Bancroft Appraisal

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The BOE appraisal of the Bancroft Porperty from August 2012, the basis for their agreement of sale

The BOE appraisal of the Bancroft Porperty from August 2012, the basis for their agreement of sale

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  • 1. SELF-CONTAINED APPRAISAL REPORT The Bancroft School 425 Kings Highway Block 13, Lot 25 & Block 14, Lot 2 Haddonfield, NJ Prepared By RENWICK & ASSOCIATES Appraisal Consultants Effective Date of Appraisal: August 23, 2012 Copyright © 2012 by Renwick and Associates
  • 2. September 28, 2012Richard P. Perry, Ed.D.Haddonfield Board of Education1 Lincoln AvenueHaddonfield, NJ 08033RE: 425 Kings Highway Block 13, Lot 25 & Block 14, Lot 2 Haddonfield, NJDear Dr. Perry:According to your request, I have made a detailed inspection and appraisal of theabove captioned property for the purpose of developing an opinion of the marketvalue, as of the date of inspection, August 23, 2012.Based on the findings and conclusions contained within the attached, self-contained appraisal report, and in accordance with the enclosed Contingent andLimiting Conditions, which you are urged to read, it is my opinion that theestimated market value of the subject property as of August 23, 2012 is: FIFTEEN MILLION ONE HUNDRED THOUSAND ($15,100,000) DOLLARSThis appraisal may not be used or relied upon by anyone other than the client, forany purpose whatsoever, without the express written consent of the appraiser.In conformance with the Ethics Rule of the Uniform Standards of ProfessionalAppraisal Practice, Renwick & Associates has not performed any appraisal orappraisal consulting services for the subject property in the past three yearsimmediately preceding acceptance of this assignment.Thank you for your consideration in this matter.Very truly yours,Harry Renwick, CTASCGREA No. 42RG00097200
  • 3. TABLE OF CONTENTSSUBJECT PHOTOGRAPHS .................................................................................... iSUMMARY OF SALIENT FACTS ............................................................................ 1IDENTIFICATION OF THE SUBJECT PROPERTY .................................................. 2PURPOSE OF THE APPRAISAL ............................................................................. 2PROPERTY INSPECTION ...................................................................................... 2DEFINITION OF MARKET VALUE ......................................................................... 3SCOPE OF THE APPRAISAL ................................................................................. 4PROPERTY RIGHTS APPRAISED .......................................................................... 5INTENDED USE OF THE APPRAISAL ................................................................... 5DISCLOSURE OF CLIENT AND INTENDED USER(S) ............................................ 5SUMMARY OF AREA ANALYSIS ........................................................................... 6DESCRIPTION OF THE SUBJECT NEIGHBORHOOD............................................ 7ESTIMATE OF EXPOSURE TIME .......................................................................... 8DELINEATION OF TITLE ...................................................................................... 9ASSESSMENT INFORMATION .............................................................................. 9ZONING ............................................................................................................. 10ZONING MAP ..................................................................................................... 11DESCRIPTION OF THE SUBJECT LAND ............................................................ 12BOUNDARY SURVEY ......................................................................................... 14SUBJECT TAX MAP ........................................................................................... 15FEMA FLOOD INSURANCE RATE MAP............................................................... 16NJDEP FRESHWATER WETLANDS MAP ............................................................ 16DESCRIPTION OF SUBJECT IMPROVEMENTS .................................................. 18HIGHEST AND BEST USE .................................................................................. 42APPROACHES TO VALUE .................................................................................. 48SALES COMPARISON APPROACH ...................................................................... 49SALES COMPARATIVE GRID.............................................................................. 64ADJUSTMENT ANALYSIS OF SALES .................................................................. 65FINAL VALUE OPINION ...................................................................................... 66CERTIFICATE OF APPRAISAL ............................................................................ 67ADDENDUMNotice of Privacy PolicyContingent and Limiting ConditionsResidential Land Value AnalysisCopy of Subject DeedArea AnalysisZoningQualifications
  • 4. SUBJECT PHOTOGRAPHSEXTERIORView of the Bancroft building from the southerly side of Hopkins lane lookingeasterly. Showing the Southerly and Westerly elevations.Partial view of the Bancroft building taken from the center of Hopkins Lanelooking Northerly showing portions of the Southerly and Westerly Elevations. i
  • 5. Partial view of the Bancroft building taken from the Southerly side of HopkinsLane looking Northerly showing the Southwesterly elevation of a one story portion.Partial rear view of the Bancroft building taken from the driveway showing variouselevations looking westerly. ii
  • 6. Partial view of Bancroft building section known as the York Center taken from thedriveway behind Bancroft looking Southerly showing a portion of the Northerlyelevation.View taken from the driveway near Bancroft Hall looking Easterly showing theNortherly elevation of the Charlotte residence building. iii
  • 7. View of the Charlotte residence taken from the driveway looking Northerly showingthe Westerly and Southerly elevations.View of the Charlotte residence building taken from the driveway near the Russellbuilding looking Southerly showing the Northerly and Westerly elevations. iv
  • 8. View taken from the Southwesterly elevation of lot 25 looking Northerly showingthe Easterly elevation of the Cooley building.View taken from the driveway near the Security building on lot 2 lookingSoutherly showing the Northerly elevation and front of the Cooley Hall. v
  • 9. View taken from the Northerly side of Hopkins Lane looking Southwesterlyshowing the main parking area for Cooley Hall.View taken from the driveway at the Southerly end of the CRC Complex lookingNortheasterly showing a partial view of Charlotte Residence Hall on the left, JenziaResidence Hall on the right and the Russell building to the rear. vi
  • 10. View taken from the driveway near Farrington Hall looking Northerly showingportions of the Jenzia, Charlotte and Linden buildings.View taken from the Northerly side of Hopkins Lane looking Northerly showingtypical asphalt paved driveway and stoned parking areas. The Security andBancroft building are to the right out of the picture. vii
  • 11. View taken from the driveway located near the Security building lookingSouthwesterly showing typical driveway. Security building is on the left, Cooleybuilding is in the distance.View taken from the driveway located on lot 25 looking Northwesterly with partialviews of the CRC Complex to the right and Bancroft Hall to the Left in thedistance. viii
  • 12. View taken from the driveway near the CRC Complex looking Westerly showingthe Easterly elevation of the Farrington Hall .View taken from the main parking and drive area near Farrington looking Westerlyshowing the Southeasterly or front of Farrington Hall. ix
  • 13. View taken from the Northerly side of Hopkins Lane looking Northerly showing theSoutherly and Easterly elevations of a one car detached garage.View taken of the remaining concrete pad from the former Greenhouse located onlot 25 just West of the Carriage House. x
  • 14. View of Hopkins Lane looking Northwesterly. Cooley Hall is to the left andBancroft Hall is to the right.View of Hopkins Lane looking Southeast towards Kings Highway. Bancroft Hall isto the left and Cooley Hall is to the right. xi
  • 15. View of Hopkins Lane taken from the Northwesterly perimeter of the campuslooking Southeasterly. Cooley Hall is visible to right Bancroft Hall is visible to theleft.View of Hopkins Lane taken near the Carriage House looking Southeasterly,partial view of the Lullworth building is to the right. xii
  • 16. View of Kings Highway looking Easterly taken from the Lullworth Hall drivewayentrance.View taken from the Northerly side of Kings Highway near the intersection ofHopkins Lane and Kings Highway looking Northeasterly. Hopkins Lane is the leftand as the entrance to the Bancroft campus. xiii
  • 17. View taken from the Northerly side of Kings Highway looking Southwesterly.Lullworth Hall is to the right, out of the picture.View taken from the Northerly side of Kings Highway looking Southwesterly.Lullworth Hall is to the right, out of the picture xiv
  • 18. View taken from the driveway in front Stevenson Center looking Southwesterlyshowing the Northeasterly and Southeasterly elevations of the Linden #2 building.View taken from the driveway to the South of the Linden #2 building lookingNortherly showing the Southeasterly and Southwesterly elevations of Linden #2. xv
  • 19. View taken from the Northern most point of the driveway on lot 2 lookingSoutherly showing the secured access to the Linden buildings. Linden #3 is in theforeground , Linden #1 in the background the left. sView taken from a Northern most position on the lot 2 driveway lookingSouthwesterly showing the Northeasterly elevation of Linden #3. Partial view ofLinden #1 is on the left. xvi
  • 20. View taken from the driveway near the Stevenson Center looking Northwesterlyshowing the Northeasterly elevation of Linden #1.View taken from the Southerly side of Hopkins Lane looking Northerly showing thegravel and stone parking area located in the Northwest corner of lot 2. xvii
  • 21. View taken from the Easterly corner of lot 25 looking Westerly showing partialviews of the Easterly and Southerly elevations of the Lullworth building.View taken from the Westerly elevation of lot 25 looking Easterly showing thegravel and stone parking lot. Lullworth Hall is to the right in the background. xviii
  • 22. View taken from the Southerly side of Hopkins Lane looking Southerly showingthe Northerly and Westerly elevations of Lullworth.View taken from the Northerly side of Kings Highway at the driveway entrance toLullworth looking Northerly showing Southerly and Westerly elevations ofLullworth. xix
  • 23. View taken from the driveway just the West of the CRC Complex looking Easterlyshowing the Northerly and Westerly elevations of the Miriam Residence Hall.View from the driveway located to the South of the CRC Complex looking Northerlyshowing the Southerly and Westerly elevations of the Miriam Residence building. xx
  • 24. View taken from the driveway between the Stevenson Center and Linden #2looking Southeasterly showing the Northwesterly elevation of the RussellResidence Hall.View taken from the Northerly side of the driveway near the Northwesterlyproperty line of lot 2 looking Southeasterly. Partially showing the security buildingin the forefront and the Bancroft Hall in the background. xxi
  • 25. View taken from the driveway near the Westerly elevation of lot 2 lookingSoutherly showing the Northerly and Westerly elevations of the security building.View taken from the driveway located at the Westerly end of lot 2 lookingSouthwesterly showing the Northerly elevation of the security building and one ofthe Westerly elevations of Bancroft Hall. xxii
  • 26. View taken from the driveway located between Stevenson Center and Linden #2looking Northwesterly showing a typical asphalt driveway and stone and gravelparking areas. xxiii
  • 27. INTERIOR PHOTOGRAPHS BANCROFT HALLViews of basement area. xxiv
  • 28. Additional views of basement area. xxv
  • 29. View of entry area and corridor.View of typical classroom. xxvi
  • 30. View of mechanical area in basement.View of restroom. xxvii
  • 31. View of typical office.View of bullpen area. xxviii
  • 32. CARRIAGE HOUSEView of tongue and groove lath and beamed ceilingView of spiral wrought iron stairway to attic area. xxix
  • 33. Views of classroom shop area. xxx
  • 34. View of small restroom.View of storage attic area. xxxi
  • 35. Additional view of storage attic area. xxxii
  • 36. CHARLOTTE AND JENZIA BUILDINGSView of sitting and recreation area.View of kitchen area. xxxiii
  • 37. View of laundry area.View of dining area. xxxiv
  • 38. View of typical bedrooms.View of typical restroom xxxv
  • 39. View of mechanical room. xxxvi
  • 40. COOLEY HALLView of front entry and foyer area.View of typical corridor xxxvii
  • 41. Views of kitchen area. xxxviii
  • 42. Additional views of kitchen area. xxxix
  • 43. View of typical restroom.View of combination gymnasium/cafeteria area. xl
  • 44. View of typical classroom.View of mechanical area. xli
  • 45. View of typical office area.View of home economics room. xlii
  • 46. View of basement area with heating and fire suppression systems.Interior view of roof structure and support system-storage attic area. xliii
  • 47. View of 2nd floor conference room. xliv
  • 48. CRAFT HOUSEView of two-fixture restroom.View of one of two offices. xlv
  • 49. View of basement water heater and boiler. xlvi
  • 50. FARRINGTONViews of lower level mechanical area. xlvii
  • 51. View of typical classroom.View of typical corridor. xlviii
  • 52. View of office.View of entry and foyer area. xlix
  • 53. View of typical restroom.View of conference room. l
  • 54. GREENHOUSEView of botanical classroom.View of mechanical area in basement. li
  • 55. Additional view of mechanical area in basement.View from entrance into floral classroom. lii
  • 56. View of floral classroom. liii
  • 57. LINDEN BUILDINGSView of utility room.View of kitchen. liv
  • 58. View of laundry roomView of restroom.View of additional restroom. lv
  • 59. View of conference room. lvi
  • 60. View of typical bedroom. lvii
  • 61. RUSSELL HOUSEView of living room.View of kitchen. lviii
  • 62. View of typical bedroom.View of typical restroom. lix
  • 63. View of basement storage area.View of basement restroom.View of basement workshop area. lx
  • 64. View of mechanical area. lxi
  • 65. MARIAN BUILDINGView of typical restroom.View of very small kitchen.View of living room. lxii
  • 66. View of typical bedroom. lxiii
  • 67. View of boiler room. lxiv
  • 68. STEVENSON CENTERView of boiler room.View of typical ground floor office.View of restroom. lxv
  • 69. View of upstairs office. lxvi
  • 70. LULLWORTH HOUSEViews of basement area.View of heating system in basement. lxvii
  • 71. View of electrical system in basement. lxviii
  • 72. View of boiler in basement.View of first floor powder room. lxix
  • 73. View of lobby area on first floor. lxx
  • 74. View of first floor front office.View of additional powder room on first floor. lxxi
  • 75. View of first floor executive office.View of ceiling of above executive office. lxxii
  • 76. View meeting room.View of additional executive office. lxxiii
  • 77. View of large meeting room with a fireplace.View of kitchen/break room area. lxxiv
  • 78. View of copy room.View of smaller office. lxxv
  • 79. View of staircase to the second floor.View of landing area between first and second floor. lxxvi
  • 80. View of second floor restroom.View of additional second floor restroom. lxxvii
  • 81. View of stained glass window.View of additional stained glass window. lxxviii
  • 82. View of access to exterior fire escape.View of third floor office. lxxix
  • 83. View of porch area off of preceding office.View of stairway leading up to third floor. lxxx
  • 84. SUMMARY OF SALIENT FACTSLOCATION: 425 Kings Highway Block 13, Lot 25 & Block 14, Lot 2 Haddonfield, NJZONING: R2, ResidentialDATE OF INSPECTION: August 23, 2012EFFECTIVE DATE OF APPRAISAL: August 23, 2012HIGHEST AND BEST USE: Institutional UseTYPE AND SIZE OF IMPROVEMENTS: Office, Classroom, and Residence use buildings totaling 125,785± square feet in 15 buildingsTYPE OF VALUE REPORTED: Market ValueLAND SIZE: 19.22 acres (per Boundary Survey Plan, by Schoor DePalma)INDICATED VALUE BY: SALES COMPARISON APPROACH: $15,100,000 COST APPROACH: N/A INCOME APPROACH: N/AFINAL VALUE OPINION: $15,100,000 1
