EDA Appraisal of Clover

d\,app"uiseUSA
P.O. Box 220454

Ghantilly, VA 20153
866-677.1 070 or 7 03-449-17 20
Fax 866 -677.1070
APPRAISAL REPORT
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211 Acres ol'lndustrial Zoned Land Located at 852

Middleburg Rd, Luray, VA22835
Effective Value Date:

June 1,2010
By
George Carver, MAl, MRICS MsBA
For
Economic Development Authority Rebecca Graves Hudson
Of Page Gounty, Virginia 852 Middleburg Road
117 S. Court Street Luray, VA 22835
Luray, VA 22835
fl-nppr.iseuSA
P.O. Box 220454
Chantilly, VA 20153
703-449-1720
Fax703-449-8223
July 19,2010
Econom ic Development Authority Rebecca Graves Hudson

Of Page County, Virginia 852 Middleburg Road
117 S. Court Street Luray, VS 22835
Luray, VA 22835
According to your request, I have completed and am enclosing herewith my written Summary Appraisal
Report of 211 acres of industrial zoned land located at 852 Middleburg Rd, Luray, VA 22835.
This is a relatively complex appraisal in that there have been no sales of large industrial tracts in Page
County within recent months. Therefore, comparables were only available from nearby counties.
My methodology in completing this appraisal involved identifying and visiting comparable sites and talk-
ing with industrial park managers, county officials, economic development offices, knowledgeable real
estate agents and industrialsite owners in Page County and nearby counties.
The purpose of the appraisal is to derive an opinion of market value of the subject property under fee
simple ownership.
My Opinion of Market Value, which is the objective of this appraisal, was based upon current market
indicators and typical financing methods. Changes in the local market or financing methods could alter
my opinion of value;
Effective Report Date
The Effective Date of this report is June 1,2010.
Effective Value Date
The Effective Value Date of this appraisal is June 1,2010.
Sales Gontract
There is no reported existing contract.
lntended Users
The intended users of this report are the Economic Development Authority Of Page County, Virginia
and Ms. Rebecca Graves Hudson only. lt is not valid for any other persons, entities or government ju-
risdictions.
This Appraisal was made under the Assumptions and Limiting Conditions'attached herein. lt conforms
to the Uniform Standards of Professional Appraisal Practice of The Appraisal Foundation (USPAP),
Clover Project Page 2of 71

FIRREA and FDIC Appraisal guidelines. lt also conforms to the Professional Appraisal Standards and
the Code of Ethics of the Appraisal lnstitute, as well as the Royal lnstitution of Chartered Surveyors.
As defined by USPAP, "an appraiser's obligation to intended users other than the client is limited to ad-
dressing their requirements as identified in writing by the client at the time the appraiser accepts the
assignment."
USPAP also stipulates that a party receiving a copy of an Appraisal Report in order to satisfy disclosure
requirements does not become an intended user of the appraisal unless the client identifies such party
(in writing) as an intended user as part of the assignment.
The Uniform Standards of ProfessionalAppraisal Practice (USAPAP) stipulates that:
"lt is unethical for an appraiser to accept an assignment, or to have a compensation arrangement

for an assignment, that is contingent on any of the following:
1. the reporting of a predetermined result (e.9. opinion of value);

2. a direction in assignment results that favors the cause of the client;
3. the amount of a value opinion;
4. the attainment of a stipulated result; or
5. the occurrence of a subsequent event directly related to the appraiser's opinions and specific to
the assignment's purpose."
I have made my best efforts to comply with the above requirements.

Opinion of Market Value ("As ls")
211 acres of lndustrial Zoned Land

Located 852 Middleburg Rd, Luray, VA 22835
(Based Upon $37,000 per Acre)
Seven Milllon and Eight Hundred Thousand Dollars (Rounded)
$7,800.000
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ry-e-ofit., l/(4.=--
G6orge V. Chrver, MAl, MRICS
MsBA, Real Estate, USC
Certified General Appraiser
vA#4001-004280
Clover Project Page 4 of. 71

Table of Contents
lntroduction Page
Letter of Transmittal............ 2
Table of Contents 5
Subject Photographs .............. 6
Location Map and Subject Tax Map 10
Certification ............... 11
Scope of Work 12
Disclaimer, Toxic Repods and Hazardous Materials 13
Summary of Salient Facts and Conclusions ....... 14
General Reporting Requirements

General Reporting Requirements 15
Site Data and Plats 17
Zoning and Land Use Plans 21
Taxes and Assessment Analysis 22
Market Overview
Overview of the Local Area Market Property Productivity Analysis 23
Highest and Best Use........... 31
Valuation Process
Sales Comparison Approach 32
Reconciliation
Reconciliation 55
Qualifications, Assumptions and Limiting Conditions

Qualifications of The Appraiser 56
Assumptions and Limiting Conditions 58
Addenda 61
62
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63
65
Clover Project Page Sof 71

Subject Photographs
Middleburg Rd Looking West Subject on the Left
Looking North From South End of Subject

Sewage Lift Station Nearest to the Subject
Looking South from South End of Subject
Clover Project Page 7 of 71

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Clover Project
Page 8 of 71
Subject Development Plan
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Gertification
I certify, to the best of my knowledge and belief:
1. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions
and limiting conditions and are my personal, impartial, and unbiased professional analyses,
opinions, and conclusions.
3. I have no present or prospective interest in the property that is the subject of this report, and no
personal interest with respect to the parties involved,
4. I have no bias with respect to the property that is the subject of this report or to the parties in-
volved with this assignment.
5. My engagement in this assignment was not contingent upon developing or reporting predeter-
mined results.
6. My compensation for completing this assignment is not contingent upon the development or re-
porting of a predetermined value or direction in value that favors the cause of the client, the
amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subse-
quent event directly related to the intended use of this appraisal.
7. My analyses, opinions, and conclusions were developed, and this report has been prepared, in
conformity with the Uniform Standards of ProfessionalAppraisal Practice.
8. I made a personal inspection of the property that is the subject of this report.
9. As of the date of this report, George V. Carver, MAI has completed the requirements of the con-
tinuing education program of the Appraisal lnstitute.
10.l certify that the use of this report is subject to the requirements of the Appraisal lnstitute relating
to review by its duly authorized representatives.
Ll.This appraisal assignmentwas not based on a requested minimum valuation, a specificvalua-
tion, or the approval of a loan.
MsBA, Real Estate, USC

Certified General Appraiser
#4001-004280

Scope of Work
I
The scope of work as defined in the Uniform Standards of Professional Practice is:
"The amount and type of information researched and the analysis applied in an assignment. Scope ,
of Work includes, but is not limited to, the following:
. The degree to which the property is inspected or identified;

