APPRAISAL SERVICES

REAL ESTATE SOLUTIONSFOR INFRASTRUCTURE

Dear Prospective Appraisal Client:

Please allow me to take this opportunity to present the appraisal qualifications and competitive advantages ofour firm, O. R. Colan Associates (ORC). We are one of the oldest, most highly regarded right-of-way acquisitionfirms in the industry, and we have a proven record of success as it relates to Appraisal Services. O. R. Colanoffers a full range of appraisal and appraisal review services through an outstanding team of experienced realestate appraisal professionals trained to meet all anticipated challenges and needs. Our appraisers havesuccessfully completed a significant level of education, experience and represent the very best in the industry.

The O. R. Colan Appraisal Division has a combined total of 180 years of appraisal experience. The AppraisalDivision is Licensed/Certified and DOT pre-qualified to practice in a total of (15) States. Our Appraisers areDOT prequalified in appraisal and appraisal review and are considered to be the best and the brightest in theappraisal field.

This illustration of our real estate appraisal qualifications will demonstrate our familiarity with the changing realestate environment and the varying needs of our client base. It demonstrates our ability to perform:

• complicated valuations on a variety of differing property uses such as commercial, industrial, agricultural, multifamily residential and special use properties;

• complicated appraisal assignments regarding trending valuation, retrospective valuation,eminent domain valuation, right-of-way cost estimating, and appraisal review services;

• various appraisal related tasks such as project costing, litigation support, acquisition, disposition, assetmanagement, detrimental conditions valuation, subdivision analysis, real estate tax valuation and consulting.

We recognize that in both the private sector as well as the public sector more responsibility is now placed oncredible appraisals. Weak appraisals can lead to unwise investments. If you are in the banking business, youneed to have confidence that your collateral is sufficient to cover the money that you are lending on a property. Ifyou are a public agency, you need to know that the property owner is being paid the market value of theirproperty and also assure that public funds are not being wasted. Our experience attests – without a doubt – toour ability to work effectively in this high-pressure environment.

Has your project or your closing been delayed by an appraiser? Late appraisals can delay the process and thismeans money lost in any business. We have continuously demonstrated our ability to provide quality appraisalson time. This is a promise that most appraisal firms cannot keep.

Please feel free to contact me directly should you wish to further discuss our firm’s qualifications at(888) 420-4090 or email at appraisal@orcolan.com. I look forward to learning more about the future initiativesyour firm intends to pursue and the ways the ORC Appraisal Team can aid in your company's real estatevaluation needs.

Respectfully,

Eric Kirk, MAI, SRA Director of Appraisal ServicesO. R. Colan Associates

Founded in 1969 by transportation attorney, Owen Richard Colan, J.D., O. R. Colan Associates (ORC) is one ofAmerica's most respected right-of-way acquisition firms. Today the company is woman-owned and lead by CatherineColan Muth as CEO. We are recognized nationally by public agencies in the field of right-of-way acquisition andrelocation assistance for projects implemented under the provisions of the Uniform Relocation Assistance and Real PropertyAcquisition Policies Act of 1970 (Public Law 91-646, as amended) and Title 49 Code of Federal Regulations Part 24.

Our clients are primarily agencies with eminent domain authority. These include more than 100 airport authorities, 32departments of transportation, the Federal Emergency Management Agency, the Environmental Protection Agency, the National Park Service, the U. S. Army Corp of Engineers, the General Services Administration, the Department of Justice,American Electric Power (AEP) and numerous lenders, state, county, municipal and local public agencies.

We have an impressive record of contributing to large engineering projects as a subconsultant to some of the moreinnovative firms in the country, and it is this unparalleled level of versatility that separates us from the competition.

For more than 45 years, ORC has offered appraisal review services to our clients. We now provide complete real estateappraisal and appraisal review services for both private sector and public sector organizations.

ORC has provided training for more than 10 years to FHWA through the National Highway Institute appraisal andappraisal review courses related to the right-of-way industry.

It is this unparalleled level of versatility combined with our enduring reputation for quality, integrity and dependability thatsets us apart from our competitors.

“The decisions we make on a day-to-day basis have a significant impact on the future of the communities in which we live and work. To truly inspire confidence in progress, we must consciously make every effort to improve the quality of life for our clients, our employees, and the general public. We take this responsibility very seriously.”

