. Beautiful Cascade Mountain views featured on this gorgeous property. Great location and convenient access to shopping, dining, residential and business areas in Bend, OR. 3 Separate tax lots totaling acres: American Loop, Bend (40 Ac) 633 SE Reed Market Rd, Bend (0.39 Ac) Reed Market Rd, Bend (9.96 Ac) Please see attached marketing package for more information. Parties to transaction Broker: Peter Lowes, CCIM 920 Nw Bond Street Bend, OR notes 2014 Lupita Wesseler 11

12 FOR SALE UAR-10 PARCEL ACRE PARCEL TAX LOT # / BEND, OREGON UGB OPPORTUNITY 60 RIGHT OF WAY TO FERGUSON ROAD ACRES OFFERED AT $2,033, ACRES POSSIBLE OWNER CARRY ZONED UAR-10 FOR MORE INFORMATION, PLEASE CONTACT LISTING BROKER: 963 SIMPSON AVENUE, SUITE 220 BEND, OREGON FRATZKECOMMERCIAL.COM JEFF REED BROKER CELL JEFF@FRATCOMMERCIAL.COM 12

13 Three Easements from Ward to City Exhibits #2, 3 & 4 Exhibit #2 easement from Ward to City Subject Property Temporary construction easement of 0.49 acres as delineated on exhibit 1-C. This easement is intended to support the 6.78 acre right of way dedication during the construction period. Discussion and Conclusion as to Opinion of Value The formula we use to value temporary construction easements is essentially treating it as a land lease during the construction period and ensuing one year warranty period. In this case, we have established a value of $100,000 per acre for the land. A land lease rate is typically in the range of 6 8% annually of the land value which is $49,000 (0.49 acre x $100,000 per acre). Using 7% gives an annual lease rate of $3,430. We are assuming a one year construction period, followed by a one year warranty period for a total of two years giving a value for the temporary construction easement of $6,860. If the length of the temporary easement period differs substantially from two years then an appropriate adjustment would need to be made. Exhibit #3 easement from Ward to City Subject Property Sewer utility easement of 0.20 acre located along the west side of 15th street on the Ward property. It is a narrow strip on the edge of the property consistent with most utility easements. It is delineated on the following Exhibit 3-B. Discussion and Conclusion as to Opinion of Value The fee simple value of the 0.20 acre has been established at $20,000 (0.20 acre x $100,000). In this case, there will only be an easement acquired. The valuation methodology that we have been employing to value easements is 25% to 50% of total fee simple value. The actual percentage to be used is based on how large an impact the easement will have on the property and whether or not it will affect long term value or utility of the encumbered parcel. In this case, since the easement is a narrow strip bordering the roadway, we have assigned a low impact and virtually no impact on long term value or utility of the parcel, so we have used a percentage of 25% of land value to come up with the easement value. The estimated value of this Sewer Utility Easement is $5,000. Exhibit #4 easement from Ward to City Subject Property Temporary construction easement used to support the above identified sewer easement acre as delineated on Exhibit 4-B. Discussion and Conclusion as to Opinion of Value Using the previously discussed methodology the value of this temporary construction easement to support the sewer easement and construction would be (0.27 acre x $100,000 = $27,000 x 7% = $1,890 x 2 years = $3,780). The estimated value of Exhibit #4 is $3,