. The extent of research into physical or economic factors that could affect the property.
. The extent of data research; and;
. The type and extent of analysis applied to arrive at opinions or conclusions."
My methodology in completing this appraisal involved identifying and visiting comparable sites and talk-
ing with industrial park managers county officials, economic development offices, knowledgeable real
estate agents and industrialsite owners.
The Scope of Work of this appraisal conforms to the Uniform Standards of Professional Appraisal Prac-
tice. The specific steps incorporated in my analyses are outlined as follows:
1. Completed a cursory walkthrough tour of the subject property. This was to assist me in estimating
the market value of the subject. I am not an engineer, and the walkthrough observations are those
related to items that would be obvious and not hidden. I am not licensed or qualified to offer opin-
ions on mold, toxic materials, drainage or any other adverse physical items and/or hazardous condi-
tions whether above or below ground. The user/s of this report should employ professional exper-
tise to advise them on any or all of the physical aspects of the property.
2. Evaluated the subject property from the viewpoint of its physical utility in its current state consistent
with its current zoning and market trends.
3, Reviewed the surrounding area on an area and neighborhood level to identify specific competitive
aspects.
4, Reviewed how current economic conditions might affect future demands for this property type. Also
reviewed how the rental and sale prices might be influenced by current economic conditions.
5. Reviewed current and long term local and regional'iransportation plans to determine the impact, if
any, on the subject property.
6. Gathered data on comparable sales. Evaluated the sales for use in market comparison analyses of
the subject and the most similar and most current sales selected for the report.
7. Considered current cost estimates where appropriate and/or helpful.
8. lnspected several sales comparables and consulted with sales and listing agents and/or buyers or
sellers whenever possible to obtain more detailed physical information or more specifics of the sale
price and/or terms of sale.
L Reconsidered all the facts and analysis in their entirety to derive my conclusions and opinions of the
estimated market value of the subject as of the date of the appraisal.
CloverProject Page 12of 71

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Disc.laimer, Toxic Reports and Hazardous Materials
Toxic Reports
No toxic reports were provided to me.
Radon
No radon report was provided to me. Please note my disclaimer below for hazardous and toxic conditions
regarding the property.
Hazardous Materials
Unless othenvise stated in this repod, the existence of hazardous substances, including without limita-
tion asbestos, mold, lead, polychlorinated biphenyls, petroleum leakage, or other chemicals, which may
or may not be present on the property, or other environmental conditions, were not called to the atten-
tion of the appraiser, nor did the appraiser become aware of such during the appraisers' inspection.
I have no knowledge of the existence of such materials on or in the property unless othenrise stated.
However, I am not qualified to locate, nor to test, such substances or conditions. lf the presence of such
substances, such as asbestos, mold, lead, urea, formaldehyde, foam insulation, or other hazardous
substances or environmental conditions may affect the value of the property, the value estimated is
predicated on the assumption that there is no such condition on or in the property or in suih proximity
thereto that it would cause a loss in value.
I assume no responsibilitv for anv such conditions, or for any expertise or engineering knowledge re-
quired to discover them.

Summarv of Salient Facts and Gonclusions
Gommon Property Name: Clover Project

Location: 852 Middleburg Road, Luray, VA22835
Vacant lndustrial Land
Assessor's Parcel Number:
72-(N-29K
72-A)-zc
52-(A)-51D
72-(A\-LA
72-(N-2L
72-(A\-29L
lnterest Appraised: Fee Simole
Date of Value: 6t1t10
Date of lnspection: 6t1t10
Owner: Paqe Countv Economic Development Authoritv
Occupancv: Vacant Land
Highest and Best Use
lf Vacant: lndustrial
As lmproved: lndustrial
TotalAcreage (Rnd): 211
Leoal Descriotion: See Deeds in Addenda to this Reoort

Zoninq: M1
FINAL VALUE CONCLUSION $7,800,000
Subiect Previous Sale Historv

Previous
Transfers and
Tract Acreaqe Financinq Amount
72-( A\-29L 11.65 4/t9/94 $210.000
72-(A\-29K L20.23 DOT s/31/01 $59.000
72-(A\-2r 3L.92 LlL9/90 $64,840
72-(A\-tA 0.0s r/7819L $100
72-(A\-2G 43.79 DOT 2/7s/89 $49,000
62-(A)-51D 3.091 ut9/90 $15,000
TotalAcres: ZIO.TII

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General Reporting Requirements

Ihis report is a Summary Appraisal Report, meaning that allthe
Report Type: jata and analyses necessary to develop and report the appraisa
nay not be contained herein. As stipulated in the Uniform Stan-
jards of ProfessionalAppraisal Practice (USPAP) there are
:hree options for reporting appraisals. They are Self-Contained
\ppraisal Reports, Summary Appraisal Reports and Restricted
Jse Appraisal Reports.
tropefi Type: ndustrialZoned Land

-ocation: 152 Middleburg Road, Luray, VA
-egal Description: -ong Metes and Bounds. See Plats further in this report.
iffective Date of the Appraisal )1112010

iffective Value Date of the Ap- ;t1t2010
lraisal:
rroperty Rights Appraised lhe real property interest being appraised is fee simple.
ntended User/s: lconomic Development Authority Of Page County, Virginia, 117
S. Court Street, Luray, VA 22835 and Rebecca Graves Hudson
352 Middleburg Road, Luray, VA22835
t is not valid for any other persons, entities or government juris.
jictions. As defined by USPAP " An appraiser's obligation to in.
:ended users other than the client is limited to addressing their
'equirements as identified by the client at the time the appraiser
accepts the assignment." USPAP also stipulates "A party re.
;eiving a copy of an appraisal report in order to satisfy disclo.
;ure requirements does not become an intended user of the ap-
lraisal unless the client identifies such party (in writing) as ar
ntended user as part of the assignment."
ntended Use of This Appraisal: lhis appraisalwill likely be used in financial considerations con-
;erning the property. As defined by USPAP, "the use or uses of
rn appraiseds reported appraisal, appraisal review, or appraisal
:onsulting assignment opinions and conclusions, [is]as identi-
ied by the appraiser based on communication with the client at
he time of the assignment." The intended use of this appraisal
rccording to communication with the clienUuser is to derive an
lpinion of market value of the subject property.
\ppraisal Client: lconomic Development Authority Of Page County, Virginia, 117

3. Court Street, Luray, VA 22835 and Rebecca Graves Hudson,
352 Middleburg Road, Luray, VA22835
t is not valid for any other persons, entities or government juris-
iictions.

{ighest and Best Use: \s vacant, industrial use is the highest and best use.
\s improved, industrial use is the highest and best use.
turpose of This Appraisal: lhe purpose of this appraisal is to derive an opinion of market
ralue as defined below.
Market Value: fhis appraisal has been prepared in accordance with the
Federal Deposit lnsurance Corporation (FDIC) Final Rules, 12
3.F.R 323.2(f), which incorporates the following market value
lefinition:
The most probable price which a property should bring in a

competitive and open market under allconditions requisite to
a fair sale, the buyer and seller each acting prudently and
knowledgeably, and assuming the price is not affected by un-
due stimulus. lmplicit in this definition is the consummation of
a sale as of a specified date and the passing of
title from seller to buyer under conditions whereby:
Buyer and seller are typically motivated;

Both parties are well informed or well advised, and acting in
what they consider their own best interests;
A reasonable time is allowed for exposure in the open
market;
Payment is made in terms of cash in U.S. dollars or in terms
of financial arrangements comparable thereto; and
The price represents the normal consideration for the
property sold unatfected by special or creative financing or
sales concessions granted by anyone associated with the
sale.
ixposure Time: ixposure time is estimated to be within 6 lo 12 months.