– Catherine Colan Muth, CEO

HistoryCORPORATE HISTORY

O. R. Colan Associates has built an enduring reputation based on ourknowledge, experience, quality work product, integrity and dependabilitythat set us apart from our competitors.

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AppraisalAPPRAISAL/APPRAISAL REVIEW SERVICES

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Appraisals can lead to either wise or unwise investments. If you are in the lending business, you need to haveconfidence that your collateral is sufficient to cover the funds that you are lending on a property. If you are a publicagency, you need to know that the property owner is being paid the full value of their property and also assuredthat public funds are not being wasted. You can rely on the opinion of value developed by our professionalappraisers to be based on the highest professional standards as outlined in the Uniform Standards of ProfessionalAppraisal Practice (USPAP).

WHAT IS AN APPRAISAL?A real estate purchase is generally the largest single investment most people will ever make. Whether it’s apurchase of a primary residence, a second vacation home or a commercial investment property, the acquisition ofreal property is a complex financial transaction that requires a team of skilled professionals.

Each professional on this team has a specific responsibility. The realtor or salesperson is the most familiar role in thetransaction. The mortgage company provides the financial capital necessary to fund the transaction. The title companyensures that all aspects of the transaction have been completed and that a clear title passes from the seller to the buyer.

So who makes sure the value of the property is in line with the amount being paid? There are too many people andrisks exposed in the real estate process to allow such a transaction to proceed without assuring that the value of theproperty is commensurate with the amount being paid.

This is where the appraiser comes in. An appraisal is an unbiased opinion of market value or what a buyer mightexpect to pay - or a seller receive - for a parcel of real estate, where both buyer and seller are informed parties. Tobe an informed party, most people turn to a licensed, certified, professional appraiser to provide them with the mostaccurate estimate of the true value of their property.

WHAT IS AN APPRAISAL REVIEW?ORC offers professional, objective, ethical appraisal review services for our clients. Appraisal reviews shoulddetermine whether the appraisal or evaluation is appropriate for the specific scope and the risk of the transaction,and whether the process by which the collateral valuation is obtained ensures independence and quality. Byengaging ORC to perform an appraisal review you are relying on our knowledgeable, objective and independentjudgment. A solid review should also indicate whether the appraisal or evaluation report is consistent with thescope of the appraisal assignment.

We can prepare an appraisal review to meet the client’s requirements, whether limited as a “desk” review or asdetailed as a “field” review in a narrative format. ORC staff appraisers are experienced in all types of appraisalreviews, review procedures and the complex responsibilities of review appraisers.

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Our ClientsAPPRAISAL TESTIMONIALS

ORC staff appraisers are considered to be some of the best and mostknowledgeable in the industry. Many members of our management teamhave in excess of 25 years experience each and bring with them a widevariety of private and public appraisal experience in virtually all forms ofappraisal valuation.

Here’s what some of our current and past clients have said about ourAppraisal Team members:

“O. R. Colan has done a great job completing the appraisals for our office on theBethany Road Widening Project. The project has 44 property parcels that require sometype of right-of-way or easement acquisition in order to complete the improvements onBethany Road, which is being funded in part with Federal STP funds (70%) and localcounty road and bridge funds (30%). They have met or exceeded our expectations onthis much needed project.”

Mr. Kurt Weber Chief Deputy Engineer Warren County, OHEngineer’s Office

“Green Township has been utilizing the services of O. R. Colan for nearly two yearsnow for the appraisal of property needed for public right-of-way and acquisitionnegotiations. Their professionalism and attention to detail is second to none. O. R.Colan associates we have had the most contact with, are very personable and wellinformed in all facets of their profession.”

Mr. Fred B. Schlimm, Jr. Director of Public Services Green Township, OH

“As a property owner affected by a recent road-widening project in the City of BowlingGreen, Ohio, we appreciate the prompt, courteous, and respectful treatment we receivedfrom the staff members of O. R. Colan Associates. Their involvement made the overallprocess less tedious and it was apparent that they had our best interest in mind whendealing with issues specific to both our property and the overall project.”