  • 85. IDENTIFICATION OF THE SUBJECT PROPERTY The subject property is known as The Bancroft School, located at 425 KingsHighway and is further identified as Block 13, Lot 25 and Block 14, Lot 2, on theofficial tax map of Haddonfield Borough, County of Camden, State of New Jersey.(See legal description contained within the Addendum) PURPOSE OF THE APPRAISAL The purpose of the appraisal is to develop an opinion of market value as ofthe date of inspection, August 23, 2012. An appraisal can be transmitted to the client in one of three formats: Self-contained, summary, or restricted. In compliance with the U.S.P.A.P., the readeris advised that the subject appraisal represents a self-contained appraisal report. PROPERTY INSPECTION The subject property was initially inspected on August 23, 2012, by HarryRenwick, Daniel Connors, Richard Moule, John Baldino and Nancy Luciano ofRenwick and Associates. Additional information was acquired through acontinuing inspection on August 24, 2012. The property owner’s officialrepresentative, Stephen Bruce, Vice President of Strategic Planning Special ProjectManagement for Bancroft School, was present during the inspection. 2
  • 86. DEFINITION OF MARKET VALUE "The most probable price which a property should bring in a competitive andopen market under all conditions requisite to a fair sale, the buyer and seller eachacting prudently and knowledgeably, and assuming the price is not affected byundue stimulus. Implicit in this definition is the consummation of a sale as of aspecified date and the passing of title from seller to buyer under conditionswhereby:1. buyer and seller are typically motivated;2. both parties are well informed or well advised, and acting in what they consider their best interests;3. a reasonable time is allowed for exposure in the open market;4. payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and5. the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale."1 Federal Register, Volume 55, Number 163, August 22, 1990, pp. 34228 and 34229.  3
  • 87. SCOPE OF THE APPRAISAL The scope of the appraisal requires that the appraisal conform to theUniform Standards of Professional Appraisal Practice (copyright 2012 by theAppraisal Foundation) including the Ethics, Competency Rules, and Scope ofWork Rules. The subject appraisal involves developing an opinion of market value. Thisrequires, where applicable:(1) making an on-site inspection of the subject property;(2) meeting with township tax assessor to gain his opinion of the current trends in real estate affecting Haddonfield Borough and to request data that he may possess in support of said trends.(3) Conduct a complete review of the current zoning restrictions and trends affecting the subject property(4) delineating the subject title (see Contingent and Limiting Conditions);(5) researching public records for approvals secured on the subject site and building permits issued;(6) making an effort to secure data concerning social, economic, governmental, and environmental influences within the subject market area and relating that data to the value of the subject property;(7) researching public records for recent relevant land and improved sales data, securing all essential data that may have an impact on the price paid, and verifying that data;(8) researching relevant cost data and subtracting estimated accrued depreciation from all causes and adding the result to the estimated land value;(9) researching relevant income and expense data within the subject’s market area and applying the appropriate discount or capitalization rate to net operating income;(10) analyzing all of the relevant information gathered about the subject property and correlating that data into a final opinion of value. Daniel Connors, Richard Moule, John Baldino and Nancy Luciano, ofRenwick and Associates, provided significant professional assistance in thedevelopment, analysis, and reporting of the value conclusion(s). 4
  • 88. PROPERTY RIGHTS APPRAISED The entire fee simple estate makes up the real property evaluated in this appraisal. With exceptions for deed restrictions (if any), zoning (a police power of the state), and easements of record, the fee simple title is assumed to be free and clear of encumbrances. Fee simple estate is defined as: “Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat.”2 INTENDED USE OF THE APPRAISAL "The intended use is defined as the use or uses of an appraiser’s reported appraisal, appraisal review, or appraisal consulting assignment opinions and conclusions, as identified by the appraiser based on communication with the client at the time of the assignment.”3 The use of this appraisal is as a basis for prospective purchase of the subject property. DISCLOSURE OF CLIENT AND INTENDED USER(S) This report is intended for use only by the Haddonfield Board of Education or its agents. Use of this report by others is not intended. Dictionary of Real Estate Appraisal, 5th Edition, Appraisal Institute, 2010, pg. 78¡ Uniform Standards of Professional Appraisal Practice, 2010, Appraisal Foundation, Washington, DC, pg. U-3¢ 5
  • 89. SUMMARY OF AREA ANALYSISRegion The Delaware Valley has a diverse economy in that it is not heavily reliant on one or two large industries. It is strategically located in the center of the Northeast Corridor, which is anchored in the north by Boston and in the south by Washington, D.C. Because of its strategic location, it is served by a comprehensive road, rail, and air transportation system. As of the effective date of the appraisal, the region is suffering from the lingering effects of the recent national recession exemplified by high unemployment rates, tighter lending requirements, declining values real estate values.Camden County It is the fifth smallest county by land mass in the state and the smallest of the seven southern counties. Because of its strategic location and smaller size, the county is nearly built out with only a very limited supply of land available to support new development. The southeastern end of the county has been one of the fastest growing areas in the state. The county is well-served by a ground transportation network that includes interchanges for both I-295 and the New Jersey Turnpike, and State Highways including Routes 30, 38, 42 (North/South Freeway), 70, 73, and US Routes 130 and 168. As of the effective date of the appraisal, the county is suffering from the lingering effects of the recent national recession exemplified by high unemployment rates, tighter lending requirements, and declining real estate values.Municipality Haddonfield has an extensive and thriving downtown retail business district, principally located on Kings Highway and extending to sections of Haddon Avenue. Haddonfield is an affluent town with a highly-paid skilled and educated population and has a reasonably diverse and stable tax base, all of which have had a positive impact on the towns reputation. In its 2010 rankings of the "Best Places to Live" in New Jersey, New Jersey Monthly magazine ranked Haddonfield as the 33rd best place to live. Other national and regional publications have long rated Haddonfield as one of the most desirable places to live in the Delaware Valley. Due to the recent downturn in the economy and minimal land available for development, very limited growth and expansion are expected for the foreseeable future.Please see addendum for the complete Area Analysis. 6
  • 90. DESCRIPTION OF THE SUBJECT NEIGHBORHOOD The immediate subject neighborhood is physically defined as being boundby a branch of the Cooper River and the Cherry Hill Township municipalboundary to the east, Hopkins Pond to the north, Kings Highway to the South,and the Haddonfield High School complex and a mix of residential and commercialproperties to the west. The preceding paragraph describes the physical neighborhood; however, thecompetitive economic neighborhood from which data are researched within thisappraisal report includes other areas defined as being economically comparable,superior, or inferior with Haddonfield Borough. Appropriate locationaladjustments are made in our analysis where considered necessary. Because of limited land area and the highly built up nature of HaddonfieldBorough, the trend over the years has been to purchase properties as currentlyimproved to either raze for new uses or retrofit for more modern uses. Thesignificant historic nature of many improvements within the borough tends toplace strong restrictions against said conversions. The aforementioned trend has been over recent years (since late 2006) inconcert with the current recessionary and declining real estate trends. Despitethe national recessionary real estate trends affecting the region, a rather strongdemand for real estate locations remains evident within the borough. 7
  • 91. ESTIMATE OF EXPOSURE TIME “Reasonable exposure time is one of the series of conditions in most market value definitions. Exposure time is always presumed to precede the effective date of the appraisal. Exposure time may be defined as follows: The estimated length of time the property interests being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal; a retrospective estimate based upon an analysis of past events assuming a competitive and open market.”4 Based on conversations with market participants and Realtors, three to six months is a reasonable estimate of exposure time. Further, a review of 3,747 residential sales reported sold in the most recent annual report (August 2011 through August 2012) of the Burlington/Camden County Multiple Listing System for Camden County supports that conclusion. Information regarding the sales follows: Days on the market ranged from a monthly low of 95 to a monthly high of 141 with an average of 116 days. Listing prices ranged from a low of $8,300 to a high of $4,250,000 with an average $215,990. Selling prices ranged from a low of $10,100 to a high of $3,273,303 with an average of $191,547. The percent difference between listing price and selling price was a negative 11.32%. Uniform Standards of Professional Appraisal Practice, Statement No. 6, pg. U-90, published by the Appraisal Foundation,£ copyright 2012¤ 8
  • 92. DELINEATION OF TITLEBlock 13, Lot 25 and Block 14, Lot 2Deed Book and Page: 5269 / 0445Date of Conveyance: November 4, 2002Consideration: $1.00Grantor: Bancroft NeurohealthGrantee: Bancroft NeurohealthBlock 25, Lot 13Deed Book and Page: 2024 / 80-82Date of Conveyance: June 9, 1956Consideration: N/AGrantor: Jenzia C. CooleyGrantee: Bancroft SchoolBlock 14, Lot 2Deed Book and Page: 690 / 381 & CDate of Conveyance: November 22, 1928Consideration: N/AGrantor: Bancroft Training SchoolGrantee: Bancroft School A limited review of the public records reveals no other conveyances involvingthe subject property within the past three years. (See Contingent and LimitingConditions) ASSESSMENT INFORMATIONBlock 13, Lot 25Land: $3,420,000Improvements: $ 960,500Total: $4,380,5002012 Taxes: Tax exemptBlock 14, Lot 2Land: $6,188,400Improvements: $1,623,600Total: $7,812,0002012 Taxes: Tax exempt2012 Tax Rate: $2.642 per $100 of assessed value2012 Ratio of Assessed Value to "true value": 100.87%Total Assessed Value of Subject Properties: $12,192,500 9
  • 93. ZONING The subject property is currently zoned R-2, Residential. Following is ananalysis of the relevant zoning information and a conclusion regarding thesubject’s compliance or lack of compliance with current zoning. A more detaileddescription of zoning is contained within the “Addendum” of this report. Permitted uses include: single-family detached dwellings; public parks,playgrounds or recreational areas; and municipal buildings or uses. Minimum lotsize is 20,000 square feet having minimum frontage and width of 125 feet. Zoning is not in the process of being changed relative to the subjectproperty. The current use of the subject property is a pre-existing non-conforminguse. A survey was provided, and it appears the subject property conforms to allbulk yard and area requirements. The subject property has, and continues to be, the focus of severalredevelopment plans. In 2006, the Haddonfield Borough Commissioners approveda resolution declaring the Bancroft site a redevelopment zone. Bancroft filed suitagainst the town. In February 2007, the Commissioners approved a resolution fordismissal of the suit brought by Bancroft. The terms of the agreement allowBancroft to re-file the suit at a later time after the Borough formally enacts aredevelopment plan for the site. No indication of a zoning change to the subjectproperty was mentioned in the June 7, 2011 Redevelopment Principles document.No change in zoning is anticipated. 10
  • 94. ZONING MAP 11
  • 95. DESCRIPTION OF THE SUBJECT LAND The subject property is bisected by Hopkins Lane into two separate taxblock and lot parcels. Block 13 Lot 25 is located fronting along the Northwesterlyside of Kings Highway East and also fronting along the Southwesterly side ofHopkins Lane. This parcel has 896.94’ of primary (principal access) frontage alongHopkins Lane and 295’ of secondary access and frontage along Kings HighwayEast and contains 6.072 acres of land. The second parcel, Block 14 Lot 2 has1,214.85’ of primary access frontage along Hopkins Lane and approximately567.88’ of secondary exposure frontage along Kings Highway East and contains13.151 acres. The combined acreage of the two parcels is 19.22 gross acres,according to the Boundary Survey Plan, dated October 9, 2002, by SchoorDePalma. The first parcel gently slopes downward from a southeasterly tonorthwesterly direction. The second parcel also slopes downward gradually in asoutheasterly to northwesterly direction and also a northeasterly direction. On-site improvements include driveways, asphalt paving, storm andsanitary sewer laterals, concrete curbing; and crushed stone parking areas. Atleast a portion of the sanitary sewer is a forced-main feed. Off-site improvements include asphalt-paved, 2-lane, 109’-wide KingsHighway right-of-way and asphalt paved, 2-lane, 20’-wide Hopkins Lane right-of-way; access to public water and public sanitary sewer; storm sewer; natural gasservice; stone curbing; brick sidewalks; overhead electric, telephone and cableservice; and, street lights. According to (F.E.M.A.) National Flood Insurance Rate Map CommunityPanel Number 34007C0044E, dated September 28, 2007, the subject property islocated within Zone "X ", which is low flood risk. A portion of block 14 lot 2 iscontained within the high flood risk and moderate flood risk areas. 12
  • 96. The New Jersey Department of Environmental Protection (NJDEP)Freshwater Wetlands Maps are not a definitive determinant of wetlands affectingthe subject property. It is included for information purposes only, as a generalestimate of wetlands impact. (The client is referred to the Contingent and LimitingConditions contained within this appraisal report.) The Schoor DePalma Boundary Survey provides specific wetlandsdelineation of the subject property. The subject site is affected by 1% to 2%wetlands. 13
  • 97. BOUNDARY SURVEY 14
  • 98. SUBJECT TAX MAPTax map area is not accurate, not employed as a basis for valuation. 15
  • 99. FEMA FLOOD INSURANCE RATE MAP 16
  • 100. NJDEP FRESHWATER WETLANDS MAPFor exhibit purposes only. 17
  • 101. DESCRIPTION OF SUBJECT IMPROVEMENTSLullworth HouseThe Lullworth House is a two-and-one-half story, Victorian style residentialdwelling building constructed circa 1860. The building was subsequentlyconverted to administrative offices in support of the current education use. Thebuilding features a stone foundation, an open ‘Widow’s Watch’, three openporches, stained-glass and original double-hung wood windows, decorative slateand raised-seam metal roofs, fireplaces, original ornamental wood trim finishes onboth the interior and exterior of the building. Portions of the building have centralair conditioning while others are serviced by window units. Heat is a combinationof gas-fired forced warm air and oil-fired hot water radiators. The first floorincludes well-appointed executive offices with exposed oak floors, mahogany trim,and wainscoting. Other first floor areas have good grade commercial carpeting.Plaster walls are predominant, but some sheetrock partitions have been added tocreate work areas. A Pullman-style lunch kitchen is available to employees. Thesecond and third floor finishes are less well-appointed and in average condition.Evidence of prior roof leaks was observed.The rest rooms include modern water closets and sinks; however, original claw-foot tubs, water closets, fixtures, and floor and wall tiles remain in place.The exterior is finished with painted wood clapboard siding. A wooden exteriorstaircase acts as a fire escape, and a wooden handicap ramp provides access tothe first floor.As previously mentioned, the entire building was converted into office facilitiesmany years ago and includes 6,472 square feet of above grade finished space,3,302 on the first floor, 2,655 on the second and 515 in the attic with 2,568square feet of unfinished basement. Lullworth is in overall average condition,however, shows signs of exterior deferred maintenance.The inspection of this building revealed significant original architectural anddesign features. The Haddonfield Borough Master Plan calls for future historicpreservation of this architecturally significant structure.Carriage HouseThe Carriage House is one and one-half story building constructed circa 1900±that was converted from a carriage house into a classroom for training custodialstudents. The first floor of 1814 square feet also includes a storage area and restroom, concrete slab floor, and ceramic coated brick walls. An interior spiralstaircase leads to the unfinished, 907 square foot second floor/attic. The half-story includes three dormers. The building is constructed of brick and frame.Exterior finishes include painted decorative clapboard siding, brick, anddecorative slate roofing. It is serviced by overhead electric, central air and oil heat.The building is in overall average condition. 18