Ularketing Time: ularketing time is estimated to be within 6 to 18 months.
Sales History of Subject: lhe property was last transferred on January 9, 2009
Ciover Project Page 16 of 71

Site Data and Analysis
Location: 852 Middleburg Road, Luray, VA 22835
Shape: lrregular
Topoqraohv: Gentle rolling to level
Land Area Acres: 211 Acres
Frontaqe On Hwy 340, Middleburg Rd and Goodrich Rd
Access and Visibility: The site has good access and exposure.
SoilGonditions: I did not receive nor review a soil report. However, I assume that the
soil's load-bearing capacity is sufficient.
Utilities: All public utilities are available.
Site lmprovements: The site is open farmland and woods.
Title and easements: I do not know of any easements, encroachments, or restrictions that
would adversely affect the site's use.
Street lmprovements: Two-lane asphalt covered roads.
Hazardous Substances: I observed no evidence of toxic or hazardous substances during my
inspection of the site. However, I am not trained to perform technical
environmental inspections and recommend the services of a profes-
sional engineer for this purpose.
Overall Functionality: The subject site has good functionality.
Site Dimensions, Area, and Shape The site is irregular in shape. See subject plat within this report.
Distance and Direction to Cross The subject is located at the intersection of Hwy 340 and Middleburg
Street Road.
Topography and Elevation Variation Gentle rolling.
Drainage, Soil, and Subsoilcondi- Conditions appear typical. l, however, am not trained or qualified to
tions advise on such matters. I recommend the services of a professional
engineer for this purpose.
Location of Building on Site NA
Easements and Encroachments Appear $pical. l, however, am not qualified to advise on such matters.
Functional Utility/Adequacy of the Good
Site
Railroad and Other Public Transpor- There is a railroad passing through the subject property.
tation
Conformity or Site The site has a high degree of conformity with similar competitive sites I
in its market area,

Analysis of Units of Gomparison The price per acre defines industrial type large acreages. The Floor
Area Ratio (FAR) is used where it provides for better analysis and
I
comparison of different zoned sites.

FinalSite Conclusions The subject site's location, topography, utility, access and visibility are
good. lt is competitive against other developed sites in the neighbor- I
hood. I

Subject Plats
PLAT REFEREIlcES, I)TAX MAPr 7?-A-tA,?6,e1,?91,a9K,a9K1, AND

PRESENT IVNER' REBECCA G. HUDSIIN D,8, {3a, PG. elo
T.rt' 72-A-lAlDEeD 800l( t47!, PAGE 16S3 D.B.43e, P& a4a 6a-A-5tD
Tfi! 72-A-a6'DEED lmK 113?, PASE !a5e D.B.434, PC! ?50 A)DATUH AS SHOVN HEREON IS ACCORDIN6
7}... 1z-A-?t,DteD BA0r 1446, PA6E t.t8g D,8.444, P6.244 TB RECERDED iNFORMATION AND IS A
DEEB BOOK {47I, PAGE 1683 DB. .t,(6, PG. ,189
TH' 72-A-a9K,!EE! l00K l43e PAGE$a37 CURRENT FIELD SURVEY
Te 72-A-291'DEED BoOK 1509, PAGglSa3
lNsr. x08800t962 3)OTHER RIGHTS OF VAY AND EASEHENTS,
Tlt' 7Z-A-e9Kl'IfiSTRtr4ENT 10e000400.t IF ANY, ARE NBT SHOVN
Tlt, 5?-A-51!,DEE! 100( r4{5, PAGEllT,lS 4)FEilA PANEL *5t0109-01a5, DAfED A/p/gr
SHOVS FLT]OD ZENE X
TO ECON&IIC I]EVELOPH:NT AUiHC€ITY OF PA6E
COI'NTY, VIRGINIA, FIRST AY€RICAN TI]LE INSUEANCE TOTAL ACREAGE = EIO.3I3 ACRES
COI{PANY, REBECCA G HUDSON ACREAGE 0F T.H. 72-A-291=u.64a AC.
THIS IS TO CERTIFY THAT THIS I{AP OR PLAT AND ACREAGE I]F T.H. 7E-A.IA,2G,?1,?9K,
THE SURVEY OIJ VHICH IT IS BASED VERE HA!: IN a9Kl AND T.M. 6a-A-51D:198.671 AC.
ECCI}iD4''ICE IJITH THE'NINIHUH STANDARD DETAIL
REOUIREHENTS FGR A!-TA,/ACSI LAND TIILE SURVEYS,'
JOINTLY ESTABLISH'D AND AI]OPTE! IY ALTA A\D NSPS ZflNED, AGRICULTURE
tN 2005, AND rNCLUIES tTErtS 1,4,3,,r,6,7,9,1t,13. AND 15 EASEPEN'S AS NSTED DN SISEIS A THROUGH 5
OF TAILE A TF;REOF. PURSUA}IT TO THE ACCURACY UNLESS UNATLE TO DETERffINE IOCATIT]N
STANDAROS AS ADOPTED !Y ALTA AND NSPS AND IN
D.B. laa, PG. 5a6r D.B. l3a, PG- 407/
EFFECT ON IATE OF THIS C€EIIFICATION, D.8. 2e4, P6. 96, D.B. eA5, PG. 6llr
UNDERSIGNED'HE
FI.'RThER CERTIFIES THAT IN HY
PROF€SSIONAL C,3INI[]N, AS A LA,\' SUEVEYOR D.8. ee6, PG 6l?r INST. 11020004593
REGISTERED IN TH: STATE OF VIRCTNIA. TH: RELATIVE
POSITIONAL ACCURACY BF THIS SURVEY DEES NOT
EXCEED TH^T VHICH IS SPECIFIED THEREIN,
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Zoning and Land Use Analysis
Location: 852 Middleburq Road, Lurav, VA 22835
Zoning Code: M1
Zoning Definition: Light lndustrial
Principal Uses Light lndustrial
Govenants, Gonditions and I am not qualified to advise on these matters. A title search would be
Restrictions required to determine such covenants, conditions and restrictions.
Gonformity with the Zoning Ordinance I am not authorized to offer any legal advice on these matters
Special Provisions I am not aware of any special provisions to the zoning ordinance.
The subject has very good attributes for industrial development.
There is a public sewage pumping station and a deep public water well within a short distance to
the site.
The site, reportedly, can have railroad access. The site is a near grade with the railroad
The site appears to have relatively good drainage in that most of the site is above street grade.
The site has very good mountain views that would enhance the working environment.
The site's topography appears to be adequate for development.
The site is located only a few miles from Luray with access to Highway 211. Highway 211
provides access to l'81, but with somewhat of a steep grade.
The site has several hundred feet of frontage on 3 roads.
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Clover Project ?age 2of,71
I
Overview of the Market Property Productivity Analysis
Regional Economic Gonditions
Northern Virginia has emerged as the economic driver for the Washington Metro Area.
Region 2009 1970

Northern Virginia 46o/o 27.Oo/o
Suburban Maryland 32o/o 34.50/o
District of Columbia 22o/o 37.50/o
The three areas had about an equalfoothold in 1983, when federal contracting began to accelerate.
Federal contracting totaled $6 billion in 1983 compared with $87 billion in 2009, which contributed to
Northern Virginia's increased share in the local economy.
Source: Washington Examiner
The location of Washington Dulles lnternational Airport is also a big reason for the shift, The airportl
makes it easier for anyone on any continent to set up shop in Northern Virginia.
The Northern Virginia economy is important to the Shenandoah area as it is within commuting distance
of many of the Shenandoah area residents. The Shenandoah area can also provide goods and serv-
ices to Northern Virginia. The Shenandoah area is an attractive tourist area for Northern Virginia resi-
dents.
The Shenandoah Regional Airport at Weyers Cave near Harrisonburg offers 3 daily flights to Dulles ln-
ternational Airport, near Washington, DC.
The Shenandoah Valley has a large poultry industry.
The Valley hosts some large high tech companies such as SRI and Sl lnternational.
Sl lnternational is a provider of information technology and network solutions (lT) primarily to the fed-
eral government. lt defines, designs, deve.lops, deploys, trains and operates mission-critical lT solu-
tions. lt delivers a full spectrum of state-of-the-practice sybtems and services with a strategic focus on
the Federalgovernment's most urgent initiatives in the areas of:
. Federal lT Modernization
. DefenseTransformation
. Homeland Defense
. Mission-CriticalOutsourcing
SRI lnternational is one of the world's largest contract research institutes. lt was founded as Stanford
Research lnstitute in 1946 by the trustees of Stanford University as a center of innovation to support
economic development in the region. Later it became fully independent and was incorporated as a non-
profit organization under U.S. and California laws. SRI's headquarters are in Menlo Park, California,
near the Stanford University campus. Other companies are following, making their own plans to move
into the Shenandoah Valley.