Mr. Rob Armstrong Executive Vice President Bennett Enterprises

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“In my capacity as a Business Banking Officer at National City, I have had the pleasure ofworking with (members of the ORC Appraisal Staff) for over 15 years...Their reports have always been timely, professionally prepared, and obviously been done with therequired research. When I have had a question, they have always had the necessary information to back up their appraisals. It has always been obvious to me that they treat each appraisal carefully, and with respect to current conditions. I could not argue with the valuation they provided.”

Mr. Dennis L. MillerMarket President National City Bank

“Their professionalism, turnaround time, knowledge and overall problem solving skills area key ingredient to a successful relationship. That's probably why their reputation withinthe market is impeccable. Professionalism, Integrity, Knowledge and Quality… these guys exude the professionalism that my bank expects and what the client wants.”

Mr. Kip T. MattesonCommunity President Huntington National Bank

“For several years, I have had the pleasure of working with (an ORC Staff Appraiser) on various projects in Mansfield, Ohio. (His) knowledge and expertise in real estate appraisal is excellent. He provides a thorough and unbiased valuation of the real estate under consideration. I look forward to working with O. R. Colan Associates on future projects.”

Mr. Tim BowersockEconomic Development Director City of Mansfield, Ohio

“I am impressed with the detail in the analysis of site improvements and the effect of thetake. They make it much easier to explain the impacts to the owner. This and theReviewer’s support, give me confidence when dealing with the project property owners.”

Mr. Greg Reynolds Right of Way AcquisitionsDLZ Ohio Inc.

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SERVICES PROVIDED TO APPRAISAL CLIENTSO. R. Colan Associates offers a full range of appraisal and appraisal review services to both private and public entities. ORC has built upon our proven success as one of the most highly regarded right-of-way firms in the industry byassembling an outstanding team of experienced real estate appraisal professionals trained to meet all of your real estateappraisal needs. Our Appraisal Division team members have a wealth of appraisal experience, education,certifications, designations and represent some of the very best appraisal professionals in the industry.

Property type valuations include a wide variety of differing property uses including, but not limited to:

• Commercial: Office, Retail, Restaurants, Hotels, Automobile Dealerships • Industrial: Manufacturing, Warehouses, Truck Terminals • Agricultural: Tillable Acreage, Livestock Farms, Woodlands, Transitional

Land • Multifamily: From Duplexes up to Large Scale Luxury Apartment Buildings • Residential: Single Family Detached, Attached Condominiums, Historical

Residences • Institutional: Schools, Post Offices, Hospitals • Special Use Properties: Churches, Greenhouses, Golf Courses, Fitness Clubs,

Car Washes • Subsurface: Water Rights, Coal Reserves • Above Surface: Avigation Easement Rights, Aerial Easements

• Eminent Domain Valuation from simple takes to complex self-contained narratives

• Fee Simple, Leased Fee, Leasehold, Life Estate, and Partial Interest Valuation

• Easement Valuation from Subsurface to Avigation• Property Rights Valuation from loss of parking to

loss of access• Retrospective Historical Valuations • Proposed New Construction Valuation • Risk Assessment for Commercial Mortgage Lending

• Litigation Support • Asset Management for Acquisition and Disposition• Complex Estate Valuations• Portfolio Valuation and Analysis• Real Estate Tax Valuation• Subdivision Analysis• Construction Compliance Inspection• Complex Lease Analysis for Special Properties• Right of Way Cost Estimating• Detailed Highest and Best Use Studies

The scope of ORC's appraisal services also includes complicated appraisal and appraisal review assignments such as:

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The Inspection is theinitial step in the realestate appraisalprocess. The appraiserconsiders the property’s features,floor plan, quality, location and condition as well as obviousdefects that would affect the overall valueof the property. Once inspected, the appraiser considers

three different approaches to value the real property: the cost approach, the sales comparison approach andthe income approach.

COST APPROACH

The Cost Approach utilizes local building costs, labor rates and other factors to determine how much it wouldcost to replace or reproduce the subject property. These costs represent the reconstruction costs new of a property with similar functional utility, size, scope and quality as the subject property. From this cost estimate, accrued depreciation and other obsolescence (if applicable) are deducted to arrive at a depreciatedvalue of the improvements. The value of the land is then added to the depreciated value of the improvements to arrive at an opinion of value by theCost Approach.