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17 City to Ward Exhibit #5 Exhibit # Acres deeded from City to Ward Subject Property The subject property consists of five separate parcels as follows: 1. Old Sewer Treatment Plant Site (3.18 acres) TM BO TL Old Water Reservoir Facility (0.82 acre) TM BO TL Well Site (0.017 acre) 4. Fuel Tank/Generator Pad Site (0.07 acre) 5. Pump Site (0.09 acre) Discussion and Conclusion as to Opinion of Value Parcels 1 & 2 Both of these parcels are undeveloped RS zoned parcels in the city limits of Bend. We have previously established that large tracts of undeveloped land should be valued at approximately $100,000 per acre. In the case of parcel number 1, there are three factors that would increase that value. First, it is located on a major collector street, Murphy Rd, and is very close to city sewer and water and other services. So even though it is undeveloped, we are presuming that development potential is much greater at much less cost than some of the other parcels that we have considered. Second, it is a much smaller parcel that we have previously evaluated. We have done additional searches for comps for this type of parcel. The best comp is one we used previously. The 5.31 Acre parcel on Boyd Acres and Ross Rd. that sold for $174,200 per acre. Additionally, we found four other comps, detailed on the ensuing page. The three properties below are all platted subdivisions, so are not good comps, but they do establish the high end of potential price points. Sold 607 NE Vail Lane 4.72 acres at $286,000 per acre Expired Nate s Place 4.5 acres at $233,000 per acre For Sale 1125 NE Jones Rd acres at $283,000 per acre The last comp is a for sale property at Stevens Rd. It is 3.27 acres at $75,000 per acre. The two best comps are at $174,200 per acre and $75,000 per acre. Applying our judgment and experience to the market research, we have assigned a value for a 3.18 acre parcel known as the Old Sewer Treatment Plant site at $140,000 per acre or $445,200. Parcel #2 is an irregularly shaped parcel located south of Murphy Rd. and Parcel #1. It appears to be of limited utility other than to the surrounding property owners. It further appears encumbered by an area of special interest designation which covers nearly the entire site, so its development potential may be severely limited. For this reason we have assigned a nominal value of $37,000 for this site. 17

18 City to Ward Exhibit #5 Exhibit # Acres deeded from City to Ward Discussion and Conclusion as to Opinion of Value (Continued) Parcels 3, 4 & 5 It needs to be noted that in all cases regarding this assignment Compass Commercial is placing no value on any equipment or improvements related to the sewer treatment or Juniper Water Facilities. Compass Commercial has no expertise or license to evaluate the value, if any, of this equipment and improvements. This valuation is for the land only, as if there was no equipment or related improvements, unless noted otherwise herein. The exception in this case, is that there has been a value placed on the well (not any of the well equipment). Well Site This is a 0.17 acre site containing a well. We are told that the well is non functioning because equipment has been vandalized or is otherwise not working. We do however, believe that there is value in the well itself. A well log was pulled showing a 491 foot deep well with static water level at 380 feet. The well was completed in For our original report in 2012, we discussed this with a well driller for our valuation estimate and concluded that well drilling costs are $35 per foot. All three of the above sites are contained within a large parcel of land of over 300 acres owned by the Ward family. This land at one time was the home of the back nine of Mt. High Golf Course. The land has beautiful water amenities with an irrigation canal and ponds. It is also nicely treed with ponderosa pines. The land is outside the Bend UGB and City Limits and is zoned Urban Area Reserve. Based on the sales comparable history that we have previously researched, the only real relevant for sale comp is the acres on Ferguson Rd. which has the same zoning and is for sale at $52,000 per acre. We have adjusted this because it has not sold yet and it is a smaller parcel than the 300 acres of the subject. We have assigned a value of $45,000 per acre for these parcels. The calculation for the well site is as follows: 0.17 acre x $45,000 = $7,650. Additionally, we have assigned a value of $17,000 for the well based on an interview with H&H Pump and Equipment, who are local well drillers. They quoted approximately $35 per foot to drill a well. This well is 491 feet according to the well log. Well Site Total = $24,650 Pump Site Total = 0.19 acres x $45,000= $8,550 Pad Site Total = 0.07 acres x $45,000= $3,150 Total = $36,350 CONCLUSION SUMMARY PARCEL LOCATION VALUE # acres at $140,000 per acre $445,200 #2 Old Water Reservoir Facility $37,000 #3 Well Site $24,650 #4 Pump Site $8,550 #5 Pad Site $3,150 Total for Exhibit #5 $518,550 18