The Valley has its own transpodation challenges. Access to lnterstate 81 is steep for some communi-
ties such as Luray.
The 6th Congressional District is home to more four-year colleges and universities than any other con-
gressionaldistrict in the U.S. These schools and student bodies are a positive influence on the regional
economy.
t
Some of the valley cities are revitalizing their downtown areas. These downtown areas are being filled
with art galleries, antique stores and restaurants.
See the following pages for demographics and economic data for the areas within 5, 25 and mile radi-
uses ofthe subject.
Page County
The estimated population of Page County in 2004 was 23,730. This was an increase of 2.39o/o from the
2000 census.
Median household income 2000

Local $33,359
National $41,994
ln 2002, the per capita personal income in Page County was $21,416. This was an increase of 18.5%
fiom 1997. The 20O2figure was 69% of the national per capita income, which was $30,906.
While there is still an agricultural base in the Luray-Page County area, many local residents commute
to the Northern VirginiaAffashington, D.C. area. Seasonaltourism particularly during the fall leaf
color and hunting seasons -
provides a part-time economic base, as well. However, even with this
-
slightly mixed economic base, there is an extremely high unemployment rate. Luray Caverns are open
year round which is positive for the area. 'i
Notable features
. Luray Caverns is located in the western part of Luray.

. Luray is the nearest town to the Thornton Gap entrance to Skyline Drive (to the east), as well as
serving as the headquarters for Shenandoah National Park.
' One of the dominant hills in the town of Luray is the location of the Grand Old Mimslyn lnn, a
ii
1931 classic Southern mansion style hotel. The hotel is a popular site for wedding receptions. lt
was recently renovated.
il
' The community's closeness to the South Fork of the Shenandoah River provides recreational l!
opportunities connected with boating, white water rafting, and fishing as well as hunting in the
fall. tl
It is interesting to note that 22o/o of the county's ancestries were Germans followed by English - 12%
and lrish -9o/o.
Source: US Census and other sources

-T
Offiee/lndustrial Expre$s Pack

Prepared by AppraiseUSA
Luray Land 123 Alans Rd 123 Alans Rd 123 Alans Rd

Latitude: 38.607221 Luray,VA 22835 Luray,VA22835 Luray,VA22835
Longitude: -78.487055 Badius: 5.0 mile Radius: 25.0 mile Radius: 50.0 mile
2000 - 2007 Population Annual Rate 0.85% 1.7% 2.64%
2007 - 2012 Population Annual Rate 0.74% 1.48% 2.3%
Total Population
t"--
I
80000
60000
40000
20000
00000
80000
Source: U.S. Bure.u ot tha Ccnsus,2000 Ccnsus ol Populatlon and Houslng. ESRI converted 1 990 Census dat! lnto 2000 geography. ESRI lorecasts tor 2007 and 2012.
Clover Project Page 25ol 71

t''::;',' i:::Il; itl'rt:: :-:i*1 [:xp:'es* l';"*II
Luray Land .l23

123 Alans Rd '123 Alans Rd Alans Rd
Latitude: 38.607221 Luray, VA 22835 Luray, VA 22835 Luray, VA 22835
Longitude; -78.487055 Radius: 5.0 mile Radius: 25.0 mile Radius: 50.0 mile
2000 - 2007 Civilian Employed Population 1 6+ Annual Rate 0.157o 2.01% 3%

2007 - 2012 Civilian Employed Population 16+ Annual Rate 1.05% 1.75% 2.63%
Total Civilian Employed Population 16+
I L-,iRreat
tl I
6000
5500
5000
'1500
ll000
3500
3000
2500
2000
r500
r000
500
f
t000001
',*.;-l--
900001
,orro-l
:::::J
,oouo -.1
ffil
,ooao-]
30000 -l [.'' l
_Li
2rcrr0-l
rocoo
l
0_L___
650rc0
500000
4500c0
,100000
350000
300c00
250C00
l00cc0
r500c0
100000
5irc00
0
Sourcc; t,S.BurcauofthcCensus,2000CensusotPopulationandHousing.ESRlconvertedlgg0Censusdalalnto2000gcography.ESRlforccastsfor200Tand20l2.

tlt?i*el irttlzs*i i'i a ! Hx pi'es s ?)aci r

Latitude: 38.607221 Luray,VA 22835 Luray, VA 22835 Luray, VA 22835
Longitude: '78.487055 Radius: 5.0 mile Radius: 25.0 mile Radius: 50.0 mile
2000 - 2007 Population by lndustry Annual Rate
,tgricu:t!re. Fcresry. Fishing and Huntiag
.6.28
itning
ConstLcUcn
l"lanulacurjng
Y,/hole$leTrade
Relaillrade
Transf orlaton'!/a.ehcusirg
lJil ries
lnlcrm
FtnancerlnsuGnce
Reer EstaleiBenlal,L€asirg
Proigssional, Scieil![c. arU Technicel Sgryices
ilanaggmen! ol Ccmpali:s/En!e:piises
ACrji . S!p[]( arl $,rasle f,1g0t. Se'!:ces
Eiucaticn3l Ser\ices
He3.:h Ca'9,S )aiil A5sisl&rte
ArlslEnt€rlairlrtnuRtcreat'on
Accoh[]cdalicrFood S;ruices
Oller S:rviqs
Pubii: Admini!liflicr
Dala Notq: lndustry dcscriptlons bascd on 2000 Ccnsus ot Populallon and Houslng dclinllions.

Office/l ndustrial Express Pack

Latitude: 38.607221 Luray, VA 22835 Luray,VA22835 Luray,VA22835
Longilude: .78.487055 Radius: 5.0 mile Radius: 25.0 mile Radius: 50.0 mile
2000 - 2007 Households Annual Rate 1.26% 2% 2.91%
2007 - 2012 Households Annual Rate 0.99% 1.65% 2.43%
Total Households
5500
6ooo
I
'1500
{000
bsoo
Total Households
t"
ii,
Total Households
li
lil
r100000
350000
l
300000
u 50000
s00000
1 50000
t000oo
Source: U.S. Bureau ot the Ccnsus, 2000 Census ot Populatlon and Houslng. ESRI convert€d l99(t Census dotr lnto 2000 geograFhy. ESRI forecasts lor 2OO? and 2012.