SALES COMPARISON APPROACH

The Sales Comparison Approach considers recent sales of nearby "comparable" properties that are similar tothe subject property being appraised. The sales prices

of the comparable sales are used as a basis to begin the sales comparison approach. Based on differences in square footage, site size, quality, and otheramenities, the appraiser makes positive or negativeadjustments to the comparable properties to moreaccurately portray the size, scope and amenities of thesubject property. Once all of the adjustments havebeen made, the net adjustment is applied to the saleprice of each comparable sale. These adjustedcomparable sale prices are collectively weighed by theappraiser and utilized as a basis for the opinion ofvalue by the Sales Comparison Approach.

INCOME APPROACH

The Income Approach is utilized especially when valuing income producing properties. In the income approach to value, the anticipated benefits of incomeproducing property such as rental income cash flowsand the property reversion at the end of the holding period are developed into property value through twosets of procedures known as Direct Capitalization andYield Capitalization. Direct Capitalization utilizes one year's income expectancy capitalized at a market derived capitalization rate. Another approach is Yield Capitalization which utilizes separate annual cash flows over a specified holding period as well as the projected return of the investment at the end of the projected holding period. This annual income stream isthen discounted at a developed yield rate to determinethe present value of the income stream.

RECONCILIATION

The Reconciliation process analyzes the conclusions developed from the three approaches to value in order to conclude the appraiser's final opinion of market value for the subject property. This accurately developed final value conclusion is then used to assistin making informed real estate decisions.

INSPECTION

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ProjectsAPPRAISAL SERVICES FORAIRPORT PROJECTS

City of Cleveland Department of Port Control – Brook Park Land Development

City of Cleveland Department of Port Control – NASA site

Clark County Regional Airport (Sellersburg, IN)

Cuyahoga County Airport (Richmond Heights, OH)

Northeast Ohio Regional Airport (Ashtabula, OH)

Philadelphia International Airport (Philadelphia, PA)

Easton Airport (Easton, MD)

City of Cleveland Department of Port Control - SkyChef Rent Analysis

City of Cleveland Burke Lakefront Airport - Rent Analysis

Portage County Airport (Ravenna, OH)

Cleveland Hopkins International Airport – 31AC Project

City of Cleveland Department of Port Control - Appraisal Reviews

Grissom Airport – Runway (Lawrence Co., Indiana)

Dayton International Airport - Noise Mitigation

Huron County Airport (Norwalk, OH)

Yeager Airport (Charleston, WV)

Boggs Field Airport (Spencer, WV)

Erie Municipal Airport - Runway 6-24 Extension

Clinton County Airport (Plattsburg, NY)

Lambert – St. Louis International Airport (St. Louis, MO)

Warren County Airport

Palm Beach International Airport, (Palm Beach, FL)

City of Wadsworth Airport

Harrisburg International Airport (Harrisburg, PA)

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CITY OF CLEVELANDDEPARTMENT OFPORT CONTROL

City of Cleveland Department of Port Control has a long relationship with ORC,selecting our team as the recipient of two consecutive On-Call Appraisal Contracts.A total of 13 separate task orders were assigned to ORC within the first on-callcontract in 2008:

• Task 1 involved the appraisal and a market rent analysis for land and buildingknown as Aviation High School, located adjacent to Burke Lakefront Airport. Inaddition, the appraiser was asked to develop a market lease study on the landalone, as if vacant.

• Task 2 was to conduct a market lease study for the land and building associatedwith Sky Chef, a food preparation facility servicing the airline industry locatedon the grounds of Cleveland Hopkins Airport.

• Task 3 involved the review of a summary narrative appraisal report preparedspecifically to determine damages to a single family residence, due to itsproximity to Runway 5R and 5L at the Cleveland Hopkins International Airport.

• Task 4 involved the appraisal of Aviation High School, located adjacent to BurkeLakefront Airport subject to 14.3 Million in improvements. The development of amarket lease rate, subject to the improvements, was also prepared.

• Task 5 ORC was commissioned to form an opinion of value for 31 acres ofvacant land that had formally been acquired by the Cleveland Hopkins Airportas a part of their Noise Mitigation Project. The property was located along thenorth side of the new Cleveland Business Park in Cleveland, Ohio. Thisassignment involved the appraisal of the subject property in its “as is” condition,as well as, developing a current market lease rate for the entire property.