  • 102. The Haddonfield Borough Master Plan calls for future historic preservation of thisarchitecturally significant structure.Education GreenhouseThe Education Greenhouse is a one and one-half story, cape cod style buildingwith brick foundation, painted clapboard siding and metal roof. The first floorcontains 397 square feet and the second is attic space. The building is estimatedto be one hundred years old and is serviced by overhead electric. Access to thebasement is via exterior Bilco doors. The basement is six feet high with pouredconcrete floor, and houses the water heater and oil-fired boiler heating system.Attached to the building is a small, operational greenhouse, constructed withwood frame and clear plastic panels.This building is used for florist career training and is in overall fair condition asthe foundation of both sections is deteriorating.In addition, a small wooden shed with brick foundation and metal roof is nearby.The existing greenhouse, related outbuildings, and carriage house are alsodesignated for historic preservation under the Haddonfield Borough Master Plan.Foundation of former GreenhouseOn the campus diagram, there is a building that located between the CarriageHouse and Cooley Hall that was a greenhouse but no longer exists. The concretepad for the main part of the house and the three walkways for the greenhouse doexist.Cooley HallCooley Hall is a one-story, 36,000± square foot education building containingclassrooms and offices. It was originally built in 1963 with concrete slab floor,brick and block walls, aluminum frame single pane, fixed and tilt-out glasswindows, painted fascia, painted gypsum type soffits, and gable-style roof finishedwith slag and stone. A small second floor conference room is located near themain entrance. The roof is undergoing repairs in failing areas.A newer section, constructed of decorative cinder block, steel bar joist and deckroof system, houses a combination gymnasium and cafeteria with 28’ height, andadjacent 12’ high modern commercial kitchen. The ‘cafeterium’ has built-in tables,high-intensity lighting, and rubberized mat covered concrete slab.The classrooms are finished with asphalt tile flooring, rubberoid baseboard,painted block walls with black/white boards, ceiling affixed fluorescent lightingand rough cast ceiling. Offices have similar finish but with carpeting andupgraded doors. The building is wet-sprinklered throughout, with a firedepartment connection located near the main entrance.Central air conditioning units exist, but at least one window unit exists in eachroom. 19
  • 103. The basement boiler room is accessed from the main hall, and houses the quickrecovery water heater, two Bock 241EASME oil-fired boilers, 400amp electricalpanels, and the forced main pumping system, and a sanitary sewer collectioncistern, which is pumped from that location into the sanitary sewer system.Cooley Hall is in overall average to fair condition.Bancroft HallBancroft Hall was originally constructed of brick and frame in 1954 for use as adormitory. Several additions have been constructed over time and the resultingfootprint is highly irregular. The basement contains 1633 square feet and housesthe boilers and electrical panels. A large storage area is unused due to dampness.The first floor has 25,383 square feet of gross area; is used for classrooms andoffices; and is finished with vinyl tile floors in classrooms, carpet in offices,rubberoid baseboard, painted sheetrock and plaster walls and ceilings, ceilingaffixed fluorescent lighting, and fully sprinklered. The second floor is primarilyused for offices with the same finishes as the first floor and contains 7,485 squarefeet. The HVAC is a mixture of built-in gas-fired heating/air-conditioning units,central ductwork heating, and window air-conditioning units.The exterior is brick and vinyl siding, a mixture of aluminum frame single panewindows and vinyl double-hung replacement windows, and painted, or, aluminumcovered soffits and fascia. The gable-style roof system is covered with three tabfiberglass shingles.Bancroft Hall is in overall fair condition, and suffers from functional obsolescencedue to its highly irregular layout and traffic pattern. Future purchasers of theproperty would mostly likely consider razing this improvement.FarringtonThe Farrington Building is a three-story, 19,132 square foot, masonry buildingconstructed in the mid-70’s as a dormitory. Each level contains 6,377 square feetwith the lower level being at and partially below grade. The exterior is brick withaluminum frame, fixed and tilt-in awning type windows, and gable-style roof withselvage roofing. The main access is at the middle floor via slate steps or a woodenhandicap ramp with newer Trex decking.The building was converted to classrooms and offices.Typical primary interior finishes include vinyl tile covered slab floors, rubberoidbaseboard, painted block walls, t-bar suspended ceilings with affixed fluorescentlighting. Office upgrades include carpeting and refractor light finishes. Theconference room highlights include a full brick hearth with granite mantle and oakbeam ceiling. Gas fired boilers supply heat and hot water.The building is in generally average condition. 20
  • 104. A detached 12’x20’ wood framed garage is located near Farrington and is inaverage condition.CRC ComplexThe four-building CRC Complex was constructed in 1976 for use as residences.The buildings are in fair to average condition with some recent updating butshowing signs of wear and tear.Charlotte and Jenzia Buildings (CRC Complex)The Charlotte and Jenzia buildings each contain 3,600 square feet of living spaceand are mirror-image layouts. Constructed of masonry and frame, the one-story,multi-tenant residence buildings have pent and shed style roof systems coveredwith selvage roofing. Exterior finishes are stucco and vinyl siding; and interior ispainted sheetrock and hard vinyl wainscoting.Each building includes an attached laundry room with outside access to 4washers and 4 dryers.The boiler room houses an oil-fired, four-zone, Weil-McLain boiler to provide bothdomestic hot water and baseboard heat. The building has central air conditioningsupplemented with through-the-wall units.Interior layout includes: centrally located carpeted living room; full-size kitchenwith vinyl flooring, dishwasher, stove, Formica tops, and center island; and diningarea. Hallways lead to 4 paired bedrooms, each pair adjoined by jack-and-jillbathrooms. Lighting is provided by a mix of ceiling-affixed fluorescent and trackstyle. There are vaulted ceilings in the living-room and dining areas.Russell House (CRC Complex)The Russell Building has the same interior and exterior finishes as the CharlotteBuilding, with the exception of a gable and hip style roof systems. Lighting isprovided by a mix of ceiling-affixed fluorescent and track style.The basement of Russell Building includes a storage room and office/classroomwith vinyl tile flooring over concrete slab. The walls are combination of sheet rockand wood paneling. The t-bar celotex suspended ceiling has attached exposed 2-bulb florescent lights.Two two-fixture bathrooms complete the finished portion of the basement.The majority of the 12’ high basement is used as the maintenance shop andstorage area for certain supplies. Painted cinder block walls, partially finishedsheetrock walls and ceilings with suspended fluorescent lighting is the main finishin the shop area. The boiler room houses a gas-fired boiler, 80 gallon electricwater heater and 800 amp electric service panel. 21
  • 105. Miriam (CRC Complex)The Miriam Building has interior and exterior finishes similar to Charlotte House,and provides three 2-bedrooms units. The apartment–sized kitchens provide verylittle counter space and cabinets, and appear to be original.The boiler room is accessed from an exterior door. Each apartment has its ownzone. A 100 amp electrical panel is also located in the boiler room.Stevenson CenterThe Stevenson Center is a Cape-Cod style building with 1500 square feet offinished interior space used as offices. The interior finish includes paintedsheetrock walls, t-bar suspended ceiling with recessed fluorescent lighting, carpetand vinyl flooring and radiator heat. Each floor has a bathroom.The exterior is wood frame double hung windows, vinyl siding and three-tabfiberglass roof shingles. A fixed steel fire escape is in place to the second floor andthe building is not sprinkled.The Stevenson Center is in average overall condition.Linden #1,#2,#3The Linden complex includes three virtually identical, 3,850± square foot, one-story frame construction residence buildings built in 1994. The complex has acentral courtyard, enclosed by six-foot high board-on-board wood fencing. Thesecured courtyard and buildings require electronic pass keys for access, andclosed-circuit cameras provided additional monitoring capabilities.The exterior is vinyl siding, full-egress vinyl double-hung windows and hip-styleroof structure with fiberglass roof shingles.The interior finish includes carpet, vinyl tile, or sheet good flooring over slab;sheetrock walls and ceilings; sprinklers; 200 amp service panels; gas fired waterheaters; central air and forced-air heat. The mechanicals are located in a separateutility room with exterior access only.The interior layout includes: 5 bedrooms; 2 hallway-access common bathrooms;kitchen; dining room; living room; laundry room; secured staff office with glassobservation windows; conference room with two fixture bath; and two sessionrooms separated by an observation room with one-way mirrors.The Linden buildings are in overall average condition.Craft House (Security)Also known as the Security Building, the Craft House is a one story frame buildingwith clapboard siding and gable roof, and is attached to a one and one-half storystone building with gable roof. It is used for the campus security team and for amailroom, respectively. The mailroom section was inaccessible at the time of the 22
  • 106. inspection. A small basement in the stone portion houses a newer oil-fired heaterand water heater. The roofing is newer fiberglass dimensional shingles.Interior finish includes low-grade commercial carpet, with wood paneled walls andceilings and a two fixture bath. Mechanicals include oil-fired hot water radiatorheat and window air conditioners. The building is in overall fair condition.It is our observation from inspecting the buildings located on the subject premisesthat most of the buildings designated to onsite residential housing and thoseconverted from dormitory to office or security use would most likely be consideredfor removal by future institutional type users. 23
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  • 125. HIGHEST AND BEST USE Highest and best use is defined as: "The reasonably probable and legal useof vacant land or an improved property that is legally permissible, physicallypossible, appropriately supported, and financially feasible and that results in thehighest value."5Four criteria are considered:1. Legally permissible uses. What uses are permitted by private deed restrictions, zoning, building codes, environmental regulations?2. Physically possible uses. Of the legally permissible uses, what uses are physically possible?3. Feasible uses. Which possible and permissible uses will produce sufficient income to meet or exceed all financial obligations, i.e. operating expenses, mortgage debt?4. Maximally Productive/Highest and Best Use. From among the feasible uses, which use will produce the highest net return or value? The present use of a site is not necessarily its highest and best use. Forexample, a single-family dwelling on a busy highway in a commercial zone mayhave as its highest and best use a commercial site. The existing improvementmay be retained and renovated or demolished to make way for construction of amodern, efficient commercial building. The criteria are applied first to the site asvacant and then, to the property as improved. The economic principles of supply and demand, anticipation, substitution,balance, and conformity along with factors that influence value such as utility,scarcity, desire, and effective buying power should be considered in every highestand best use decision.¥ ¦ § ¨ ©            ¨      ¨ ! " # §  $    % !  &    § ¨ $ ( § ¨ ©         ) %   & ¨ ! 0 1 1 2  3  4 0 5 5  % $ 0 5 2 4 42
  • 126. HIGHEST AND BEST USE AS A VACANT SITELegally Permissible Use The subjects permissible uses and area regulations are documented withinthe "Zoning" section of the report. Although this is an analysis of the site as vacant, the fact that the subject iscurrently improved with a preexisting, non-conforming use cannot be ignored. Apremium may accrue to the land resulting from the current, pre-existing,nonconforming use. No known land leases restrict the legally permissible uses of the property.No unusual environmental restrictions are indicated within the zoning informationavailable. As mentioned in the “Description of the Subject Land”, the subjectproperty is affected by the presence of freshwater wetlands. No othercommissions, such as a Historic Commission, currently exercise zoning controlsover the property. The redevelopment plan, however, states the LullworthBuilding and Carriage House are subject to adaptive re-use. Common restrictions for utility easements may exist; however, they do notappear to adversely affect development of any legally permitted use. The subject property is currently located within a designated redevelopmentzone; however, it continues to be described as within the R2-Residential Zone onthe official zoning map of the Borough of Haddonfield. No evidence of imminentchange to the current zoning is apparent.Physically Possible Use The subjects size, topography, shape, frontage along paved and dedicatedstreets, and access to all public utilities impose few limitations on its ability to bedeveloped for the permitted residential or public (as defined in the zoning) uses. The cost for grading and constructing a foundation on the site would betypical of other sites within the neighborhood. The load-bearing capabilities of thetop- and sub-soils are not known but are assumed to be sufficient to support atleast the types and sizes of buildings within the subject and surroundingneighborhoods. 43
  • 127. The subject is located in Flood Zone "X ", which is low flood risk. A portionof block 14, lot 2 is contained within the high flood risk and moderate flood riskareas. Freshwater wetlands affect 5% of the subject property.(Subject to the Contingent and Limiting Conditions contained within this report.)Financially Feasible Uses As indicated within the “Neighborhood Analysis”, the current institutionaluse is consistent with other uses in the subject’s competitive economicneighborhood. As an alternative to this use, public (as defined in the zoning code)and single family residential uses are permitted to be developed on the subjectproperty. Based on a review of residential market data and an interview with Mr.Tom Colavecchio, Haddonfield Borough Tax Assessor, it was concluded thatpotential residential developers of the subject property would not pay a per acreprice competitive with those being paid by potential institutional users. Recently,the Borough of Haddonfield completed a town-wide reassessment of all ratables;therefore, the borough is currently assessed at 100% of true value. A review ofClass 2, single family, residential land assessments for 34 properties sold betweenJanuary 1, 2010 and August 22, 2012 having lot sizes of 20,000 square feet andlarger throughout the borough has resulted in an average per acre assessment of$679,000. This figure was derived by taking the 34 land assessments, dividingeach by its percentage of an acre, summing the per-acre values and dividing thetotal by the number of sales. The $679,000 per acre figure represents the averagevalue that would be paid on a per acre basis for a fully approved and fullyimproved residential site within the borough. Residential developers typically pay50% of this retail acreage figure in order to compensate for demolition, approval,infrastructure construction, and profit margin costs. It would appear, therefore,that residential developers, keeping in mind the current weak residential market 6,would be willing to pay somewhere in the neighborhood of $340,000 per acre forthe subject property, or approximately $6,500,000.6 According to recent statistics, the single family residential market throughout the state and nation suffers from excessinventory, tight and restrictive lending policies, a reduction in per capita disposable income, and a 30% to 40% reduction invalues since 2007. 44