Officellndustrial Express Pack

Latitude: 39.607221 Luray, VA 22835 Luray,VA 22835 Luray,VA 22835
Longilude: -78.487055 Radius: 5.0 mile Radius: 25.0 mile Radius: 50.0 mile
2007 Household lncome
ffi Area 1 WArea2 l---lArea3
$t 5,000 -
, 520,000 . s24,999
s25,000 - $29,999
| $30,000 - $34,999
s3s,000 - $39,999
s40,000. s44,999
s45.000. $49,999
ss0.000. ss9.999
s60,000. s74,999 iii

ilt
s7s,oco. $99,999
I'i
broo,ooo ' srz.r,9g9
brzs,ooo ' sr.tg,egg
s150,000. sr99,999
lii
ieoo,ooo . szlg.ggg l,l
s250,000. s.199 l;i
S500.000+
il
l'l
li
Median Household lncome
2000 $32,638 $37,544 $42,460
2007 $3e,431 $46,146 $53,376
2012 $45,355 652,377 $62,237
il
2000 - 2007 Median Household lncome Annual Rate 3.07% 3.36% 3.73olo
2007 - 2012Median Household lncome Annual Rate 2.84% 2.57% 3.12o/o
2007 Median NetWorth $65.325 s87.523 s1 13.668
It
0ntaNoto: Delallmaynotsumlototalsduetorounding.lncomcreprcsentsonnuollncomofortheprecedlngyear.lncomelor200Tand20t2lsoxprossedlncurrcnt
dolhrs, lncluding on ifdlustment tor lnllatlon.
Source: U,S.BurcauoltheCensus,2000CcnsusofPopulatlonandHouslng.EsRllorocastsfor200Tsnd20l2. il
Ciover Project Page 29of 71

Summary of Potential Demand
Page Gounty's population is growing slowly. The county is somewhat behind some of the nearby coun-
ties in terms of industrial development. The county needs more industrial zoned land to establish the
needed infrastructure for potential new companies and investors. New companies are needed to estab-
lish more jobs in the county. New jobs will not only provide income for workers but will have a multiplier
effect for other jobs and services in the county. Leasing and lndustrial building sales are as shown be-
low. Leasing prices tend to lead sales prices, and both sales and leases lead to purchases of large
open tracts. As shown below, prices have declined some over the last two years.
isLing Reni trr Lural', {.'; Industri-l fc,r Lease (S.;SF, Veer;i
s3.0s -
s7.80 -
s7.60 -
57.40 -
s7.20 -
57.00 -
56.80
--
s6.G0 - ,
Jan 06 Jan 0? J&n 0S. Jln 09 -lan 10
Srate --i
t1..\ ll
,
Loapll€t'
Luray lndustrial Property Market Trends
Jsrr 0? -lan 03 -lan 09 -l6n 10
Siat* ;,
LoopNet'

Highest and Best Use
Highest and Best Use is defined in the Dictionary of Real Estate Appraisal by the Appraisal lnstitute as
"The reasonably probable and legal use of vacant land or an improved property, which is physically
possible, appropriately supported, financially feasible, and that results in the highest value. The four
criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasi-
bility, and maximum productivity."l
Use of the Land as Vacant
lndustrial use is permitted. lt is presently being used for agriculture.
Legally Permissible
The subject site is zoned M-1, which allows a wide variety of light to medium industrial and commercial
uses.
Physically Possible
The subject's topography would allow a variety of physical structures, including potential light to me-
dium industrial and commercial uses.
Financially Feasible
There is increasing demand in the neighborhood for industrial zoned land, especially land with railroad
access. Land prices are low enough to support various uses.
Maximally Productive
lndustrial use is the most productive use for the subject.
Highest and Best Use of the Property as lmproved
Current industrial land prices of $35,000 or more per acre indicate that industrial use is the highest and
best use for the subject property.
1 TheDictionarvof Real EstateApEaisal," FourthEdition,Appraisal lnstituteChicago2002

Valuation Process
Sales Com parison Approach
The Sales Comparison Approach is defined in the Dictionary of Real Estate Appraisal as "A set of pro-
cedures in which a value indication is derived by comparing the property being appraised to similar
properties that have been sold recently, then applying appropriated units of comparison and making
adjustments to the sale prices of the comparables based on the elements of comparison."2
Relationship to Highest and Best Use
Our selections of sales comparables all have similar highest and best use factors as the subject. They
are similar in location, overall functionality and appeal to the market. However, they are located in a l
nearby counties, as there have been no recent large industrial land sales in Page County.
2 The Dictionary of Real Estate Appraisal Four*th Addition, The Appraisal lnstitute il
ri
ti
Clover Project Page 32of 71 ti
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Clover Project Page 33 of 7'l

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Comparable Land Sale # 1
Street: Acorn Drive & N Liberty St Sale Price: $2,300,000

Gity, State: Harrisonburg,VA22S0l Site Area: 94.42
Neighborhood: lndustrial $/Acre $24,359
Glosing Date: 2t8t10 Zoning: M1
Gontract Date: NA FAR: NA
Rockingham Tax lD 94 4132 $/FAR: No Adj
Tax lD: 044 C2 Rights Gonveyed: Typical
Deed Book/Page: 3660/705 Market financing: Typical
Gurrent Use: Vacant Gonditions of Sale: Typical
lntended Use: lndustrial lmmediate Expense: Typical
Highest & Best Use: lndustrial Adjusted $/Acre: $24,359
Tax Year: 2010 Frontage: Good
Total Assessment: $2,523,000 Topography: Level
Rockin g ham Assessment: $619,400 View: Neighborhood
Harrisonbu rg Assessment: $1,903,600 Exposure: Average
Special Assessments Typical Externalities: Typical
Proffers, Gov Required: Typical Time on Market: NA
Encumbrances: Typical Environmental: No report available
Utilities Available: Typical Access: Good
Government Reg ulation : Typical Arms Length Sale: Yes
Perm itted Development: Commercial/lndustrial Rail: None
Verification: Keith May
Transfer History: Amount Grantor Grantee

2t8t10 $2,300,000 Acorn LC Lanb-lEby Enterprises
9114t00 $o Valley Blox lnc
Description Quadrant 2 NS Acorn Dr
Comments: This sale includes a 30.97acre adjoining tract that is assessed by Rockingham County for
$619,400. This portion sold for $754,000 218110 in Deed Book 3360, page 753. The previous sale to that was for
$785,600 on 9/13/00. The combined properties are up for re-sale for $4,700,000.

The sale for $24,359 per acre appears to have been on the low side of the market, The current asking price is on
the high side. The market range is likely from $35,000 to $40,000 per acre.
Orange line shows division of the City and County portions of the site, County portion to the right.

Gomparable Land Sale # I Gontinued
t{Gfrup.-
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aE q &- 6te o tffi{ P/t/ FoIruE
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Gomparable Land Sale # 2
Street: Radio Station Rd Sale Price: $1,894,724

Gity, State: Strasburg, VA Site Area: 29.15
Neighborhood: lndustrialand mixed $/Acre: $64,999
Glosing Date: 5/16/08 Zoning: M1
Gontract Date: 2t14t08 FAR: NA
Listed Price: $1,894,724 $/FAR: No Adj
Sale Status: Sotd Rights Gonveyed: Typical
Tax lD: T M 016-A-145 Market financing: Typical
Deed Book/Page: Book1412 Page 0618 Gonditions of Sale: Typical
Current Use: Vacant lmmediate Expense: Typical
lntended Use: lndustrial ' Adjusted $/Acre $64,999
Highest & Best Use: lndustrial Frontage: Good
Tax Year: 2010 Topography: Gentle
Total Assessment: TBD View: Neighborhood
lmprovement Assmt: TBD Exposure: Average
Land Assessment: TBD Externalities: Typical
Special Assessments Typical Environmental: No report available
Proffers, Gov Required: Prm PIan Rvw Access: Good
Encumbrances: Typical Arms Length Sale: Yes
Utilities Available: Ail MRIS #: sH6198480
Government Regulation : Typical DOM: 209
Perm itted Development: Typical Rail: None
Verification: LocalAttorney

5/16/08 $1,894,724 Adams Development Group, lnc North Shenandoah lnvestors, LLC
Gomments: This site was subdivided from a larger tract of approximately 49 acres. lt has been developed
recently with a warehouse. 20 acres of this original tract is for sale for $1,301,300; that is $65,000 per acre.