• Task 6 involved the appraisal the Parker Hannifin Airplane hangar on the site ofCleveland Hopkins International Airport.

• Task 7 was to conduct a comprehensive office lease study to estimate the fairmarket lease rate for the Burke Lakefront Airport Terminal.

• Task 8 was to prepare a market lease study on the previously valued ParkerHannifin Airplane hangar.

• Task 9 was to develop a submerged land lease rate for a floating barge that hadonce been utilized as a bar/restaurant known as Hornblowers. The City ofCleveland owned the barge and leased the facility as office space and alsoleased the water rights and permanent dock from Burke Lakefront Airport.

• Task 10 was to value (3) stray vacant lots owned by others within a subdivisionthat has been previously acquired in total by the City of Cleveland.

• Task 11 involved the appraisal of what is known as the River’s Edge Parking Lot. • Task 12 involved the lease analysis of a warehouse hangar known as Hangar 211.• Task 13 involved potential redevelopment of part of Burke Lakefront Airport into

office buildings, restaurants, and upscale apartments.

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YEAGER AIRPORTCHARLESTON,WEST VIRGINIA

City of Cleveland – continued

The second on-call contract was dated 2012 and is ongoing with a total of fivetask orders to date.

• Task 1 involved the development of a current ground lease rate for theunderlying land below an existing FedEx facility of Cleveland Hopkins Airport-owned land.

• Task 2 involved the valuation of 20548 acres of commercial land locatedalong Brook Park Road and Rocky River Drive that was owned by theCleveland Hopkins Airport.

• Task 3 involved a market lease study for Hangar 217 located along SouthCargo Drive.

• Task 4 involved the valuation and current market lease rate for a parking lotlocated adjacent to an office building formerly occupied by NASA andlocated adjacent to the Cleveland Hopkins Airport property.

• Task 5 involved vacant land formerly acquired by the City of Cleveland as partof the 2001 Brook Park Settlement Agreement, establishing a home acquisitionprogram by the Cleveland Hopkins Airport. The property was valued and aseparate current lease analysis was also prepared.

The Yeager Airport Project was sponsored by the Central West Virginia RegionalAirport Authority. The project was intended to remove a mountain top obstructionfor Runway 5 Approach & Runway 23. The mountain top was improved with anumber of streets providing access to residences and vacant lots. ORC was hiredby L. Robert Kimball & Associates to provide full turnkey right of way servicesinclusive of Appraisal and Appraisal Review. In the First Phase a total of 55 vacantlots were appraised by ORC. An additional 11 improved parcels were appraisedby a sub-consultant and reviewed by ORC. Phase Two involved the appraisal of(9) additional lots by ORC that were needed to be acquired as additional bufferduring the construction and mountain top removal process. Phase Three involvedthe appraisal of the interior streets caused by taking. The City of Charleston aspart of their Abandonment process required the street coordors and all siteimprovements be appraised. A separate sub-consultant prepared the appraisalsand ORC prepared the appraisal reviews.

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ProjectsAPPRAISAL SERVICES FORTRANSPORTATION PROJECTS

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HAM – 75-0.22 (Brent Spence Bridge)MRG – 266-7.70HAM – 71-3.81MED – West Smith RoadMED – 42-18.98LOR – 82-8.98 (Boone Road)CUY – 10-20.98 (Opportunity Corridor)HIG – CR5/CR74 CEAO/ODOTERI – 6-5.70UNI – CR 1-0.00ERI – TR 2-3.39 (Green Road)ALL – TR 143-1.92HAN – 173-1.87LAK – 535-00.39LOR – 57-19.42 (Midway Mall)HOC – 33 (Nelsonville, OH)TRU – CH.112 (Newton Falls – Trumbull County)FRA – 115-CH 162A (Portage County Engineering)PAU – CR 115-5.16SUM – CR 653-0.25 (Hazel St. Bridge)WAY – TR 402-00.41COL – CR-428-5.62Butler/Warren 75 (City of Monroe)City of Eaton – Park AvenueWAS – 821-4.25City of Elyria – East River RoadMEG – 124-56.02LAK – Vrooman Road BridgeMUS – 93-14.58 (Zanesville, OH)Ft. Meigs Street – Road Widening ProjectWOO – Roachton Road WestSTA – Cleveland - Mt. PleasantLOR – 57-19.42Interstate 69 Sections 2 & 3 (SW Indiana)Westfield Roundabout (Westfield, IN)