  • 128. Another economic feasibility test was applied to continuation of the existinginstitutional, pre-existing, non-conforming use. A review of market data withinthis arena has indicated strong demand and expansion of institutional uses withinsouthern New Jersey. This trend appears to be supported by demand forestablishment of private educational facilities, i.e. Charter schools, privatereligious affiliated educational facilities, universities, satellite campuses, andmedical educational facilities. The catalyst for this demand seems to beprincipally related to the amalgamation of the Rowan/Rutgers University effortswithin Camden County in combination with aggressive expansion and newconstruction of competing hospitals within the southern New Jersey area. Otherdemand is created through the desire to establish charter schools and privateeducational facilities. A review of recent sales activity within the institutional marketplace (themost relevant of which have been analyzed within this report), indicates a mergedprice per acre inclusive of improvements far exceeding that which could beproduced by single family residential development (the only other viable permitteduse). The most financially feasible use of the subject property, therefore, as of theeffective date of appraisal is for continuation of the existing, non-conforminginstitutional use.Maximally Productive/Highest and Best Use After considering the legally permissible, physically possible, and financiallyfeasible uses of the subject property, the highest, best, and most profitable use ofthe land as vacant is development with a non-conforming, institutional useconsidering the Borough’s long history of granting variances to the site or equallyfor a municipal use, which is a permitted use in the R-2 zone. Either one of theseuses is compatible with the adjacent use to the southwest, which is a public highschool. 45
  • 129. HIGHEST AND BEST USE AS IMPROVEDLegally Permissible Use The subject property is currently improved with an educational institutionaluse. The existing use is not a permitted use within the R2, Residential Zone;therefore, the existing use is a pre-existing, non-conforming use. It became non-conforming in 1974 with the adoption of comprehensive changes to the zoningordinance. As mentioned in the “Zoning” section, the subject lot currently conforms toall bulk, yard, and area requirements. Because the existing use is pre-existing and non-conforming, it wouldrequire variances for future expansion of the improvements.Physically Possible Use The subject property is currently improved with a pre-existing, non-conforming institutional use. If the site were vacant, zoning permits only oneother economic use, single family residential development. Both the existing andpermitted residential use of the subject property would conform well to thephysical characteristics of the subject site and adjoining uses. Considering theexcessive age of the improvements, ideally, if those improvements were beingconstructed today, a developer would correct the functional obsolescence andphysical depreciation currently present. It is physically possible to expand the existing improvements (subject to azoning variance).Financially Feasible Use The analysis of the site as vacant concluded that the continuation of thepre-existing, non-conforming institutional use would produce the highest returnto the land. Extensive review of institutional-type purchases indicates that buyersof these facilities tend to have various motivations. Many of these type buyersretrofit or expand the current improvements on the property while at the sametime eliminating improvements that are functionally obsolete or do not meet theiroverall plan for the property. A certain percentage of purchasers retain a minimalamount of existing improvements, demolish what is left, and construct a newinstitutional use. The market data tend to indicate that all of these purchasers, 46
  • 130. despite their differing motivations, buy properties based principally on a per acrebasis inclusive of existing improvements. This conclusion has been reachedthrough a review of numerous sales of these type properties, and it has beendiscovered that a high degree of compatibility exists on a merged acre price basisregardless of varying plans for the properties.Maximally Productive/Highest and Best Use As a result of the preceding analysis, it is apparent that the highest point ofvalue relative to the subject property is gained through continuation of theexisting institutional use. This use may legally be continued as long as a futurebuyers plans tend to be highly compatible with the use that previously utilizedthe subject facility. The use physically conforms well to the subject site, and it isthis use that will economically generate the highest return to the land. Based on this analysis, the highest, best, and most profitable use of thesubject property, as currently improved, is the continuation of the current pre-existing, non-conforming, institutional use. 47
  • 131. APPROACHES TO VALUE All three recognized approaches to value are considered: the salescomparison, cost, and income approaches. The sales comparison approach is based on the premise that an informedpurchaser would pay no more for a property than the cost of acquiring an existingproperty with the same utility. The approach involves researching recent sales ofcompetitive properties, adjusting them to the subject property for items ofdifference and reconciling the resultant indicators into an opinion of value. It isapplicable when an active market provides sufficient quantities of reliable datawhich can be verified from authoritative sources. The approach is necessary toproduce credible assignment results. The cost approach is based on the premise that an informed purchaserwould pay no more than the cost of producing a substitute property with the sameutility as the subject property. It is particularly applicable when the propertybeing appraised involves new or relatively new improvements that represent thehighest and best use of the land or when unique or specialized improvements arelocated on the site and for which there exist no comparable properties in themarket. It involves estimating reproduction cost new of the subjectimprovements; deducting estimated accrued depreciation in order to arrive at thedepreciated cost of the improvements; then, adding the estimated value of theland in order to arrive at an indicator of value. The approach is not necessary toproduce credible assignment results due to the difficulty in accurately estimatingaccrued depreciation. The income approach converts anticipated benefits (dollar income oramenities) to be derived from the ownership of a property into a value estimate.The income approach is widely applied in appraising income-producing properties.Anticipated future income and/or reversions are discounted to a present worthfigure through the capitalization process. The approach is not necessary toproduce credible assignment results due to the fact that institutional uses are nottypically leased and rental income is not the typical motivation of the user. Forthis reason there was insufficient arm’s length market rental data available insupport of this approach. 48
  • 132. SALES COMPARISON APPROACH The sales comparison approach is used to develop an opinion of marketvalue by comparing the subject property to similar and competing properties thathave recently sold. The theory is that the market value of a property is related tothe prices of similar and competitive properties. The sales are adjusted to the subject for differences such as the estatetransferred (fee simple or some fraction of it), financing considerations, motivationof the buyers and sellers, change in property values since the time of sale,location, land sizes, zoning, or any other salient features. Typical units of comparison are price per square foot, per acre, per frontfoot, or the entire price. In the case of the subject, price per acre inclusive ofimprovements is used to arrive at an indicator of value. Of the institutional sales researched, the following 4 sales have been verifiedand analyzed and meet the following criteria: informed buyers and sellers; property rights conveyed are the fee simple interest; parties to the transaction are under no undue pressure to consummate the sale; financing terms are cash or equivalent, and consistent with conditions in the financial marketplace at the time of sale; and, the property is exposed on the open market for a reasonable period of time. The data search covered January 1, 2008 through September 1, 2012inclusive. A grid and an analysis containing narrative explanations of the reasons andsupport for the adjustments follow the description of the sales. 49
  • 133. COMPARABLE LAND SALESale 1 Identification No.3,177Location: 28 E. Main Street Block 4605, Lot 22 (additional lots 10-13, 23, and 24) Moorestown Township, NJSale Price: $4,000,000Date of Sale: 10/15/08Deed Book: 6605, page 215Grantor: Friends Boarding Home of HaddonfieldGrantee: Moorestown Friends School AssociationLand Description: 4.14 acresFinancing: Cash to SellerZoning: CRO front commercial office; R2 rearOff-site Improvements: Overhead electric; natural gas; storm sewer; public water; public sanitary sewer; two-lane roadway; street lights; concrete curb and sidewalkOn-site Improvements: Single lane asphalt-paved road surfaceVerified With: Lisa Carbone Warren, Director of Finance, Moorestown Friends School, 09/21/12Indicates: $966,184 per acre inclusive of buildingsRemarks:The sale included 5 contiguous properties on block 4605: Lot 22 - 28 E Main St -2 main buildings used as boarding house and for convalescent care containing24,900 square feet; Lot 23 - 36 E Main St - 2-story dwelling containing 1,500square feet; Lot 24 - 38 E Main St - 2-story dwelling containing 1,700 squareFeet; Lot 12 - 41 E Prospect St - split-level design containing 2,717 square feetconverted into 3 apartments; and, Lot 10 - vacant land on Prospect AveThe subject property was marketed by William Pounds, a commercial broker.Renwick and Associates completed an appraisal for the grantor, with an effectivedate of November 12, 2007; concluding to a $5,000,000 value. An appraisal wascompleted on behalf of the future grantee and was used to negotiate to a final sale 50
  • 134. price of $4,000,000 The grantee operates the Moorestown Friends School on theadjacent properties. The properties at 38 and 36 E Main Street were sold in 2010and 2011 respectively. According to the Moorestown Friends website, theGreenleaf building was converted from the boarding house into eight classrooms,a music suite and choral sectionals rehearsal room. The building opened in May2012 and is now known as Hartman Hall. The transaction was considered to bearms length. COMPARABLE LAND SALESale 1 Identification No.3,177 28 E. Main Street Block 4605, Lot 22 (additional lots 10-13, 23, and 24) Moorestown Township, NJ 51
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  • 136. COMPARABLE LAND SALESale 2 Identification No.3,180Location: 83 Bayard Lane Block 16.01, Lot 1 Princeton Boro, NJSale Price: $15,000,000Date of Sale: 04/29/10Deed Book: 6053, page 294Grantor: Princeton Healthcare SystemGrantee: The Trustees of Princeton UniversityLand Description: 9.06 acresFinancing: CashZoning: R1Off-site Improvements: Underground electric; natural gas; storm sewer; public water; public sanitary sewer; two-lane roadway; street lights; concrete curb and sidewalkOn-site Improvements: NoneVerified With: Pam Hersh, Princeton Healthcare, 09/13/12Indicates: $1,655,629 per acreRemarks:According to Ms. Pam Hersh, the deed states that the sale price was $23,000,000;however, the price included an estimated $8,000,000 contribution earmarked forthe new hospital building fund. The tax assessor has an assessed value of$15,000,000 for vacant land for 2012. The 27,520 square foot building has beenremoved and the lot is currently vacant. John Zeigler, Director of Real EstateDevelopment, Princeton University, stated that the university intended todemolish the existing improvements and re-develop the site with graduate studentapartment housing. The transaction was considered to be arms-length betweenunrelated parties. 53
  • 137. COMPARABLE LAND SALESale 2 Identification No.3,180 83 Bayard Lane Block 16.01, Lot 1 Princeton Boro, NJ 54
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  • 139. COMPARABLE LAND SALESale 3 Identification No.3,182Location: Eden Way Block 2, Lot 2,3,6,7, and 9 West Windsor Twp., NJSale Price: $3,490,000Date of Sale: 09/30/09Deed Book: 6019, page 478Grantor: Eden Institute FoundationGrantee: The Trustees of Princeton UniversityLand Description: 3.0669 acresFinancing: CashZoning: Lots 2 and 3 - ROM-1, Research, Office, Limited Manufacturing; Lots 6, 7, and 9 R-2, ResidentialOff-site Improvements: Overhead electric; natural gas; storm sewer; public water; public sanitary sewer; six-lane divided highway; street lightsOn-site Improvements: NoneVerified With: Christopher Tarr, attorney for grantor, 09/14/12Indicates: $1,137,956.89 per acre inclusive of improvementsRemarks:According to Christopher Tarr, appraisals were completed and used to establishthe sale price. Like the grantor, Princeton University utilizes the 17,704 squarefoot school building on lot 3 for autistic and challenged students. Lots 2 and 6have 1 story dwellings totaling 2464 square feet. Lot 7 is vacant land. Lot 9 has a1248 square foot building formerly used for students that now appears unused.The attorney stated that the grantee helped them obtain property for a new schoolin the Forrestal Village areas and a mortgage for that property. The transactionwas considered to be arms-length between unrelated parties. 56
  • 140. COMPARABLE LAND SALESale 3 Identification No.3,182 Eden Way Block 2, Lot 2,3,6,7, and 9 West Windsor Twp., NJ 57
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  • 143. COMPARABLE LAND SALESale 4 Identification No.3,187Location: 420 Turnersville Road Block 12302, Lot 1 (part of) Gloucester Township, NJSale Price: $20,282,000Date of Sale: 11/09/11Deed Book: 9497, page 1018Grantor: Camden County Health ServicesGrantee: Camden County CollegeLand Description: 40 acresFinancing: No OTBZoning: IN - Institutional DistrictOff-site Improvements: Overhead Electric, Natural Gas, Storm Sewer, Public Water, Public Sanitary Sewer, 2 Lane Roadway, Street LightsOn-site Improvements: Asphalt parking and drives; detention basin; concrete pad; Overhead and Underground electricVerified With: Dominic J Vesper Jr., Deputy County AdministratorIndicates: $507,050.00 per acre inclusive of improvementsRemarks:The property, a portion of the Lakeland Complex, contained the Camden CountyEmergency Training Facility for many years. Older improvements included theburn, ladder training, and control tower buildings used specifically for live firetraining; a 4,290 square foot service garage used for storage and repair ofemergency equipment; and the “Old Academic Building”, a 7,071 square footbuilding containing classrooms and assembly areas (a former commercial laundrybuilt in the 1920s, converted in 1989). In 2009, a new one-story, 36,887± squarefoot building, the “Emergency Training Center” was constructed. This buildingcontains college-style classrooms, theatre-style assembly area, cafeteria,garage/equipment training area, and many offices. Most offices were utilized bycounty fire marshal and emergency training officials and personnel. The 40 acre 60