Comparable Land Sale # 2 Gontinued
Gomparable 2 Aerial Photograph
Ciover Project
Page 38of 71
Gomparable Land Sale # 2 Gontinued
,A
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Clover Project
Page 39 of 71
Gomparable Land Sale #3
Street: 4656 Valley Pike Sale Price: $3,100,000

Stephens CitY, VA Site Area: 102.74
Gity, State:
Neighborhood: Semi-Rural $/Acre: $30,173
12130109 Zoning: Mixed
Closing Date:
NA FAR: NA
Gontract Date:
Sold $/FAR: No Adj
Sale Status:
74-A-77 Rights GonveYed: Typical
Tax lD:
2009114179 Market financing: Typical
Deed Book/Page:
Gurrent Use: Vacant Gonditions of Sale (Auction): 20o/o
Mixed lmmediate ExPense: Typical
lntended Use:
Highest & Best Use: lndustrial Adjusted $/Acre: $36,208
$4,039 Frontage: Good
Tax Bill
2010 Shape: lrregular
Tax Year:
TopographY: Rolling
Total Assessment: $688,600
Vibw: Good
lmprovement Assmt: $95,400
Exposure: Average
Land Assessment: $593,200
Typical Externalities: TYPical
Special Assessments
Typical Time on Market: NA
Proffers, Gov Required:
Typical Environmental: No report available
Encumbrances:
Across Highway Access: Good
Utilities Available:
TYPical Arms Length Sale: Auction
Government Reg ulation :
TYPical Rail: Backs to rail. No sPur.
Perm itted DeveloPment:
Verification: Deeds
Transfer History:
Amount Grantor Grantee
Date
Newtown Vil LLC 3OON LLC
12t30109 $3,100,000
7t23t04 $4,980,000 Vista 1 LLG Newtown Village LLC
of R1 to R3 and
Gomments: This property was originally zoned RA. The zoning was approved for a.combination
There iad been a bond on this property for $4,150,000'
l-1 as of the June z, ztooog meetini of t-he City Council.
Page 40of 71
Clover Project
Gomparable Land Sale # 3 Continued

b}i\ 4?7 r.c:: 536
*$
\
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\ s{
se$
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---),-- t/5.71g Acres
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4656 Vatley pike Originat ptat
Clover Project
Page 42of 71
Gomparable Land Sale #4
Street: 4027 -29 Martinsbu rg Pike Sale Price: $2,200,000

City, State: Clear Brook,VA22624 Site Area: 65.52
Neighborhood: Frederick County $/Acre: $33,578
Glosing/Appraisal Date: 11t17t08 Zoning: Planned for lnd/Comm
Gontract Date: NA FAR: NA
Sale Status: Sold $/FAR: No Adj
Tax lD: 33-A-110 &109 Rights Gonveyed: Typical
Instrument #: 08 0013305 Market financing: Typical
Gurrent Use: Vacant Gonditions of Sale: Typical
lntended Use: lndustrial & Business lmmediate Expense: Typical
Highest & Best Use: lndustrial & Business Adjusted $/Acre $33,578
Tax Year: 2008 Frontage: lrregular
Total Assessment: $931,200 Topography: Gentle
lmprovement Assmt: $0 View: Level
Land Assessment: $1,558,500 Exposure: Good
Proffers, Gov Required: Typical Time on Market: Typical
Encumbrances: Typical Environmental: Typical
Utilities Available: Ail Access: Good
Government Regulation : Typical Arms Length Sale: Yes
Perm itted Development: Typical DOM: 238 days
Rail: None
Verification: Deeds

11124108 $2,200,000 Boyce Robin Lynn & Kay MA Frederick County lnvestors LLC
12t30t03 Boyce Robin Lynn & Kay MA
Gomments: Two parcels 33-4-109, 16.52 acres and 33-4-110 49 acres were sold for a total of 65.52
acres. This land was not zoned industrial at its time of purchase.

Gomparable Land Sale #4 Continued
33-A-1 10
Clover Project
Page 44 of 71
Comparable Land Sale #5
Street: Shenandoah Shores Rd Sale Price: $4,640,000

City, State: Front Royal, VA 22630 SiteArea: 80
Closing/Appr Date: Active $/Acre: $58,OOO
Contract Date: Active Zoning: l-1
Sale Status: Active FAR: NA
Tax lD: NA $/FAR: No Adj
Deed Book/Page: NA Rights Gonveyed: Typical
Gurrent Use: Vacant Market financing: Typical
lntended Use: lndustrial Gonditions of Sale (Active Status): -20o/o
Highest & Best Use: lndustrial lmmediate Expense: Typical
Tax Year: 2010 Adjusted $/Acre: $46,400
Total Assessment: NA Frontage: Rectangular
lmprovement Assmt: TBD Topography: Rolling
Land Assessment: TBD View: Good
Special Assessments Typical Exposure: Average
Proffers, Gov Required: Typical Externalities: Typical
Encumbrances: Typical Time on Market:
Utilities Available: AII Environmental: No report available
Government Regulation: Typical Access: Good
Permitted Development: Typical Arms Length Sale: Yes
Development Status: Platted Rail: Rail, No Spur
Verification: Broker
Gomments: The property has been subdivided into sixteen S-acre lots with two planned roads for
access. With the Norfolk Southern rail line passing along the southern edge of the property, the
possibility exists for a rail spur into the property. Available sites are a minimum of 5 acres and a maxi-
mum of B0 contiguous acres.

Gomparable Land Sale # 5 Gontinued
Plat
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Clover Project Page 46of.71

Land Sale Gomparable #6
Street: l-81 & Hwy 651 Sale Price: $6,755,000

Gity: Toms Brook Site Area: 193
Gity, State: VA $/Acre: $35,000
Glosing/Appr Date: Active Zoning: M2
Gontract Date: Active FAR: NA
Sale Status: Active $/FAR: No Adj
Tax lD: Lot 1 Mt Olive Rd Rights Gonveyed: Typical
Deed BooUPage: NA Market financing: Typical
Gurrent Use: Vacant Gonditions of Sale (Active Status): -10o/o
lntended Use: lndustrial lmmediate Expense: Typical
Highest & Best Use: lndustrial Adjusted $/SF: $31,500
Tax Bill: NA Frontage: Two Roads
Total Assessment: TBD Topography: Level
lmprovement Assmt: TBD View: Good
Land Assessment: TBD Exfiosure: Average
Proffers, Gov Required: Typical Time on Market: Typical
Encumbrances: Typical Environmental: No report available
Utilities: About 2 miles at Toms Brook Access: Good
Government Regulation : Typical Arms Length Sale: NA
Permitted Development: Typical Rail: None
Verification: Owner Partner
Sale History
The present owners acquired the property on May 16, 2005 for $2,116,198.36.