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HAM – 75 – 0.22 (BRENT SPENCEBRIDGE), ODOT DISTRICT 8The Brent Spence Bridge Project is a full bridge replacementand the reconstructions and widening of I-75 from the OhioRiver through the Western Hills Viaduct. It is referred to asthe “Brent Spence Detail Design, Right of Way andConstruction Phase project” (Ohio only). ORC was selectedas a part of the right of way plan development and the rightof way services contract, as sub consultant to design-builderLJB, Inc., who is preparing the right of way plans. To date,ORC has completed all the title review services, and ourteam has begun working on the appraisal phase of theproject. ORC will appraise approximately 110 parcels,including both commercial and residential structures. Theanticipated clear date is October 30, 2015, with anestimated construction date of March 1, 2017.

CUY – 10 – 20.98 (OPPORTUNITYCORRIDOR) ODOT DISTRICT 12ORC is currently in the appraisal and acquisition stages ofthis project, ORC was initially retained to prepare aRelocation Assistance Program (RAP) Survey for costestimating purposes. In June 2013, ORC was awarded thecontract for the appraisal and acquisition of new right ofway. It will be acquired in two sections: Section 1, the East105th Street section requires 129 appraisals of bothresidential, small multifamily and commercial structures.Section 2, the west and central section, requires theappraisal of 423 parcels of both residential, smallmultifamily and commercial structures. ORC was authorizedin September 2013 to begin appraisal and acquisitionservices for Section 1, with a clear date of September2014. The appraisal and acquisition phase for Section 2 isexpected to be authorized by June 2014. ORC’s role on theproject includes program management, title research,appraisal, acquisition, relocation assistance, closings,asbestos reports, property management and coordinationwith the design firm on plan and survey issues.

ERIE – 6-5.7 (SANDUSKY, OHIO)The Ohio Department of Transportation/Northwest Region

engaged ORC to prepare a Sales Data Book comprised of45 residential, commercial, agricultural, and industrialsales, that was to be utilized in conjunction with a gradeseparation project located along State Route 6 on the westside of the City of Sandusky in Erie County. Shortly afterthe completion of the sales data book, the NorthwestRegion commissioned ORC to prepare appraisals for theproject. The project consisted of (31) parcels, made up of(22) Summary Narrative Appraisals; (8) Value FindingAppraisals; and (1) Value Analysis.

STARK – 153-5.16 (LOUISVILLE,OHIO)The City of Louisville, subject to ODOT District 4 oversight,commissioned ORC to provide full turnkey services,inclusive of appraisal services, on their project to widenand resurface the existing three lane roadway along StateRoute 153 (West Main Street). The proposed projectincluded new pavement, pavement marking, concretecurbs, drainage system, signalization, and sidewalks. Theproject began at the west corporation line of Louisville andended at S.R. 44. The project consisted of approximately81 parcels, which were made up of commercial andresidential sites consisting of: (3) Summary NarrativeAppraisals; (40) Value Finding Appraisals; and (38) ValueAnalysis.

WOO – 25-10.55 (BOWLINGGREEN, OHIO)The City of Bowling Green, Ohio, contracted ORC for fullturnkey right of way services, inclusive of appraisalservices. The project involved the widening andresurfacing of 1.03 miles of S.R. 25 (N. Main Street),including installing center lane which implemented a newaccess management plan. The project also includedinstallation of a new storm drainage system, curb andgutters, sidewalks, lighting, pavement markings, signs,replacement of existing traffic signals, and the relocationof the intersection at E. Poe Road and N. Main Street (S.R.25). There were a total of 63 Appraisals completed forthis project, most of which were commercial.