  • 144. portion of lot 1 (180 acres total) was subdivided and sold. The site size of 40 acreswas created to allow for the safety zone surrounding the fire training buildingswhere controlled fires are used for training. Camden County sought to reduce itsdebt level through liquidation of various assets and at the same time eliminatingpayroll related to certain county level positions. Camden County College, at thetime of this transaction, was in expansion mode and had the resources topurchase the property, as well as continue the emergency training programs. COMPARABLE LAND SALESale 4 Identification No.3,187Photo taken winter of 2011/2012 420 Turnersville Road Block 12302, Lot 1 (part of) Gloucester Township, NJ 61
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  • 147. SALES COMPARATIVE GRIDSale No. 1 - 3177 2 - 3180 3 - 3182 4 - 3187Sale Price $ 4,000,000 $15,000,000 $3,490,000 $20,200,000Price per unit $ 966,184 $ 1,655,629 $ 1,137,957 $ 505,000Unit Adjusted $ 966,184 $ 1,655,629 $ 1,137,957 $ 505,000Estate Conveyed 0% 0% 0% 0%Adjusted Price $ 966,184 $ 1,655,629 $ 1,137,957 $ 505,000Financing 0% 0% 0% 0%Conditions of Sale 0% 0% 0% 0%Adjusted Price $ 966,184 $ 1,655,629 $ 1,137,957 $ 505,000Expenditures post-sale 0% 0% 0% 0%Adjusted Price $ 966,184 $ 1,655,629 $ 1,137,957 $ 505,000 10/5/2008 4/29/2010 9/30/2009 11/9/2011Date of Sale -30% -10% -20% -5%Adjusted Price $ 676,329 $ 1,490,066 $ 910,366 $ 479,750Location 0% -10% 0% 20%Physical -20% -15% -35% 15%Zoning 0% 0% 0% 0%Off-Site Imp. 0% 0% 0% 0%Other 0% 0% 0% 0%Net Adjustment -20% -25% -35% 35%Final Adjusted Price $ 541,063 $ 1,117,550 $ 591,738 $ 647,663Total Absolute Adjust. 50% 35% 55% 40% Correlation of SalesUnadjusted Mean: $1,006,192 Median: $1,052,070 Range: $1,150,629Adjusted Mean: $724,503 Median: $619,700 Range: $576,487The unadjusted central tendencies indicate a per acre value of approximately$1,000,000, while the adjusted central tendencies indicate a per acre value closerto $725,000.Greatest weight is given to the indicator derived from Sales No. 2 and 4, the saleswith the lowest total absolute adjustment and the sales of properties with sitesizes considered most competitive with the subject. Next greatest weight is givento the indicator derived from Sales No. 1 and 3 respectively, the sales with thenext lowest total absolute adjustments. The weighted per acre value is slightlyhigher than the adjusted mean. 64
  • 148. Indicated value, therefore, is $788,000 per acre.(Final land value computation):$788,000 Per acre x 19.22 acres = $15,145,360 USE: $15,100,000 ADJUSTMENT ANALYSIS OF SALESSale 1Subject is inferior for Date of Sale due to declining market conditions since thedate of the transaction; for Physical since larger sites, such as the subject, tend tosell for a lower price based on a per acre unit intensity. The subject requiresforced-main sewage; however, this adjustment was offset by sale site’s irregularshape.Subject and sale are comparable for all other adjustments.Sale 2Subject is inferior for Date of Sale due to declining market conditions since thedate of the transaction; for Location since Haddonfield is slightly economicallyinferior to Princeton; for Physical since larger sites, such as the subject, tend tosell for a lower price based on a per acre unit intensity. The subject requiresforced-main sewage.Subject and sale are comparable for all other adjustments.Sale 3Subject is inferior for Date of Sale due to declining market conditions since thedate of the transaction; for Physical since larger sites, such as the subject, tend tosell for a lower price based on a per acre unit intensity and the subject requiresforced-main sewage.Subject and sale are comparable for all other adjustments.Sale 4Subject is superior for Location as it is in an ecnomically superior location; forPhysical since smaller sites, such as the subject, tend to sell for higher pricebased on a per acre unit intensity. The superior Physical adjustment is somewhatoffset by the fact that the subject property requires forced-main sewage:Subject is inferior for date of sale due to declining market conditions since thedate of transaction.Subject and sale are comparable for all other adjustments. 65
  • 149. FINAL VALUE OPINIONFinal ReconciliationIndicated Value by Sales Comparison Approach: $15,100,000Indicated Value by Cost Approach: $N/AIndicated Value by Income Approach: $N/A Greatest weight is given to the indicator derived from the sales comparisonapproach since it is the only approach applicable. The estimated market value of the subject property, therefore, as of August23, 2012, is: FIFTEEN MILLION ONE HUNDRED THOUSAND ($15,100,000) DOLLARS 66
  • 150. RENWICK & ASSOCIATES CERTIFICATE OF APPRAISALI HEREBY CERTIFY THAT UPON THE REQUEST FOR VALUATION BY:I HAVE PERSONALLY EXAMINED THE FOLLOWING DESCRIBED PROPERTY: 425 Kings Highway Block 13, Lot 25 & Block 14, Lot 2 Haddonfield, NJAND AM OF THE OPINION THAT ON THE 23RD DAY OF AUGUST 2012, THEESTIMATED MARKET VALUE OF THE SUBJECT PROPERTY IS: FIFTEEN MILLION ONE HUNDRED THOUSAND ($15,100,000) DOLLARSI certify that, to the best of my knowledge and belief:the statements of fact contained in this report are true and correct;the reported analyses, opinions, and conclusions are limited only by the reportedassumptions and limiting conditions, and are my personal, impartial, and unbiasedprofessional analyses, opinion and conclusions;I have no present or prospective interest in the property that is the subject of thisreport and no personal interest with respect to the parties involved;I have performed no (or the specified) services, as an appraiser nor in any othercapacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment.I have no bias with respect to the property that is the subject of this report or to theparties involved with this assignment.My engagement in this assignment was not contingent upon developing or reportingpredetermined results;My compensation for completing this assignment is not contingent upon thedevelopment or reporting of a predetermined value or direction in value that favorsthe cause of the client, the amount of the value opinion, the attainment of astipulated result, or the occurrence of a subsequent event directly related to theintended use of this appraisal. 67
  • 151. RENWICK & ASSOCIATES CERTIFICATE OF APPRAISAL(Continued)My analyses, opinions, and conclusions were developed, and this report has beenprepared, in conformity with Uniform Standards of Professional Appraisal Practice.I have made a personal inspection of the property that is the subject of this report.Daniel Connors, Richard Moule, John Baldino, Nancy Luciano provided significantprofessional assistance in the development and reporting of this report.Harry Renwick, CTASCGREA No. 42RG00097200 68
  • 152. ADDENDUM
  • 153. NOTICE OF PRIVACY POLICY Information Only - No Response Necessary At Renwick and Associates, protecting your privacy is very important. We wantyou to understand what information we collect and how we use it. We collect and use“nonpublic personal information” in order to provide our clients with verified marketinformation. We treat nonpublic personal information in accordance with our PrivacyPolicy.What Information We Collect and From Whom We Collect It We collect “Nonpublic personal information”. This is nonpublic information aboutyou that we obtain in connection with providing a service to you. We may collectnonpublic personal information from the following sources: Information we receive from you on applications or other forms; Information we receive from you or your representatives in interviews Information we receive from non-affiliated third partiesWhat Information We Disclose and To Whom We Disclose It We do not disclose any nonpublic personal information about you to either ouraffiliates or non-affiliates without your express consent, except as permitted by law(see Security Procedures following). We may disclose nonpublic personalinformation we collect to persons, companies, or governmental entities that receivethe original or a copy of a report that we have performed. “Our affiliates” arecompanies with which we share common ownership.Our Security Procedures We restrict access to your nonpublic personal information and allow disclosuresto persons and companies only as permitted by law. We maintain physical,electronic, and procedural safeguards to protect your nonpublic personal information.Request for More Detailed Information If you would like a more detailed explanation of our information practices,please send your request in writing to Renwick and Associates 1000 S. Lenola Road, Bldg Two, Suite101 Maple Shade, NJ 08052
  • 154. CONTINGENT AND LIMITING CONDITIONSI assume no responsibility for matters legal in nature, nor do I render any opinion as tothe title, which is assumed to be marketable. The property is appraised as thoughunder responsible ownership and prudent management.The sketch in this report is included to assist the reader in visualizing the property. Ihave made no survey of the property.I am not required to give testimony or to appear in court by reason of this appraisalunless arrangements have been previously made.The distribution of the total valuation in this report between land and improvementsapplies only under the existing program of utilization. The separate valuations for landand building must not be used in conjunction with any other appraisal and are invalid ifso used.I have not been requested to make an investigation of the possible existence of urea-formaldehyde foam insulation or any potentially hazardous material used in themaintenance of the building. In addition, I have not investigated the possible existenceof toxic waste that may or may not have been stored on the property. This office is notqualified to render an opinion on such matters. I urge the client to retain an expert inthis field if he desires this type of information.Information, estimates, and opinions furnished and contained within this report wereobtained from sources considered reliable and believed to be true and correct, however, Iassume no responsibility for their accuracy.Neither all nor any part of the contents of this report, or copy thereof, shall be conveyedto any person or entity, other than the appraisers or firms client, through advertising,solicitation materials, public relations, news, sales or other media without the writtenconsent and approval of the authors, particularly as to valuation conclusions, theidentity of the appraiser or firm with which the appraiser is connected, or any referenceto affiliation with any professional appraisal organization or designation. Further, theappraiser or firm assumes no obligation, liability, or accountability to any third party. Ifthis report is placed in the hands of anyone but the client, client shall make such partyaware of all the assumptions and limiting conditions of the assignment.The client is hereby informed that the property owner, in any transaction within theState of New Jersey, has responsibility under the Industrial Site Recovery Act (I.S.R.A.)to establish that toxic materials have not affected the subject or surrounding properties.Although a physical inspection of the subject property was made, I am not qualified torender an opinion on such matters. The client is put on notice that such an impact fromtoxic waste, unless otherwise considered within this appraisal, has not been taken intoaccount.
  • 155. I assume no responsibility for any claims that the State of New Jersey may developthrough its mapping program to develop its claims for riparian rights.The opinion of value is exclusive of applicability of the New Jersey Leaking UndergroundStorage Tank (LUST) Law unless otherwise considered within this report.I assume no responsibility for limits imposed by the New Jersey Freshwater WetlandsProtection Act or Section 404 of the Federal Clean Water Act. Where available, I consultNew Jersey Department of Environmental Protection Freshwater Wetlands Maps. Thesemaps, because of their scale (1” = 1,000’) are not as accurate as the results produced bya field delineation and historical analysis but present only a general depiction as toexistence and location of wetlands. When N.J.D.E.P. maps are not available, I consult"National Wetlands Inventory Maps" prepared by the Office of Biological Services, Fishand Wildlife Service of the United States Department of Interior. These maps, because oftheir scale (1" = 2,000) and part of the “Special Note” stating "...a detailed on-the-groundand historical analysis of a single site may result in a revision of the wetlandsboundaries...", are considered to be inaccurate but present only a general depiction as tothe existence and location of wetlands.This appraisal is made for valuation purposes only. It is not intended nor construed tobe an engineering report. In that all materials could not be viewed, the appraiser makesno representation as to the overall soundness or capabilities of the improvements,materials or workmanship. Should there be any question regarding same, it is stronglysuggested that an Engineering/Construction inspection be obtained.The opinion of value in this report is based on the assumption that the property is notnegatively affected by the existence of hazardous substances, including mold, ordetrimental conditions. In connection with this appraisal, I have made a visualinspection of the subject neighborhood; no landfills or hazards external to the subjectproperty were apparent. My routine inspection of and inquiries about the subjectproperty did not develop any information that indicated any apparent significanthazardous substances or detrimental environmental conditions that would affect theproperty negatively. It is possible that tests and inspections made by a qualifiedhazardous substance and environmental expert should reveal the existence ofhazardous materials and environmental conditions on or around the property thatwould negatively affect its value.Delineation of Title is limited to documents provided by the client. These documentshave indicated no private deed restrictions that would in any way negatively impact thehighest and best use as projected within this report. This report has not been based ona complete (over 60 years) title search.All furnishings and equipment, except those specifically indicated and typicallyconsidered as part of real estate, have been disregarded. Only the real estate has beenconsidered.
  • 156. All mortgages, liens, encumbrances, leases, and servitudes have been disregardedunless so specified within the report.It is assumed that there is full compliance with all applicable federal, state, and localenvironmental regulations and laws unless non-compliance is stated, defined, andconsidered in the appraisal report.It is assumed that the property is in compliance with all applicable zoning and useregulations and restrictions unless a non-conformity has been stated, defined, andconsidered in the appraisal report.It is assumed that all required licenses, consents or other legislative or administrativeauthority from any local, state, or national governmental or private entity or organizationhave been or can be obtained or renewed for any use on which the opinion of valuecontained within this report is based.No environmental impact studies were either requested or made in conjunction with thisappraisal, and I hereby reserve the right to alter, amend, revise, or rescind any of thevalue opinions based upon any subsequent environmental impact studies, research, orinvestigations.It is assumed that the utilization of the land and improvements is within the boundariesor property lines of the property described and that there is no encroachment ortrespass unless noted within the report.The Americans with Disabilities Act (ADA) became effective January 26, 1992. I (we)have not made a specific compliance survey and analysis of this property to determinewhether or not it is in conformity with the various detailed requirements of the Act. Ifso, this fact could have a negative effect upon the value of the property. Since I (we)have no direct evidence relating to this issue, I (we) did not consider possible non-compliance with the requirements of ADA in estimating the value of the property.Acceptance of and/or use of this appraisal report constitutes acceptance of the foregoinggeneral assumptions and limiting conditions.This appraisal has been based on the assumption that the subject improvements do nothave any historic significance.The valuation contained within the appraisal report does not take into consideration anyinfluence or cost associated with a low and mod housing obligation, which may affectthe subject property. It could not be determined if, in fact, this obligation would betriggered by continuation of the pre-existing use of the subject property, or by sale intothe public sector.