19 City to Ward Exhibit #5 Exhibit #5 Aerial Old Sewer Treatment Plant Site (5-1) and Old Water Reservoir Site (5-2) 19

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23 Exhibit #5 Comparable Properties City to Ward Exhibit #5 Client summary Report Property type Land Include Property subtypes Commercial Land, Investment Land, Lots 1 acre or more Area Bend/Tumalo/Alfalfa statuses Active, Contingent Bumpable, Pending, Sold (7/18/2013 or after), Withdrawn (4/19/2014 or after), Terminated (4/19/2014 or after), Expired (4/19/2014 or after) lot size 1 ac to 5 ac Zoning *r* Listings as of 07/18/14 at 3:26pm Active 02/24/14 listing # stevens Road Bend, or listing Price: $245,250 County: deschutes Cross st: 27th street Property type Land Property subtype Lots 1 acre or more Area Bend/Tumalo/Alfalfa Addition Cla section SE Price/Acre $75, tax Id lot sq ft(approx) lot Acres (approx) Additional Pictures directions East of 27th St at the intersection of Stevens Rd. Access to property is off Stevens Rd and is subject to 30-year right of way easement. Go south on 27th, turn left on Stevens Rd, property is on left. Marketing Remark On the canal with mountain views. Property consists of 3.27 acres situated inside the Bend Urban Growth Boundary. This parcel benefits from the availability of Avion water with a septic system on site. Parcel has access to Stevens Rd off SE 27th St providing minimal commute time to work, schools, eastside shopping as well as access to the downtown core area and the Old Mill District. Nearby existing single family neighborhoods. Active 03/24/14 listing # ne Jones Road Bend, or listing Price: $489,900 County: deschutes Cross st: hollinshead Property type Land Property subtype Investment Land Area Bend/Tumalo/Alfalfa Addition Wiestoria section NE Price/Acre $283, tax Id lot sq ft(approx) lot Acres (approx) Additional Pictures directions 8th Street North on Jones Road, Property on South Side of Street. Marketing Remark Approved 9 lot infill plat in a very nice wooded upper midtown neighborhood, stones throw to Hollinshead Barn. This project has all city approvals and is ready to install the street and taps.have lots ready to build homes by June. Upscale homes being built next door. Presented By: Ronald e Ross Compass Commercial Real estate services Primary: Secondary: Other: 600 SW Columbia St Suite 6100 Bend, OR Fax : See our listings online: rross@compasscommercial.com July 2014 Web Page: Featured properties may not be listed by the office/agent presenting this brochure. Information has not been verified, is not guaranteed and is subject to change. Copyright 2014 Rapattoni Corporation. All rights reserved. U.S. Patent 6,910,045 23

24 Exhibit #5 Comparable Properties Client summary Report City to Ward Exhibit #5 Listings as of 07/18/14 at 3:26pm expired 05/28/14 listing # nates Pl Bend, or listing Price: $1,050,000 County: deschutes Cross st: dean swift Road Property type Land Property subtype Investment Land Area Bend/Tumalo/Alfalfa Addition Clarendon Place section NE Price/Acre $233, tax Id lot sq ft(approx) lot Acres (approx) directions NW corner of Bear Creek Road and Dean Swift Road. Marketing Remark Great, centrally located Bend subdivision with 30 townhome lots and 8 larger lots zoned RM for medium density residential development. This also could be an opportunity to build multi plex rental units in the short term with the option to sell individual units in the future. Or combine two townhome lots and build single family homes. Potential City of Bend SDC credit to builder/developer, and commercial home on lot #10 currently leased for $2,053 per month. Call broker for more. sold 04/17/14 listing # ne Vail lane Bend, or listing Price: $1,750,000 County: deschutes Cross st: 8th Property type Land Property subtype Lots 1 acre or more Area Bend/Tumalo/Alfalfa section NE Price/Acre $286, tax Id CA lot sq ft(approx) lot Acres (approx) selling Price $1,350,000 sp%lp directions From 8th St. go North to Isabella. Sign on corner of 8th & Isabella has map of subdivision which includes Lots 1-58 and Tract A&B. Marketing Remark Vail Meadows is a completed 58 townhome lot subdivision with all infrastructure complete including a community park. It features a great location on the east side of Bend with stunning views of Mt. Bachelor and Awbrey Butte and 4 blocks from the main Post Office and minutes from downtown. Perfect for the forward thinking builder and investor. Lot #53 is not developable. Presented By: Ronald e Ross Compass Commercial Real estate services Primary: Secondary: Other: 600 SW Columbia St Suite 6100 Bend, OR Fax : See our listings online: rross@compasscommercial.com July 2014 Web Page: Featured properties may not be listed by the office/agent presenting this brochure. Information has not been verified, is not guaranteed and is subject to change. Copyright 2014 Rapattoni Corporation. All rights reserved. U.S. Patent 6,910,045 24