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ProjectsAPPRAISAL SERVICES FORINFRASTRUCTURE IMPROVEMENTPROJECTSCLA – CR 316-1.71 (Clark County Engineer)BUT – S. Hamilton Crossing (Butler County TID)City of Vermilion Safe Routes to School (SRTS)LOR – 301-7.25 (Village of LaGrange)Lear Nagle Rd. (City of North Ridgeville)LOR – 301-21.5 (Village of Sheffield)PUT – CR5 (Putnam County)East Stroup Road (City of Kettering)MIA CR25A – 18.31 (City of Piqua)Bethany Road and MMR RoundaboutMUS Bike Trail ProjectBessemer Avenue (City of Cleveland)CUY – 254-2.50 (City of Westlake)McGhee & Keowee (City of Dayton)WOO – 25-10.55 (City of Bowling Green)Fort Meigs Road (City of Perrysburg)Kennedy Connector Project (City of Cincinnati)Great Miami Connector Project (City of Dayton)HAN – Crystal Avenue (City of Findlay)LAK – Berton DitchKettering Boulevard (City of Morraine)CUY – 6-5.33 (City of Rocky River)CUY – Snow RoadLear Nagle Road – I-90 Interchange (City of Avon)STA – 172-17.28WAY – 585-0.57WAY – 585-1.54CRA – SR 598 (City of Galion)CUY – Bainbridge Road (City of Solon)West Stroop Road (City of Kettering)MED – 76-9.76 (SR 94 Interchange)CUY – Eastland RoadWoodman & Research Park Drive (City of Kettering)Harrison Avenue – Review Project (City of Cincinnati)

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CUY – 42-0.90(PEARL ROAD, STRONGSVILLE, OHIO)

SUM – 82-4.14 (CITY OFMACEDONIA)

CUY – 252-0.08(COLUMBIA ROAD,CITY OF OLMSTED FALLS,OHIO)

CUY – COOK/STEARNSROAD APPRAISALREVIEW SERVICES(OLMSTED TOWNSHIP,OHIO)

The City of Strongville selected ORC to provide complete turnkey right ofway acquisition services inclusive of appraisal, for approximately 68parcels for the Pearl Road (CUY – 42-0.90) widening project. The projectentailed the widening of U. S. 42 (Pearl Road) just south of Drake Road,north of Shurmer Road. The project included new concrete pavement curbs,a five foot walk on the east side of Pearl Road, and a new storm sewerdrainage system. A total of four major culverts were replaced, along withthe traffic signal systems which were either modified or replaced at sixintersections. State-of-the-art Parcel-Suite, web-based, right of way trackingsystem was utilized by ORC to monitor and track the project status.

The City of Macedonia selected ORC to provide appraisal review andrelocation review services associated with the grade separation of theNorfolk Southern Railroad over SR 82 and the associated widening of SR82. The project involved the appraisal review of 17 VA’s, 10 VF’s, 5 LimitedSummary (LS), and 16 Complete Self Contained Appraisals (CSCN).

The City of Olmsted Falls selected ORC to provide appraisal review andrelocation review services associated with the grade separation onColumbia Road just south of the Ohio Turnpike. The project involved theappraisal review of 12 Value Analysis (VA), 3 Uniform Appraisal ResidentialReports (URAR), and 5 Complete Self Contained Appraisals (CSCN).

This project was performed on behalf of the Cuyahoga County Department ofPublic Works (formerly the County Engineer’s Office). The project involvedgrading, draining, paving, widening and realignment of the Cook Rd. (CR-59)/Sterns Rd. (CR-76) Intersection from approximately 0.2 miles south ofCook Rd. to I-480 in the City of North Olmsted and Olmsted Township. ORCassisted in appraisal review services exclusively for a total of 85 (VA)Appraisals and 5 (VF) appraisals totaling 90 parcels along the project.

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APPRAISAL SERVICES FORUTILITIES PROJECTS

Greater St. Albans PSD Sewer Line Extension Project

Putman PSD Route 33 Sewer Line Extension Project

Richlands to Whitewood 138kV Transmission Line

Falling Branch–Merimac 138kV Transmission Line

South Lynchburg Area Improvements 138kV Transmission Line

Kermont Heights Sanitary Sewer Project (Trumbull County, OH)

Kinsman Phase II (Trumbull County, OH)

Squaw Creek Sanitary Sewer

Hamilton County Sanitary Sewer System (MSD Cincinnati)

Broadrock Court Drill Drop (Cuyahoga County, OH)

Sprague Road Pump Station (Cuyahoga County, OH)

Southern Estates Pump Station (Cuyahoga County, OH)

Bradford Pump Station Abandonment (Cuyahoga County, OH)

Erie Express Sewer Line Project (Springfield, OH)

East End Sewer Improvements (Sandusky, OH)