  • 157. Regional Analysis – Delaware ValleyDefinition of RegionThe nine-county area comprising the City and County of Philadelphia andsurrounding southeastern Pennsylvania Counties of Bucks, Montgomery, Chester,Delaware, and the southern New Jersey Counties of Mercer, Burlington, Camden,and Gloucester Counties; totaling 352 municipalities, is known as the “DelawareValley”.PhysicalCentral to the Northeast and Mid-Atlantic crossroads of the United States, theDelaware Valley is located between Washington, DC (3.5 hour drive to the south)and New York City (2 hour drive to the north), and includes the City ofPhiladelphia. According to Greater Philadelphia First, a non-profit, regionaleconomic development organization, 20% of the nation’s population, possessing13% of the nation’s buying power, lives within a 100-mile radius of the region’scentral area, the City of Philadelphia. Moreover, over 100 million people and six ofthe eight largest United States’ markets, and four of Canada’s largest markets arewithin one day’s drive of Philadelphia. Aerial of Delaware Valley Region (highlighted)
  • 158. Furthermore, the State of New Jersey Department of Commerce and EconomicDevelopment points out 12 states and over 60 million consumers live within 250miles of the State’s borders, with a collective purchasing power of $800 billiondollars. The State is also geographically and economically well positioned for theincreasing globalization of markets observed and forecast by economists. Inparticular, New Jersey’s eastern seaboard location on the Atlantic Ocean andproximity to Canada fosters international trade by way of easier access to traderoutes, evidenced by the fact the State ranks ninth in the nation for exports.The moderate climate throughout the region provides opportunities for seasonaltourism tied to summer and winter recreational activities, as numerous beach andmountain resorts are no more than 2 hours’ drive from any part of the region. Thelack of extreme temperatures also reduces energy and construction costs to morecompetitive levels for residential and non-residential development.The region is well served with multiple modes of transit including air, rail, water,and road transportation. Thirty-six airports are open to the general public. Allfive major airports in the area, i.e. Philadelphia International, Atlantic CityInternational, Northeast Philadelphia, Mercer County {Trenton}, and GreaterWilmington provide passenger and cargo services and have adequate room forexpansion. General cargo rail facilities are provided by Norfolk Southern (formerlyConrail), Canadian Pacific, and CSX. Amtrak continues to maintain passengerservice from 30th Street Station along the Northeast corridor.Port services and facilities are available along 135 miles of the 40 feet-deepDelaware River and Bay from the Atlantic Ocean to Trenton. The ports handlecontainer cargo and bulk cargo (includes crude oil, finished petroleum productsnot in containers, coal, iron ore, salt not in containers, etc.) On May 12, 1994 theGovernors of Pennsylvania and New Jersey signed legislation creating the bi-state"Ports of Philadelphia and Camden" that replaces the former Philadelphia RegionalPort Authority and South Jersey Port Authority. The Port of Wilmington, with oneterminal of the seven, is a separate, competitive entity.The area is also served by a large and growing roadway system that includesInterstates 95, 76, 295 and 195, the Pennsylvania and New Jersey Turnpikes,major highway connectors (such as the “Blue Route” connecting the PennsylvaniaTurnpike and I-95), and numerous state and local highways. The area’scontinuously expanding highway infrastructure provides excellent transportationalternatives to businesses seeking to market and distribute their productsthroughout the regional and national markets.Social:As of 2010, the Greater Philadelphia, or Delaware Valley, Region ranks as the fifthlargest U.S. metropolitan area in the United States, following New York, LosAngeles, Chicago, and Dallas-Fort Worth. With a population of almost 5.6 millionpeople in 2010, the 11-county Greater Philadelphia region, as defined by SelectGreater Philadelphia, comprises five counties in Southeastern Pennsylvania
  • 159. (Bucks, Chester, Delaware, Montgomery, and Philadelphia); five counties insouthern New Jersey (Burlington, Camden, Gloucester, Mercer, and Salem); andNew Castle County in northern Delaware. Among all US metropolitan areas, theGreater Philadelphia region ranks sixth in gross metropolitan product, fifth inpersonal income, and is the nation’s fourth largest media market. (Source DVRPC: TheDelaware Valley Regional Planning Commission) For the purposes of this report, the DelawareValley Region will exclude Salem and New Castle Counties.Rich in History, Culture and DisadvantagesThe Delaware Valley Region is unlike any other region historically; however, theCity of Philadelphia takes the spotlight not only for history but also for culture.By many considered to be the “Birthplace of the Nation”; and like most majorcities, Philadelphia is a mecca of entertainment with fine dining, performing arts,and museums, and sports stadiums for the Delaware Valley Region.Camden City in Camden County may be a distant second to Philadelphia when itcome to history and entertainment, but the city holds its own with waterfrontattractions like; the State Adventure Aquarium, Susquehanna Bank CenterAmphitheater, Campbell’s Field and Battleship New Jersey.In general, U.S. cities, like Philadelphia and Camden, are challenged with cleaningup urban blight and dealing with disproportionately large disadvantagedcommunities within the region’s population as they tend to cluster in large citycenters, while rural areas and growing suburbs usually have lower levels ofdisadvantage people.The following map image illustrates the location of disadvantaged communities bymapping the degrees of disadvantage in the region by census tract. Source: DVRPCClearly the preceding map image shows the areas of the most economically andsocially disadvantaged communities of the region. Philadelphia and Camden show
  • 160. areas of the deepest purple shading, thus indicating the highest concentrations ofdisadvantaged communities. Consequently, these two cities are notorious forhaving the highest violent crime rates in the country.Population and ProjectionsAccording to the U.S. Census figures and ESRI forecasts, the population for theregion was 2,369,620. Viewing population growth for the region over the lastdecades, then projecting to the year 2015, the above table reveals a modestpopulation growth for the region overall at 0.01%. Modest population growth is theforecast for the years to come.Viewing current regional employment in a national context provides additionalinsight into the relative local strength of the region. In November 2011, thenational unemployment rate was at 8.7% which was an improvement over 2010’syear-end figure of 9.4%. In comparison, the unemployment rates for the states ofNew Jersey, Delaware and Pennsylvania, were 9.1%, 7.6%, and 7.9%, respectively.Quick FactsUnemploymentFrom a comparative regional context, the Delaware Valley appears to be faringslightly better than the balance of the nation in terms of the unemployment rate.That is in light of the nation’s slow emergence from the “Great Recession” thatthat ended in 2009. The slightly better unemployment data for the area probablyrepresents the diversity of the employment base that provides some opportunitiesfor employment shifting in segments that have escaped the effects of the recessionrelatively unscathed.
  • 161. EconomicEconomic Base IndustriesThe Greater Philadelphia Chamber of Commerce observes that the DelawareValley Region is a major force within a number of key industries that have beeninstrumental to national economic growth. In particular, the region possesseshigh concentrations of health care resources, pharmaceutical producers, high-tech industries, telecommunications, and post-secondary education and traininginstitutions that draw consumers and net income from both within and withoutthe region’s borders.Employment AllocationIn the preceding table, note that the industry catorgory “Services” make up over50% of the employment of the region with a majority falling under “healthcare”employment. Primarily as a result of the Delaware Valley having more than 40hospitals as well as the highest percentage of physicians engaged in research of allthe nation’s metropolitan areas. The presence of over 125 biotechnology,pharmaceutical, and medical technology industries provide the region with aleading position within the global biopharmaceutical industry.The Delaware Valley Region is home to many of the very best educationalinstitutions in the world. Over 80 post-secondary degree-granting institutions arelocated within a one-hour drive of the region’s Philadelphia center. They includeNew Jersey-based Princeton University, Rutgers University (Camden Campus),Rowan University, The College of New Jersey, the New Jersey Institute ofTechnology, and Burlington, Camden, Gloucester, and Mercer County CommunityColleges; Pennsylvania-based University of Pennsylvania, Drexel University,LaSalle University, St. Joseph’s University, Villanova University, and theCommunity College of Philadelphia; and Delaware-based Widener University andthe University of Delaware. These institutions offer opportunities for self-improvement and job training within academic, trade, and contemporarytechnological fields for the region’s inhabitants and attract students from all overthe nation and the world.
  • 162. SummaryThe Delaware Valleys steadily increasing population, skilled work force, variety ofhigher learning institutions, major road, rail, air, and water transportationinfrastructure, and diversity of employment opportunities provide the region witha competitive edge within the economy. The large concentration of the region’seconomic activity within the service sector, especially the healthcare, hightechnology, higher education, and telecommunication industries place theDelaware Valley in an excellent position to compete with other regions of thecountry. The combination of these factors with the excellent location of the regionat the crossroads between the Northeast and Mid-Atlantic sections of the UnitedStates have sustained the Delaware Valley as a viable economic area for over 200years; and, although the national economy weakened significantly during the mostrecent deep recessionary period, the highly diverse economic base of the regionshould continue to keep the region in a position of stability relative to competingand less diverse regions of the country.
  • 163. County Analysis - CamdenHistory-GovernmentThe first European settlers in the area that became Camden County were IrishQuakers who arrived in 1681. Subsequent European settlers came from England,Sweden, and the Netherlands, but, by the early part of the 18th century, it becameclear that the English were becoming the dominant force. In 1844, CamdenCounty was incorporated from the larger county, Gloucester, now CamdenCountys neighbor to the south. Coopers Ferry, the settlement that becameCamden City and the county seat, has always been linked to the larger settlement,Philadelphia, starting with a ferry service that began in 1688. The first bridgelinking the City of Camden to the City of Philadelphia, the Benjamin Franklin,opened in 1926. The second bridge to span the Delaware River betweenPhiladelphia and Camden County was the Walt Whitman, opened in 1957,followed by the Betsy Ross Bridge to the northeast in 1976.Camden County is governed by a five member Board of Chosen Freeholders whoare elected at large and who retain executive and legislative power. Their term ofoffice is for three years, and a Freeholder may be re-elected without limit. WhileFreeholders do not have the authority to adopt ordinances or pass laws, they mayadopt resolutions and levy taxes. A Director is elected annually from among theFreeholders. The County government operations are organized under a full-time,appointed, County Administrator who oversees day-to-day activity. Of the twenty-one counties in New Jersey, fifteen have a county government similar to that ofCamden.The County is home to thirty-seven (37) of the State’s five hundred and sixty-six(566) political subdivisions. 7 Most basic public services such as local schools,trash collection and disposal, public works, tax assessment and collection, zoning,building construction licensing and regulation, fire and (in the majority ofinstances) police are provided directly or indirectly through local governmentstructures like municipalities, school boards, and special districts 8. CamdenCounty provides a variety of services from alcohol abuse service to a work releasedepartment. Among the important departments are: Consumer Affairs, EconomicDevelopment, Jails, Probation Department, and Superior Courts. A county taxboard, consisting of members appointed by the Governor, sits as a quasi-judicialforum for the hearing and rendering of tax assessment appeals.7 6 7 8 9 @ A B C D E F A G C 7 8 G H I P 7 E A Q D R A D H S S S T @ 7 T @ D E F A G T G U T 8 V8 6 W A @ X D Y ` X V H 9 X @ H V X G @ Y 8 F A a b 7 9 A c D E W Y A a d X 9 A Q 9 7 H A @ H X 7 G D G F e 9 D V f g A E 7 h D Y F X V H 9 X @ H V
  • 164. County Apportionment (Tax) RateWhile in New Jersey the county apportionment rate normally accounts for a smallpercentage (generally between 13 and 25 percent) of the total general tax rate,competitiveness in the county rates is nonetheless important. Counties aim toachieve an efficient rate of taxation to help ease the burden of the local andregional school tax rates, which generally account for approximately 50% to 65%of the total tax levy while posing the most upward pressure on the composite localtax bill. Generally, Camden County has one of the higher county tax rates in theState. New Jersey County Tax Rates 2011 Source: New Jersey Property Tax Administration Office Sussex 0.039 Cape May 0.182 Bergen 0.205 Morris 0.219 Monmouth 0.252 Ocean 0.283 Somerset 0.285 Hunterdon 0.288 Middlesex 0.306 Atlantic 0.308 Burlington 0.310 Union 0.412 Essex 0.425 Hudson 0.461 Mercer 0.486 Gloucester 0.501 Warren 0.528 Passaic 0.567 Camden 0.650 Salem 0.875 Cumberland 0.913
  • 165. As of the date of this report, 2012 tax rates were not posted on the N.J. Treasury website.As the previous table indicates, for 2011, the more densely populated countiesand those with the larger commercial base had the lowest county tax rates.Sussex County had the lowest at $0.039. Cape May with its tourist industry andBergen with its population were lowest with $0.182 and $0.205 respectively, whilerural, southern Cumberland County and Salem County had the highest at $0.875and $0.913 respectively. Camden County had an apportionment rate of $0.650,ranking 19th among the 21 New Jersey counties.While in New Jersey the county apportionment rate normally accounts for a smallpercentage (generally between 13 and 25 percent) of the total general tax rate,competitiveness in the county rates is nonetheless important. Counties aimto achieve an efficient rate of taxation to help ease the burden of the local andregional school tax rates, which generally account for approximately 50% to 65%of the total tax levy while posing the most upward pressure on the composite localtax bill.Physical Map of New Jersey (Camden County Highlighted) Camden County Land Use Chart Source: DVRPC http://www.dvrpc.org/asp/CountyProfiles/Burlington.aspxWith 222.27 square miles of land and water area, Camden County is the smallestof the seven counties that comprise southern New Jersey. Of the seven southerncounties, the largest (and largest in the State) is Burlington County at 817.64miles, Camden Countys northerly neighbor. Camden County, along with two-thirds of the state, lies within the Atlantic Coastal Plane, a gently rolling landsurface dotted in places with low rounded hills. Elevations range from sea level to240 above sea level with most areas between 50 and 125.In addition to being bordered on the north by Burlington County, Camden Countyis bordered on the east by Atlantic County with its tourist/casino-driven economy,
  • 166. on the south by Gloucester County (remaining partially rural despite recentmoderate-to-rapid growth diminished by the recent 2007-2009 recession), and onthe west by the Delaware River, which separates New Jersey from Pennsylvania.According to the previous "Land Use" graph, approximately 1/3 of the land thatcomprises Camden County is wooded, followed by land used for residential.The Pine Barrens, a one million acre region of pine and oak forests, occupiesapproximately twenty percent of the county in the east and southeast. It isprotected by federal and state legislation from high-density development.Underlying the County are unconsolidated layers of sediment composed of sand,gravel and clay, and permeable layers known as aquifers. The aquifers providethe county with its water supply; however, because of rapid development over thepast two to three decades, concern grew about the quality and quantity of thesupply. As a result, New Jersey-American Water Company, a quasi-public utility,constructed a forty-mile long pipeline that carries treated water from the DelawareRiver to supplement the underground supply in Burlington, Camden, andGloucester Counties. Local water rates have been increased to pay for the watersupplied by New Jersey-American Water Company.Major roadways traversing the county include Interstate 295, New JerseyTurnpike, U.S. Route 130, and State Routes 73 and 42 crossing the County in anorth/south direction; and, State Routes 38, 70 and 168 crossing the County inan east/west direction. In addition, the county maintains its own extensive roadsystem.The bridges connecting Camden County to the City of Philadelphia and the Stateof Pennsylvania are owned and operated by the Delaware River Port Authority(DRPA). The DRPA also operates and subsidizes the PATCO High Speed Line, acommuter rail line completed in 1969 linking Lindenwold in central CamdenCounty with center city Philadelphia. Through the 1970’s and 1980’s, thecommuter line contributed to the growth of the Countys central and southwesternmunicipalities. Additionally, the River Line train services the Delaware Rivercommunities of the Route 130 Corridor from Camden City to Trenton where itconnects to Amtrak Northeast Corridor. The 34 mile long light rail passenger linehas dramatically boosted the riverfront area economy since it started operating in2004 and now services an average 9,000 commuters per day.Non-passenger rail transportation is provided by Norfolk Southern (formerlyConrail) with two lines running in north/south and east/west directions. Watertransportation is available along the Delaware River with services provided by theDelaware River and South Jersey Port Authorities. Air transportation is providedby the Philadelphia International Airport, which is within thirty minutes drive ofthe County, and the Newark International Airport, which is located within forty-five minutes. Local air transportation is available at the Albion Airport in thesoutheastern end of the County. New York commuter bus transportation isavailable at the Westampton (Burlington County) terminal and the Mount Laurel