25 City to Ward Exhibit #6 Exhibit # Acres release of easements from City to Ward Subject Property The subject property consists of five separate parcels as follows: 1. Yard Access Easement (0.79 acres) 2. Shilo Pond Easement (2.15 acres) 3. Shilo Sewer Easement (1.28 acres) 4. Hole 5 Access Easement (5.61 acres) 5. Hole 5 Pond, Facilities, and Access (7.21 acres) Discussion and Conclusion as to Opinion of Value It should be noted that this is an unusual process whereby the City of Bend will be transferring back an easement that they acquired to the original property owner. There would be little to no value for this easement on the open market as the only potential buyer would be the encumbered property owner. In this case, however, we will be valuing it as if the City were acquiring it in order to determine a reasonable estimate of fair market value. Yard Easement The Old Sewer Treatment Plant site of 0.79 acre is related and connected to and in the same vicinity as the deeded land valued in Exhibit #5. We valued that land at $140,000 per acre. This is an easement interest only and not fee simple acre x $140,000 = $110,600 x 25% = $27,650. Shilo Pond Easement 2.15 acre in undeveloped RS zone in Bend city limits. We are assuming there are no wetland issues in developing this parcel. It is a typical undeveloped RS site that we have previously assigned a value of $100,000 per acre. In this case, we assigned the lower value of $85,000 per acre because of reduced infrastructure and amenities in the area. It should also be noted that in our original report we were given a size of 1.1 acres for this parcel and the information received recently identifies this as 2.15 acres. Summary for Shilo Pond Easement: 2.15 acres x $85,000 = $182,750 x 25% = $45,687. Shilo Sewer Easement 1.28 acres in undeveloped RS zone in Bend city limits. Note that we were not provided with an acreage measurement for this report, so we have used the same acreage we used in our original report. It appears that this easement follows an abandoned/ undeveloped roadway across an undeveloped parcel of RS land in the Bend city limits. We have previously established a market value for this land at $85,000 per acre. Our valuation formula would be as follows: 1.28 acres at $85,000 = $108,800 x 25% = $27,

26 City to Ward Exhibit #6 Exhibit # Acres release of easements from City to Ward Discussion and Conclusion as to Opinion of Value (Continued) Hole 5 Access Easement 5.61 acre roadway connecting to China Hat Rd. Again, it should be noted that this acreage comes from our original report as we were unable to ascertain the acreage on the information given to us for this report. The road is a reasonably well maintained gravel road. In Exhibit 5, we had established a value of $45,000 per acre for this land. Since this is a partially developed roadway, we have added an estimated sum to account for that development. at $45,000 per acre. In our valuation formula, we have added some value for the amenities described, the Arnold Irrigation water rights and cost to develop the pond acres at $45,000 = $324,450 plus $40,000 for amenities, water rights, and pond development = $364,450 x 25% impact ratio = $91, acres at $45,000 = $252,450 + $10,000 for roadway development = $262,450 x 25% impact ratio = $65,612. HOLE 5 POND, FACILITIES AND ACCESS Subject property consists of: Pond Easement (6.53 acres) Access Easement (0.31 acre) Pad Access Easement (0.37 acre) These sites are all located within a large parcel of land containing over 300 acres owned by the Ward family. This land was at one time the home of the back nine of Mt High Golf Course. The land has beautiful water amenities with an irrigation canal and ponds. It is also nicely treed with ponderosa pines. The land is outside the Bend UGB and is zoned Urban Area Reserve. We had previously established the value of this land SUMMARY FOR EXHIBIT 6 RELEASE OF EASEMENTS (17.33 acres) LOCATION ACRES VALUE Yard Access Easement 0.79 $27,650 Shilo Pond Easement 2.15 $45,687 Shilo Sewer Easement 1.28 $27,200 Hole 5 Access Easement 5.61 $65,612 Hole 5 pond, facilities and access 7.21 $91,112 Total for Exhibit #6 $257,261 Note: The acreages we have used above total acres and the acreages provided by Jeff total I do not know where the discrepancy is as were not given acreages for all of these parcels. 26