Table 1: Parcel Informstlon
ParceI Tar Map Number Size of Psrcel (acres) Direction on the Site
Lot 1 23-A-t75 s8.8 Northwestern portion
I-at2 23-A-1754 9.00 Northwestern portion
Lot 3 23-A-1,74G 15.66 Central portion
I.at4 34-A-0088 63.68 Eastern Portion
br5 34-A'-009 1"4,25 Southeastem Portion
I-at6 34-A-0r8 62.75 Southwestern Portion
Lots2&3arezoned83
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Comparable parcels are located on the left side of Mt Olive Rd from I-81 to US 11-
Clover Project Page 48 of. 7'l

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Gommercial Sales Gomparison Grid #1

1 2 3
Acorn Drive & N Libertu St Radio Station Rd 4656 Vallev Pike
Address Subiect Harrisonburo . VA 22801 Strasburo. VA Stephens CiV. VA
Sales Price (Est, Value) $7,500,000 $2,300,000 $1,894,724 $3,100,000
Gross Land Area Acres 211.00 94.42 29.15 102.74
Sale/Appr Price $/Acre $35,545 $24,35e $64,999 $30,173
Zoning M1 M1 M1 Mixed
Other
Adjusted $/Acre $24,359 $64,999 $30,173
Closing Date/ApprDate 611110 2t8t10 5/16/08 12t30t09
Rights Conveyed fee simple equal 0.Oo/o equal 0.0% equal 0.0%
Financing Terms typical equal 0.o% equal 0.Oo/o equal o.0%
Conditions of Sale typical low price 40.o% equal 0.0% auction 2O.00/o
lmmediate Expenditures typical equal o.0% equal 0.0% equal 0.0o/o
Market Conditions/Time declining ,1.5% -10.2o/o -2.1%

Sub Total $/Acre $33,737 $58,369 $35,574
Location good superior -10.0o/o superior -10.0% equal 0.0%
Topography/Shape good equal 0.0% equal O.Oo/o equal 0.Oo/o
Unit Size typical equal 0.0% smaller -2O.Oo/o equal 0.0%

Frontage good equal 0.0o/o equal 0.0% equal 0.0%
View/Exposure good equal 0.0o/o equal 0.0o/o equal 0.0%
Utilities required equal 0.0% available -10.0% equal O.0o/o
Grading and Drainage required equal 0.00/o equal 0.0o/o equal 0,0%
Externality $pical equal 0.0% equal 0.0% equal 0.o%
Use/Zoning industrial equal o.0% equal 0.0% equal 0.0%
Special Assessments: typical equal o.0% equal 0.0% equal 0.0o/o
Proffers, Gov Required typical equal 0.0o/o equal 0.0% equal 0.0o/o
Rail available none 10.0% none 10.0o/o no spur 5.O%
Encumbrances: typical equal o.0% equal 0.0o/o equal 0.0%
lnd Value (Acre) rounded $34,000 $41,000 $37,000
$7,800,00
lnd Value of Subi.(Rnd) rounded $7,200,000 $8.700.000 0

Commercial Listinos Comoarison Grid
4 5 6
4027 Martinsburo Pike Shenandoah Shores Rd l-81 & Hwv 651
Address Subiect Clear Brook. VA.22624 Front Roval. VA Toms Brook. VA
Sales Price (Est.A11 $4,640,000 $6,755,000
Vahrc\ $7,500,000 $2,200,000
Gross Land Area Acres 211 65.52 80.00 193.00
Sale Price $/Acre $35,545 $33,578 $58,000 $35,000
Planned
Zoning M1 lnd/Com I-1 M1
Other
Adjusted $/Acre $35,545 $33,s78 $58,000 $35,000
Closing Date/Appr Date 6t1t10 11t17108 6l'ln0 6t1t10
Rights Conveyed fee simple equal 0.0% equal o.o% equal 0.0%
Financing Terms typical equal 0.0% equal O.0o/o equal o.o%
Conditions of Sale typical equal 0.o% active -20.o% active -'to.o%
lmmediate Expenditures typical egual 0.Oo/o equal o.o% equal o.o%
Market Conditionsffime declining -7.7% O.Oo/o o.o%
Sub Total $/FAR $30,992 $46,400 $31,500
Location good equal 0.0o/o superior -10.0% superior -10.0%
Topography/Shape good equal 0.0o/o equal 0.0% inferior 10.o%
Unit Size typical equal 0.0% equal O.Oo/o equal o.o%
Frontage interior lot equal 0.0% equal 0.o% equal o.o%
View/Exposure good equal O.Oo/o equal 0.0% equal 0.0%
Utilities required available -10.0% equal 0.0% equal 0.0%
Grading and Drainage required equal 0.0% equal 0.0% equal o.0%
Externality typical equal 0.0o/o equal 0.0% equal O.0o/o
Use/Zoning industrial planned 1O.Oo/o equal 0.Oo/o equal 0.0%

Special Assessments: typical equal 0.0o/o equal 0.o% equal O.0o/o
Proffers, Gov Required typical equal O.0o/o equal O.Oo/o equal O.Oo/o
Rail available none 10.0% rail, no spur 5.O% none 10.o%

Encumbrances: typical equal 0.0% equal o.0% equal O.Oo/o
lnd Value (Acre) rounded $34,000 $44,000 $35,000

lnd Value of Subi, (Rnd) rounded $7.200,000 s9.300.000 $7.400,000
Land Sale Gomparable # 1
This sale sold below the market in the expressed opinion of the broker involved for which I made a
positive adjustment. The land is gentle. I adjusted downward for its superior location near the City of
Harrisonburg. I adjusted it upward for the lack of rail facilities. This sale was put back on the market for
$4,700,000. The original sale price was low and the present asking price is high. lt would likely sell in
the $35,000 to $45,000 per acre range.
Clover Project Page 51 ol 71

Land Sale Comparable # 2
The sale is located near an l-81 lnterchange near the City of Strasburg which location is superior to the
subject. lt is located near existing buildings. The land is relatively level. I made positive adjustments for
lack of rail facilities. I made negative adjustment for time, unit size and utilities.
Land Sale Comparable # 3
This property is located on US Hwy 11 within a few miles access to l-81. The land along this stretch of
US 11 is mostly agricultural and low density residential. The land slopes up quite steeply from the
highway. This property was acquired by auction, which did not give it enough time on the market. I
made positive adjustment for the auction and the railwith no spur. I made negative adjustment for
time.
Land Sale Comparable# 4
This property is located on US Hwy 11 within a few miles access to l-81. The land along this stretch of
US 11 is mostly agricultural and low density residential. The land is level. I made negative adjustment
for time and utilities. I made positive adjustments for lack of rail and its lower zoning status at the time
of purchase.
This comparable is a listing for which I adjusted downward. I adjusted downward for location and up-
ward for rail with no spur. lts location is a higher priced area closer to Washington,DC.
I am quite familiar with this property, as I made a preliminary study to establish an offering price for it
about six months ago. This propedy is most similar overall to the subject. lt is almost the same size. lt
has more rolling topography. lt will have to get water and sewage access from the Town of Tom
Brooks, about two miles away. This situation is similar to the subject having to get sewage access from
the Town of Stanley. I adjust downward for its active status and superior location for access to l-81 of
within one-quarter mile. I adjusted less for its active status than I did for comparable #5 because I be-
lieve its asking price is closer to market value. I adjusted upward for its lack of rail access and steeper
topography
Location, physical attributes, zoning and railroad access are the primary characteristics that cause differ-
ences in sale prices. The adjustment grids indicate the most important items that potential customers
would consider. The adjustment grids show indications only. They tend to show an amount of precision
over what can be statically verified from the few number of sales available. The range of indicated val-
ues of the subject is from $6,300,000 to $9,300,000. The adjustment for railroad frontage is somewhat
subjective because of the lack of sufficient sales comparables with railroad frontage. Many buyers
would not be looking for such frontage. For those who need it, they might pay apremium for it or not
buy a parcel at all which lacked railroad frontage. One knowledgeable broker suggested that a minimum
premium for railroad access capability would be 10 to 20%o or more. A ready, usable, installed spur
might sell for more. Most of the comparables will require additional cost for roads, grading, water and
Ciover Project Page 52of 71

sewage. I
gave more weight to the sold comparables. On this basis, the subject's land is taken to be
$7,800,000. That is approximately $37,000 per acre.
I did not adjust for any FAR differences on any of the comparable as modern industry mostly develops
properties in one story configurations. Most of the comparables used were zoned M1 and/or similar
zoning.
ln addition to the comparables used in the previous grids most of the properties shown below provided
helpful data. They show a broad range of value from $25,000 to $110,365 per acre. The average price
is $61 ,726 per acre. The median is $50,533 per acre. Major adjustments would be location, unit size
and railfrontage.
Status Location $/Price Acres $/Acre Rail 7n Utilities