  • 167. (Burlington County) terminal. New Jersey Transit provides local bus service.Social EconomicPopulation Growth:Camden County is the most populous of the southern New Jersey counties. Theprevious table shows us that Camden County population growth is projected to bemodest growing only 0.06% and household 0.13% from the years 2010 through2015. A combination of economic factors may be contributing to the forecastedslow population growth. Factors such as: a very weak economy, scarcity ofdevelopable land, and residential new construction at a ten year low are theprimary contributors.As the following table indicates, Camden County’s population growth has beenstagnant relative to its fellow Delaware Valley counties throughout the period2000 through 2010. Because it is nearly 100% built out, the County exhibitedgrowth over the time frame that trailed the southern New Jersey counties ofBurlington, Gloucester, and Mercer. Delaware Valley Population by County: 1990 – 2010 Source: U.S. Census 2010 2000 2010 1990-2010 1990-2010 Change % Change Atlantic 252,552 272,417 19,865 07.87 Burlington 423,394 445,774 22,380 05.30 Camden 508,932 519,806 10,874 02.12 Gloucester 254,673 290,278 35,605 14.00 Mercer 350,761 367,014 16,253 05.00 Bucks 597,635 626,280 38,645 06.50 Chester 433,501 501,789 68,288 15.80 Delaware 550,864 559,776 8,912 01.60 Montgomery 750,097 789,862 39,765 05.30 Philadelphia 1,517,550 1,558,613 41,063 02.70Note that the level of Camden’s population (508,932) at the beginning of the periodwas higher than neighboring Gloucester (254,673) and Burlington (423,394). Thefact that these less populated counties grew faster than Camden was due, in part,
  • 168. to a smaller base and in part to a long term movement toward equilibration of the Southern and Philadelphia Primary Metropolitan Statistical Area (PMSA) population growth rates. The latter makes intuitive sense given people move to lower cost location alternatives over time as infrastructure develops and commuting becomes cheaper. Still, the County’s relatively high tax rate is clearly detracting from its competitiveness as a desirable place to live compared to other counties in the region. Dwelling Units Authorized By Permit The following table provides selected county housing permit data since 2002: i p q r s t u u t t u u v t u u w t u u x t u u y t u u € t u u  t u u ‚ t u ƒ u ˜ d d„ … † ‡ ˆ … ‰  ‘ ’ “ ˆ … ” • – • – • • — ˜ • – ™ ˜ • – – • d — e f d d f g ™ e h h f e { y v i j k l m n o p q n r q j n p s t u v w x y z v x v x { x | } v t } y | x z | z w } { { u x   Ž ~  €  ‚ ƒ ~ „ … ƒ † ‡ ˆ ˆ ‰ Š ˆ ‹ Œ  ˆ  ˆ Œ ˆ Ž Š ‰ ˆ ˆ  Œ ˆ ˆ ‹ ˆ  ‹    Œ • ˜ • r ‘ ’ “ ” • – — ˜ ™ r š ‘ ˜ › œ f d – f ™ h ˜ g g g f – ™ f ™ g — f f f g • d d ™ d f  – š ‘ ž ” Ÿ › ” • r š ‘ ˜ › œ d — – • d — ˜ e • – ˜ – • – ™ ˜ d d h d e • – ™ — — • ˜ f g h e   ” • ž ” • r š ‘ ˜ › œ d h • — d d — — d g h d d • e g — h ™ ™ – – g • ˜ g • ˜ d – ˜ ¡ — – ” ’ r š ‘ ˜ › œ d ™ – f – ™ f f h • e ™ • e — d h — d e — d d f As of the date of this report, 2011 Building Permit data was not available on the U.S. Census Bureau website. As the previous table shows, Camden County is in new privately owned, residential units authorized by permit for the Southern New Jersey area throughout the 2000s decade. In recent years, as building has slowed, Burlington has experienced a negative impact as well but remains among the stronger areas for development. On the other hand, very noteworthy for the economy of Camden County, is the recently approved by the Delaware River Port Authority (DRPA), is an environmental impact study of a proposed commuter 18–mile light-rail line from Camden City to Glassboro. The study could take about two years to complete before any building can commence. Jeff Nash, DRPAs vice chair and a Camden County freeholder, said “it is the largest transit project ever planned to serve Camden and Gloucester counties” and "it will be an economic stimulus for the region" and a "spark for the redevelopment" of towns along the rail line. If approved, the first phase of the project will be from Camden to Woodbury and could take five years to complete if financing is available, DRPA officials have said. The proposed 1.6 billion dollar rail line would run alongside an existing Conrail freight line through Glassboro, Pitman, Mantua, Wenonah, Woodbury, Deptford, West Deptford, Westville, Bellmawr, Brooklawn, Gloucester City, and Camden City. It would connect to PATCO and River Line trains at the Walter Rand Transportation Center in Camden, where passengers could catch trains to Philadelphia or Trenton. Additionally, “Transit Villages” would be developed at the stations boosting the economy and population for Camden County and surrounding areas. (More on “Transit Villages” in the “Industry Trends” section)
  • 169. The proposed commuter line would also impact the proposed restructuring ofCamden Campus Rutgers to Rowan University that was recently unveiled byGovernor Christie. The rail line would connect both Rowan Campuses; the existingGlassboro Campus to the proposed Camden City Campus. The proposedrestructuring would have Rowan take control of the Rutgers law school andbusiness school in Camden City. Rowan is scheduled to open its own medicalschool in the fall of this year 2012. The new Rowan Campus would be grantedstatus as a public research university. Governor Christie and advocates of therestructuring believe this move is crucial to economic growth, as many others, likecurrent Rutgers Camden students and faculty, think the restructuring willactually have a very negative impact on the area since Rowan University will notattract enrollment as Rutgers University name can.Transit Village TrendAs previously mentioned, the River Line train services the Delaware Rivercommunities of the Route 130 Corridor from Camden City to Trenton. The lightrail passenger line has dramatically boosted the area economy and with thecollaborated efforts of the N.J. Department of Transportation and the DelawareRiver Planning Commission and other interested parties with the introduction ofdevelopment plans called the “Transit Village Design Concept”.The plan has encouraged transit-oriented development (TOD) by increasinginterest to develop transit villages by developers to revitalize the river communitiesthrough “smart growth” and the “right way” to suburban revitalization. Residentsand business owners of these transit communities would benefit from a decreaseddependency of automobiles and more affordable housing choices which havebecome top priority for young proffessionals and aging baby-boomers alike.The goal is to develop safe, convienient, pedestrian-friendly commuter villagesaround the staions of the River Line and PATCO stations. The complete plandetails could be found at: http://www.state.nj.us/transportation/community/village/faq.shtm.Employment:The Unemployment Percentage Rate table further illuminates the relative"strength" of Camden County in the context of both southern New Jersey and theState as a whole.
  • 170. 2003 2004 2005 2006 2007 2008 ¢ £ £ ¤ 2010 2011Burlington 4.8 4.1 3.9 4.1 3.8 8 5 5.0 ¥ ¦ § 8.1 1 8.6 8Camden 6.1 5.3 4.8 5.2 4.7 7 6.1 6 ¨ © ª © © 9.7 7 9 9.9Gloucester 5.4 4.7 4.4 4.7 4.3 3 5 5.5 ¤ ¦ « 9.3 3 9.0 9Mercer 5.2 4.3 3.9 4.3 3.8 8 4.9 4 ¬ ¦ ¥ 7.3 3 7.4 7New Jersey 5.9 4.9 4.5 4.7 4.2 5.5 ¤ ¦ ¢ 8.7 7 8.8 8The competitiveness of Camden County’s unemployment rate over the past nineyears provides insight that the existing County labor force is being utilized in adecreased capacity in service to the local economy. Although the high rates arerecession-related, most of this can be attributed to the issues surroundingCamden’s inner city.Industry Trends:As the following chart depicts, approximately 16.5% of all Camden County jobsexist in “Healthcare/Social Assistance” industry, with “Retail Trade” 2nd at 12.5%,and “Education” 3rd at 10%. These industries are projected to grow significantlydue to the increasing presence of the universities, colleges, Cooper UniversityHospital and Our Lady Of Lourdes Medical Center. Cooper University Hospital is aleading employer in medical research, education, and health services for theCounty and soon with the opening of the Rowan School of Medicine in CamdenCity. Additionally, projections from the N. J. Department of Labor and WorkforceDevelopment, that ambulatory health care services will experience the greatestgrowth in the County by the year 2016 is due in part to the fast-growingpopulation of age 65 + seniors.
  • 171. Camden County has a diverse economy. The following tables list the top rankingprivate sector employers, fastest growing and largest employment sectors, andlargest occupations for Camden County. Source: NJ Dept. of Labor and Workforce DevelopmentCamden County has an extensive thriving network of retail businesses, mostnotably the Cherry Hill Mall. When it was built in 1961, it was the east coastsfirst enclosed mall. The mall experienced a $218 million major renovation andexpansion in between 2007-2009, and it has become a dominant mall in the southJersey region with over 1,200,000 square feet of leasable area. The previous tableshows us that ‘General Merchandise Stores” as those of the Cherry Hill mall, isthe top ranking industry for the “Fastest Growing Employment Sector” for thecounty.Culture and EducationThe residents of Camden County have access to a rich educational and culturalheritage that is part of the Philadelphia Metropolitan Area and the DelawareValley. In this age of "high tech", education plays a key role in training people fortechnical jobs and in providing adequate research facilities. The County is hometo Rutgers University (Camden Campus), a regional leader in the fields ofeducation and state-of-the-art technology training (such as with Geographic
  • 172. Information Systems). Within thirty minutes driving time of the County’s bordersare the University of Pennsylvania, Drexel University, Widener University, RowanUniversity, and the University of Delaware. Within one hour, commuters canreach Princeton University, The College of New Jersey, Rider University, The NewJersey Institute of Technology, The Burlington County Institute of Technology, andthe Burlington, Camden and Mercer County Community Colleges.Among cultural activities available within the area are the Opera Company ofPhiladelphia, Philadelphia Orchestra, Pennsylvania Ballet (residing inPhiladelphia); the Philadelphia Art Museum among a number of lesser-known butworld-class museums like the Atwater Kent, Philosophical Society, BrandywineRiver Museum, the Delaware Art Museum, the Philadelphia Free Library, FranklinInstitute, and Academy of Natural Sciences.The rich history to which county residents are exposed includes proximity toPhiladelphia and the surrounding area such as: Independence Hall; the LibertyBell, the Betsy Ross House, Brandywine, Valley Forge ; Trenton, and WashingtonsCrossing to name a few of the highlights of an area rich in American History.Recreational opportunities for County residents include access to a broad array ofsports entertainment within 30 minutes drive, anchored by the Philadelphia-basedsports franchises in the major sports: the (baseball) Phillies, (hockey) Flyers,(basketball) Sixers, and (football) Eagles. The minor league Trenton Devils offer alower cost, professional hockey alternative, and the minor league baseballfranchise Trenton Thunder, residing within about a one hour commute.Additional stadia to house a minor league baseball team has been completed withCampbell’s Stadium for the Camden River Sharks, who began playing in May2001.Numerous projects have continued to enhance Camden County’s appeal with theintermittent rebirth of Camden City’s waterfront, which has completelytransformed the former industrial area, and has brought exciting additions toCamden County, including the Battleship New Jersey, Adventure Aquarium,Susquehanna Bank Center music amphitheater, and Campbell’s Stadium. Theformer RCA building was rehabilitated and opened as luxury loft apartments inearly 2004. Overall, the state of New Jersey invested $175 million into revitalizingthe city and the River Line light rail added value to the Waterfront area with stopsin communities associated with Route 130 corridor and also has scheduled stopsat the Walter Rand Transportation Center (connected to Philadelphia by PATCO),Rutgers University Camden, the Susquehanna Bank Center, and AdventureAquarium.The 15 acre Riverfront State Prison, which has stigmatized the North CamdenWaterfront area, was demolished in 2009 bringing even greater promise ofeconomic and social growth to the area. The City of Camden has developmentplans of a linear waterfront park for this site. The relocation of the prison couldjust well be the catalyst of the rebirth of a city that has top rankings of the poorest
  • 173. and crime riddled city in the nation.The proceeding information from the 2010 U.S. Census shows us that CamdenCounty is average in Educational attainment compared to the U.S. figures.SummaryCamden County possesses the highest absolute levels of population andemployment of all the Southern New Jersey Counties. Over the first decade of the21st century, Camden County’s growth rates in population and employment havesignificantly lagged those for neighboring Burlington and Gloucester.The County has a diverse economy, however, reflective of the Delaware Valley.The largest employment opportunities exist most prevalently within the trade,transportation, and utilities sector, followed closely by education and healthcareservices. Of these, the service industry, similar to the larger regional and nationaleconomies, is projected to grow most rapidly over the next few years, followed bygrowth in retail and wholesale trade. These provide demand for skilled and semi-skilled levels for both white collar and blue-collar workers.Consequently, Camden County’s private non-farm employment is projected togrow at a rate second only to the (formerly) rapidly growing, smaller baseeconomies of Gloucester and Burlington Counties especially if the Glassboro toCamden City passenger rail-line is approved. Nevertheless, for the near termfuture, in line with most economic forecasts for the United States, slow growth isforecast for the next six months for the Region and Camden County, driven by aneconomy that went into a recession that began in 2007 and was exacerbated bythe collapse of the sub-prime mortgage market. Although the recession officiallyended in 2009 and a variety of economic signs point to a recent recovery, thatrecovery is forecast to be long and slow.
  • 174. Municipal Analysis: Haddonfield Borough Map of Haddonfield Borough (highlighted) and Surrounding Area
  • 175. HistoryHaddonfield Borough, incorporated on April 6, 1875, was formed from sections ofHaddon Township, but did not officially separate from Haddon Township tobecome an independent municipality until 1894.Founded in 1713, the town was named after John Haddon, a wealthy businessEnglishman and London Quaker who purchased large tracks of land in southwestNew Jersey in the 1690s. He later sent his daughter, Elizabeth, to occupy landthat he had purchased. Elizabeth built Haddon Plantation, and other nowhistorical buildings, which led to the development of the town. Haddonfield nowboasts of over 500 historical structures, many of which are over 300 years old.The town also played a role in the American Revolution; its Quaker cemetery holdsthe remains of British soldiers who died in battle against George Washingtonsforces more than two centuries ago.Located on Kings Highway is the Indian King Tavern, a museum and one of themost well known historical buildings, dating back to 1750, named for the localLenape Indians. Kings Highway was originally a wagon trail named in honor of theBritish monarchs that once ruled the area. Although the sale of liquor has beenforbidden since 1873, it was at the Indian King Tavern in 1877 that the NewJersey General Assembly met and declared its independence and became a state.In 1903 the facility became New Jerseys first State Historic Site.In the 1850s, Haddonfield was a vacation spot for Philadelphians ferried acrossthe Delaware River. With their horse and buggies they wound through dirt roadsshaded by cool woods until they reached the hamlet of Haddonfield, filling thecottages along the banks of Hopkins Pond and Cooper River.Haddonfield was "put on the map" when it played a special role in the history ofdinosaur discovery. The first nearly-complete dinosaur skeleton was excavatedfrom a marl pit, near Cooper River, in1858. Today a modest-sized bronze andstone marker commemorates the site where the skeleton was unearthed. Thisevent, also established the Academy of Natural Sciences in Philadelphia, wherethe bones are kept.GovernmentThe Borough provides the following municipal services: municipal court, boroughclerk, registrar, public works department, tax assessor, tax collector, communitydevelopment and construction, local police, a library and a senior citizens center.Volunteers provide fire and emergency medical service.