27 Exhibit #6 Aerial Shilo Pond Easement (6-2) and Shilo Sewer Easement (6-3) City to Ward Exhibit #6 27

28 City to Ward Exhibit #6 Exhibit #6 Aerial Hole 5 Access Easement (6-4) and Hole 5 Pond, Facilities and Access Easement (6-5) 28

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34 Ward to City Exhibit #7 & 8 Exhibit #7 & acre easements from Ward to City Subject Property This involves water and sewer easements totaling 0.38 acre across the portion of the property that we previously valued and identified as the Old Sewer Treatment Plant Site. Discussion and Conclusion as to Opinion of Value We had valued this property at $140,000 per acre. We have assigned an impact ratio for these easements at 35% as they are not on a property line, but well into the property, and would potentially have a larger impact on the development of this site acre at $140,000 = $53,200 x 35% = $18,

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37 Broker Profile Scope of Experience Ron began his real estate career in Portland, Oregon, in 1978 after attending law school at the University of Idaho. He has practiced real estate brokerage continuously since then, moving his practice to Bend in He s been involved in property management, ownership and management of real estate offices, owning and operating his own real estate investments, and has been a consistent top-producing broker year after year. He was a member of the RE/MAX Hall of Fame prior to transferring to Compass Commercial in 2008, where he has been one of the top brokers every year since. Ron Ross, CCIM Principal Broker rross@compasscommercial.com Office: Direct: Cell: Fax: SW Columbia St., Ste Bend, OR Ron has extensive expertise in all facets of real estate from bare land and development to retail, office, industrial, and multifamily. He travels extensively both domestically and internationally in sharing and learning cutting edge best practices in his industry. He has a local, regional and national reach in his practice. During the downturn Ron became one of the industries leading experts in REO properties and working with banks in the management and liquidation of large and diverse REO portfolios. In the last 3 years Ron has sold more than 60 REO properties. His greatest passion is investment real estate. He has extensive knowledge and experience in buying and selling investment properties including multi family, office, retail, and industrial. This includes stabilized leased properties as well as value add and turn around situations. He is an expert in 1031 tax deferred exchanges. He has the unique ability to analyze opportunities and quickly observe the pros and cons. More importantly he knows the questions to ask, and gets to the heart of the matter efficiently. Few commercial real estate brokers today have the experience, longevity and passion for the business that Ron brings on behalf of his clients. Clients appreciate his no nonsense, bottom line approach. He focuses on offering grounded and realistic assessments of the market, the property, opportunities and solutions with comprehensive advice for sound decision making. Professional affiliations: Ron holds the coveted CCIM designation, commonly referred to as the Ph.D. of commercial real estate. He is licensed in both Oregon and Washington. 37

38 Ron Ross, CCIM Principal Broker Broker Profile In the press: Ron Ross keynote speaker at Bend Chamber 2012 Real Estate Forecast Breakfast (March 7, 2012) Ron Ross on KBND s Your Town (March 5, 2012) Ron Ross named Realtor of the Year by Central Oregon Association of Realtors (July 23, 2011) Compass Commercial s Ron Ross represents Pacific Northwest at national real estate meetings (April 27, 2011) Education: Ron originally hails from a cattle ranch in Wyoming, and graduated in Pre-law from South Dakota State University before attending law school at the University of Idaho. Community and professional involvement: Bend Urban Growth Boundary Technical Advisory Committee Regional Vice President for CCIM Region 1 encompassing Oregon, Washington, Idaho, Montana, and Alaska Board of Directors for CCIM Institute Past President of Oregon/SW Washington CCIM chapter Board of Realtors Professional Standards Committee Many years spent coaching youth basketball and baseball Interests: When not in the office, Ron enjoys golf, reading and travel with his wife, Joan. Ron has two sons, both recent graduates of the University of Oregon School of Business in the startup phase of successful careers. 38