Vernon Lane Sewer Improvements (SD1 – Fort Thomas, KY)

CSO – Ohio Canal Tunnel Interceptor (Akron, OH)

East 140th St. Consoliudation and Relief Sewer (NEORSD – Cleveland, OH)

Superior Pump Station (NEORSD – Cleveland, OH)

Stones Levee Pump Station (NEORSD – Cleveland, OH)

Doan Valley Tunnel (NEORSD – Cleveland, OH)

Euclid Creek Tunnel (NEORSD – Cleveland, OH)

Lakeshore Boulevard Relief Sewer (NEORSD – Cleveland, OH)A

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FALLING BRANCH-MERRIMAC138KV TRANSMISSION LINE, AEP

The Falling Branch-Merrimac 138kV Transmission LineProject is the construction of approximately 8 miles ofelectric transmission line for electric service in the Townof Blacksburg and Town of Christiansburg in MontgomeryCounty, VA to meet the growing electrical demand andhelp prevent interrupted electrical service to this region.The transmission system in this area consisted of primarily69kV transmission lines. The project will connect to theexisting Merrimac and Falling Branch Substations.Appraisal reports were provided on approximately 29parcels affected by the proposed transmission line whichincluded a mix of residential, agricultural andcommercial properties.

SOUTH LYNCHBURG AREAIMPROVEMENTS, 138KVTRANSMISSION LINE, AEP

The South Lynchburg Area Improvements 138kVTransmission line Project is the construction ofapproximately 9.3 miles that will connect the SouthLynchburg, George Street and Brush Tavern substationsto a new Lynbrook Substation in Campbell County, VA.The total project cost is estimated at approximately$28. The project right of way acquisition was brokenup into three phases. To date, appraisal services havebeen completed on the Brush Tavern to Lynbrook phaseand are currently in process on the George Street toLynbrook phase which consists primarily of commercialand industrial use properties.

NORTHEAST OHIO REGIONALSEWER DISTRICT CONSENT DECREEPROGRAM

The Northeast Ohio Regional Sewer District entered into aconsent decree with the United States and OhioEnvironmental Protection Agencies and the United StatesDepartment of Justice in 2011 to implement, within a 25year time limit, a long term control plan to controlcombined sewer overflows (CSO) currently impacting LakeErie and its tributary streams. ORC was hired under an“Indefinite Delivery/Indefinite Quantity” (IDIQ) basis toprovide right-of-way services. To date, ORC has providedproject management, title research, appraisal, acquisition,closings and relocation services to more than 150impacted parcels. Assignments made to ORC through thiscontract include:

• East 140th Street Consolidation and Relief Sewer forScioto & Page Basin;

• Cascades Project; • Superior Pump Station;• Stones Levee Pump Station;• Dugway Storage Tunnel;• Westerly Low Level Interceptor;• Doan Valley Tunnel;• Spring Road;• Eastland Road/McCracken Road/East Bank Flats;• Euclid Creek Tunnel;• CSO 049/050;• Lakeshore Boulevard Relief Sewer;• CSO Bundles;• Northeast Yacht Club;• Woodland Avenue – M 1097 project.

EthicsAPPRAISAL ETHICS

ORC Appraisers are professionals who are bound by the deepest ofethical considerations.

Appraisers have a responsibility to provide their clients with informed,objective, and accurate information to help them determine whether or notto make an investment decision. Appraisers also have certain fundamentalobligations to their clients including possessing a proven level of competency, education and current knowledge; respecting andmaintaining the client's confidentiality; providing numerical accuracy; andconducting themselves as professionals at all times.

ORC appraisers take pride in performing to the highest ethical standardspossible. We abide by a strict code of ethical practices as defined bystate law, professional organizations to which an appraiser belongs aswell as the Uniform Standards of Professional Appraisal Practice (USPAP).We do not accept assignments on contingency fees or performassignments on percentage fees. Compensation based on theseparameters could create a tendency for appraisers to artificially inflate thevalue of properties to increase their fee.

At ORC, we take these ethical responsibilities very seriously and you canbe assured of objective and 100 percent ethical, and professional service.

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For address and contact information and the most up-to-date office listing, please visit our Web site at www.orcolan.com

Phone 888.420.4090www.ORColan.com

REAL ESTATE SOLUTIONS FOR INFRASTRUCTURE