  • 176. PhysicalHaddonfield Borough, located in northern Camden County, consists ofapproximately 2.871 square miles. Cooper River forms a natural border betweenHaddonfield Borough and Cherry Hill Township. The Borough is also bordered byHaddon Township, Tavistock Borough, Barrington Boro, and Haddon HeightsBorough.U.S. State Highway 41 becomes Kings Highway at Haddonfield and is the mainroadway, traversing Haddonfield in a northeast/southwest direction. A few mainroadways also run through Haddonfield such as Haddon Ave., Grove Street, andWarwick Road. The Borough also is serviced by the PATCO High Speed Line,which travels from Philadelphia to Lindenwold.Borough OverviewLocated a short distance east, across the Delaware River from Philadelphia,Haddonfield is one of the Delaware Valleys most affluent communities. Aside fromhaving one of the worlds most significant paleontology sites, Haddonfield is alsofamous for its historic structures and quaint shops, many of which are virtualmuseums of American architecture. With 390 attorneys occupying former town-homes, Haddonfield has become a major legal center for the southern half of thestate.Haddonfield’s population of nearly 12,000 has a strong sense of identity as it isone of North Americas oldest towns, and residents and visitors alike enjoy the"Rockwellesque" attribute of the community.Within Haddonfields nearly three square miles, the town boasts nearly tenthousand trees, many of which are massive, giving the town a unique genteel feelof nearly a century and a half ago. Streets are shaded by trees and lined withmansions featured in frequent walking tours and seasonal open-house programs.Haddonfields ability to retain much of that "old town feel" is a result of historicalactivists running the regions most aggressive historic preservation programs.Additionally, Borough Code requires property owners in the district to obtainpermission from the Planning Board before making any exterior changes. Thecenter of Haddonfield (Main Street) and certain residential areas surrounding thebusiness district are part of Haddonfield’s Historic District with a variety of retailand office uses, many of which are converted residences.In its 2010 rankings of the "Best Places To Live" in New Jersey, New JerseyMonthly magazine ranked Haddonfield as the 33rd best place to live. Othernational and regional publications have long rated Haddonfield as one of the mostdesirable places to live in the Delaware Valley.Haddonfields proximity to a vast network of roadways provides easy access to anynorth, south, east, or west location. The City of Philadelphia and other
  • 177. employment centers are within easy commute; and two regional malls are within aten minute drive. Haddonfield has little to offer in the way of large-scalerestaurants because the retail sale of alcohol is prohibited. Since restaurantsderive a significant portion of income from alcoholic beverage sales, large-scalerestaurants do not normally operate in "dry" towns. Haddonfield has been drysince 1873 and the locals seem to be fine with BYOB.Social- EconomicOver the last two decades, Haddonfields population has decreased and isforecasted to continue to decrease modestly. This is due to the town being nearlybuilt-up. Household figures have risen slightly, however, they also are forecastedto decrease for the next few years. The median age, as for most of North America,is increasing. (see table below:)Haddonfield is considered to be an affluent town since most residents earn aboveaverage incomes compared to the area. Most residents are highly paid, skilled, andeducated, which has an impact on the towns reputation. (See chart below:) mp pu
  • 178. A majority of the residents, 69.7%, are in professional, management, or businessoccupations. See chart below:To live in Haddonfield, in any economic level, one must generally be willing toobtain a smaller house on a smaller lot, compared to competitive properties innearby municipalities. For that sacrifice, residents have the privilege of living inone of the most desirable communities in South Jersey and sending their childrento one of the best public school systems. (see charts and table below:)
  • 179. The above table shows that 46.50% of the housing stock in Haddonfield datesback to 1939 or older with only 1.1% from 2005 or later.Haddonfields residents have a much more than normal educational attainmentcompared to the average U.S. figures for Bachelors Degrees. They are also muchhigher than average for the area.The public school system includes three elementary schools: (K-5); one middleschool (6-8), and one high school. The Borough also has a few private schools;among them are Friends School (PK-8),and Bancroft (PK-12)
  • 180. SummaryHaddonfield is an affluent town with a highly paid, skilled, and educatedpopulation, and has a reasonably diverse and stable tax base, all of which has hada positive impact on the towns reputation. Its proximity to a network of roadwaysprovides easy access to any north, south, east, or west location. The City ofPhiladelphia and other employment centers are within easy commute; and tworegional malls are within a ten minute drive.Haddonfield is famous for its historic structures and quaint shops many of which arevirtual museums of American architecture. Population growth in Haddonfield appearsto be slowing down as the town is built out. However, much care and concern is takento retain much of that "old town feel". This is a result of historical activists runningthe regions most aggressive historic preservation programs. While the economy hasslowed development across the nation, state and county, Haddonfield has manypositives in place to best meet this challenging time. It is better positioned to reboundpast the current post-Great Recessionary conditions than many other area towns.Haddonfield remains a desirable location for commercial and residential activity.Property values are forecast to remain stable to decreasing for the next 12 months.
  • 181. CURRICULUM VITAE Harry F. Renwick, Jr., CTA SCGREA No. 4200097200Harry F. Renwick, Jr. is the founder and Chairman of Renwick and Associates,incorporated in 1973. Mr. Renwick represents the third of four generations of theRenwick family engaged in the real estate industry. Under the direction of Mr.Renwick, Renwick and Associates has grown from a two-person real estateappraisal firm to a multi-faceted valuation services company with a staff size inexcess of 20 people offering real estate, business, and machinery and equipmentvaluation services. In addition to his leadership duties as its Chairman, Mr.Renwick is one of the area’s leading real estate appraisers and economicdevelopment consultants, specializing in litigation support and testimony. He iswidely regarded as one of the top expert witnesses in the State of New Jersey andbeyond, with over 300 appearances before courts; commissions; quasi-judiciarybodies; and, appointed by Superior Court as a Condemnation Commissioner. Mr.Renwick has taught for over 25 years within the real estate appraisal profession,lecturing at the professional and collegiate level on the Principles of Real EstateAppraisal, Real Estate Appraisal Procedures, and a variety of related subjects. Heis a former national instructor for the Appraisal Institute and the Society of RealEstate Appraisers. Mr. Renwick formerly served as Tax Assessor in numerousmunicipalities throughout Southern New Jersey.EDUCATION:Mr. Renwick attended Tusculum College in Greenville, Tennessee and RutgersUniversity in Camden, New Jersey, where he majored in Business Administrationand minored in Education. He has received extensive professional education fromthe Appraisal Institute, the Society of Real Estate Appraisers, and the AmericanInstitute of Real Estate Appraisers in the direct application and teaching of realestate appraisal theory.PROFESSIONAL AFFILIATIONS:Mr. Renwick is a State Certified General Real Estate Appraiser (SCGREA), thehighest designation issued to real estate appraisers in the States of New Jerseyand Pennsylvania. He is a State of New Jersey Certified Tax Assessor (CTA). He isa member of the New Jersey Association of Municipal Assessors and is licensed asa real estate broker in the State of New Jersey. Mr. Renwick is on the approvedappraiser list for a number of government agencies, including the New JerseyTurnpike Authority, Department of Agriculture, Green Acres, and Department ofTransportation. He is a past President of the South Jersey Chapter of the Societyof Real Estate Appraisers.CIVIC ACTIVITIES:Mr. Renwick is a founding Member of the Maple Shade Business Association andpast Chairman of the Main Street Revitalization Committee. He is a formermember of the Maple Shade Citizens Advisory Board and a former member of theMaple Shade Rotary Club. He is a past Chairman of the Maple Shade ZoningBoard and a former External Vice President of the Maple Shade Jaycees.
  • 182. CURRICULUM VITAE Daniel ConnorsDaniel Connors is a Real Estate Appraiser Apprentice with Renwick andAssociates.EDUCATION:Mr. Connors attended The Institute of Computer Science where he earned anAssociate Degree in Specialized Business.Mr. Connors has successfully completed the Basic Appraisal Principals coursefrom the Renwick and Associates School of Real Estate Appraisal and BasicAppraisal Procedures, 15-Hour Uniform Standards of Professional AppraisalPractice (USPAP) courses from the Appraisal Institute.PROFESSIONAL AFFILIATIONS:Mr. Connors has amassed the requisite number of experience hours for the Stateof New Jersey certification for mass appraisal inspections. He is currentlyaccumulating experience hours toward the State Certified General Real EstateAppraiser designation and the Certified Tax Assessor designation.PROFESSIONAL EXPERIENCE:Mr. Connors has performed property inspections for revaluation projects includingresidential (one to four family), commercial (office, apartments, warehouse,restaurant, mixed use), industrial (sand mine, chemical manufacturing), andexempt properties (schools, churches and government buildings). He hasperformed property valuations using the sales comparison, cost, and incomeapproaches. He also has conducted informal taxpayer review meetings.In addition, Mr. Connors has worked on ad valorem tax consulting projects onbehalf of property owners of banks, office complexes, strip malls and residentialproperties.CIVIC ACTIVITIES:Knights of ColumbusEDUCATION:Basic Appraisal PrinciplesBasic Appraisal Procedures15-Hour National USPAP Equivalent CourseInstitute of Computer Science, Philadelphia, PAAssociate Degree in Specialized BusinessPROFESSIONAL AFFILIATIONS:Professional Member, Association of Information Technology Professionals (aitp)IEEE Computer SocietyCERTIFICATIONS:ITIL V3 Foundation
  • 183. CURRICULUM VITAE Richard K. MouleRichard K. Moule is a Real Estate Appraiser Apprentice with Renwick andAssociates.EDUCATION:Mr. Moule attended West Chester University in West Chester, Pennsylvania, wherehe earned a Bachelor of Arts degree in Mathematics, with a concentration inComputer Science.Mr. Moule has successfully completed real estate appraisal courses from theRenwick and Associates School of Real Estate Appraisal including BasicPrinciples, Uniform Standards of Professional Appraisal Practice, NarrativeAppraisal Report Writing, Residential Sales Analysis and Income Approach, andResidential Site Valuation and Cost approach.Mr. Moule has successfully completed real estate appraisal courses from TheAppraisal Institute including Real Estate Appraisal Procedures, Residential MarketAnalysis and Highest and Best Use, as well as the required curriculum for theState Certified General Real Estate Appraiser designation.PROFESSIONAL AFFILIATIONS:Mr. Moule has amassed the requisite number of experience hours for the StateCertification for mass appraisal inspections and the required experience hourstoward the State Certified, General Real Estate Appraiser designation. He is alsoan associate member of the Appraisal Institute.PROFESSIONAL EXPERIENCE:Mr. Moule has performed property inspections for revaluation projects includingresidential (one to four family), commercial (office, apartments, warehouses,restaurants, mixed use), industrial (sand mines, chemical manufacturing), andexempt properties (schools, churches and government buildings). He also hasconducted informal taxpayer review meetings. He has completed propertyvaluations using the sales comparison, cost, and income approaches on variouscommercial and industrial properties.Mr. Moule heads the tax appeal department and has worked on ad valorem taxconsulting projects on behalf of the owners of a variety of commercial andindustrial property types.CIVIC ACTIVITIES:Mr. Moule is a past President, Vice President and Corresponding Secretary ofMaple Shade Youth Baseball. He managed youth baseball teams for eight yearsand also volunteered as a high school football and girls track coach. Mr. Moulewas also a member of the Maple Shade Jaycees.
  • 184. CURRICULUM VITAE John J. Baldino, SLREAJohn J. Baldino is a State Licensed Real Estate Appraiser with Renwick andAssociates. He has 10 years’ experience in the appraisal of many types ofresidential, industrial, and commercial properties, including single-family,condominiums, 2-4 family residential, employee relocation, vacant land, mixeduse commercial buildings, retail with residential buildings, warehouses, andmanufacturing properties. He has been involved in mass appraisal projectsincluding inspection and valuation duties, and has performed property valuationsusing the sales comparison, cost and income approaches. Mr. Baldino hasperformed ad valorem tax work. He has appeared before the Somerset, Mercer,Burlington, and Camden county tax boards as an expert witness. He has appearedbefore the state tax court as an expert witness.EDUCATION:Mr. Baldino has a BS in Environmental Health from the University of Arkansas atLittle Rock. He has taken professional and educational courses at RutgersUniversity, Rider University, and Johnson and Johnson Inc. He has takencontinuing education courses in real estate appraising.PROFESSIONAL AFFILIATIONS:Mr. Baldino is a State Licensed Real Estate Appraiser. He is also taking continuingeducation classes to prepare for the state Certification examination for appraisers.He is also studying for the state certified tax assessor’s examination.REVALUATION/REASSESSMENT EXPERIENCE:Mr. Baldino has performed residential and commercial inspections in severalmunicipalities in which the company has performed revaluations and re-assessments and has participated in the valuation of numerous properties. He hasalso conducted informal taxpayer review meetings.
  • 185. CURRICULUM VITAE Nancy LucianoNancy Luciano is a Real Estate Appraiser Apprentice with Renwick andAssociates.EDUCATION:Ms. Luciano has successfully completed professional real estate courses from theRenwick and Associates School of Real Estate Appraisal including Basic Principlesof Real Estate Appraisal, Real Estate Appraisal Procedures, Uniform Standards ofReal Estate Appraisal Practice, and Narrative Real Estate Appraisal Report WritingCourse. In addition, she has completed 30 credits from the State University atBuffalo, New York.PROFESSIONAL AFFILIATIONS:Ms. Luciano has the requisite number of experience hours required for the Stateof New Jersey certification for mass appraisal residential inspections. She iscontinuing to attend courses to prepare for the state examination for StateCertified General Real Estate Appraiser. In addition, she currently holds a RealEstate Sales License with the State of New Jersey.CIVIC ACTIVITIES:Ms. Luciano is a contributing volunteer for the last eight years as Audio-Visualengineer to her local church.REVALUATION/REASSESSMENT EXPERIENCEMs Luciano has performed residential inspections in several municipalities inwhich the company has performed revaluations and re-assessments and hasparticipated in the valuation of numerous properties. She has also conductedinformal taxpayer review interviews following the mailing of the new assessments.Ms. Luciano has assisted with numerous mass appraisal projects includinginspection and valuation duties of residential, industrial, and commercialproperties, including single-family residences, apartment complexes, gas stations,office buildings, and industrial warehouses.