For Sale industrial Dr, Winchester $2,300,000 20.84 $ 110,365 Rail Ind To site
For Sale Augusta County ind Ct $5,875,000 167.OO $35,180 Bus To Site
For Sale Keeleztown Rd, Mt Sidney $2,700,000 75.00 $36,000 Rail Ind To Site
For Sale Keeleztown Rd, Mt Sidney $936,000 26.00 $36,000 Rail Ind To Site
For Sale Rt 340, Elkton, VA $76L,250 30.45 $25,000 ind Electric
For Sale Liberty St, Harrisonburg $4,250,000 39.50 $107,595 Mixed Available
For Sale Radio Station Rd, Strasburg $1,301,300 20.00 $65,065 Ind Available
Sold 8/7/07 Front Royal Tax ID 30387 $2,49O,168 31.68 $78,604 Ind To Site
Averages: $2,576,7L5 51.31 $6L,726
Medians: $2,395,094 3L.07 $50,533

Adjustments Defined
Sale Price
The amount a particular person agrees to pay and a particular seller agrees to accept under the cir-
cumstances surrounding their transaction.
Closing Date
The date on which ownership of a property is formally transferred from the seller to the buyer, i.e., the
date on which the seller delivers title and the buyer pays the agree-upon price for the property.
Property Rights Conveyed
Fee Simple
Conditions of Sale
An element of comparison in the sales comparison approach; comparable properties can be adjusted
fordifferences in the motivations of eitherthe buyerorseller in a transaction e.g., when the comparable
transaction is not an arm's length sale,
lmmediate Expenditures
The amount of money required immediately after closing to bring the purchased property up to market
standards and/or safe and enjoyable use.
Market Conditionsffime
Changes in sale prices, supply, and/or demand from the closing date of the comparable sale/rental to
the effective value date of the appraisal.
Location
A9 uged in this appraisal it includes ditferences in prices for different sites, streets and neighborhood. lt
also includes differences in access, visibility, corner sites and overall desirability of the subject and
comparable sites. I used county incomes and home prices to develop a ratio to adjust for location be-
tween Page County and the other counties.
Physical Attributes
As used in this appraisal, they include topography, frontage, view, utilities, and railfrontage.
Unit Size
An adjustment for substantial differences in size of the properties, given that smaller properties tend to
sell more per square foot than do larger properties.

Reconciliation
Description of Reconciliation Process
The Reconciliation Process is one of the most important parts of the appraisal. The purpose is to review
and reconsider the various approaches, the data and conclusions reached earlier in this report. lt is a
complete reconsideration of the totalappraisalto this point
Definition of Reconciliation, with Sources
1. The last phase of any valuation assignment in which two or more value indications derived from
market data are resolved into a final value opinion, which may be either a final range of value or
a single point estimate.
2. ln the sales comparison approach, reconciliation may involve two levels of analysis 1) derivation
of a value indication from the adjusted prices of two or more comparable sales expressed in the
same unit of comparison and 2) derivation of a value indication from the adjusted prices of two
or more comparables expressed in different units of comparison."3
Valuation Process
The Valuation Process included only the sales comparison approach.
Data Accumulated and Conclusions derived in the report
The data accumulated included among other items published data, interview, visual observations and
photographs of the subject, sales comparables, land comparables, maps and other information.
Highest and Best Use as if Vacant and lmproved
The subject's highest and best use as vacant is industrial use. The subject's highest and best use as
improved would also be for industrial use.
Summary
There were adequate numbers of sales to derive a reasonable estimate of market value. I presented
adjustment grids to indicate the most important items that potential customers would consider. The ad-
iustment qrids show indications onlv. They tend to show an amount of precision over what can be
statically verified from the few number of sales available. The range of indicated values of the subject is
about $30,000 to $41,000 per acre. I gave somewhat more weight to comparable #1 through #4, actual
sold sales. On this basis, the subject's land is taken to be $37,000 per acre, for a total of $7,807,000
rounded to $7,800,000. lf a suruey should determine the site to be more or less than 211 acres, the in-
dicated value should be adjusted on the basis of $37,000 per acre.
3 The Dictionary of Real Estate Appraisal," Fourth Edition, Appraisal lnstitute Chicago 2002

Qualifications of the Appraiser
George V. Carver, MAl, MRICS, MsBA
Brief Summary of Academic and Professional Education
Graduate: Master of Science in Business Admin. U.S.C., Major in Finance/Real Estate

Theses: Anatomy of Limited Partnerships in Real Estate lnvestments.
Graduate: lnternational Economics, PERT/GPM, Operations Research, and Project Management, ln-
dustrial College, Washington, DC
Undergrad: Business/Real Estate, University of Nebraska
ProfessionalAppraisal Courses: Appraisal lnstitute an others: over 2,000 hours.
Professional Designations
MAl, Member #7866, Appraisal Institute awarded 1988. The Appraisal lnstitute dates back to 1937.
Only about 3o/o of all appraisers have obtained this prestigious designation.
MRICS Member#1290891 Royal Institution of Chartered Surveyors (RICS), London, UK. The RICS
dates back to 1868. lt is a professional multi-discipline group with over 140,000 members living in over
120 countries. lts goals and by-laws are subject to British Government approval.
Virginia Gertified General R. E. Appraiser Number 4001-004280
D.G. Gertified General R. E. Appraiser Number 10142
Maryland Gertified General R. E. Appraiser 11715
Licensed Real Estate Broker: 1972-1998
Gertificate in Farm Management (528 hours)
Department of Veterans Affairs Approved # 4280
Expert Testimony: Testified in Circuit Courts in Virginia, MD, and WA. Testified in Federal Bankruptcy
Court in Alexandria, VA and Federal District Court in Washington, DC
Military Experience: Captain, Gommander, Signal Company in Vietnam, 2 Purple Hearts, 2Bronze
Stars. Participated as team communications otficer in two missions to extract POWs.
$ppnais.eltsA:

Military Education
Communications and Electronics: Mid-level Management, 1 yr, US Army
Guided Missiles Logistics and Repair: Mid-level Management, 1 yr, US Army. Honor Graduate
Nike Missile lnstallation, Logistics and Repair: Mid-level Management, 1 yr, US Army.
Published: Real Estate Development article: Absorption, Absorption, Absorption.
Significant Work Experience
Taught Appraisal Courses at the U.S.C. and the Northern Virginia Community Colleges.
Trained more than 100 appraisers/consultants in residential and commercial appraisal. These ap-
praisers came from various backgrounds including civilian, government and military.
Go-authored the ASA Level-Three Appraisal Course and lectured the course for the American Soci-
ety of Appraisers: served as President of Seattle Chap. American Society of Appraisers
CEO/D|rector of Valuation and Gonsulting, National Appraisal Firm: 1977-85,1987-98, 2003- 09

with offlces in Washington, DC, Atlanta, Denver, Seattle, Portland, Hilton Head and New York. Firm had
92 staff and contracting appraisers.
Realty Specialists General Services Administration: Wrote many $mill Plus leases.
Appraiser and Project Manager for the Pennsylvania Avenue Development Corporation:
(PADC) in a $10 billion development program on and about Pennsylvania Avenue in Washington, DC
Financial/Budget Analyst, USDA RD Budget Division: Participated in a multi-agency task force includ-
ing GAO, OMB Finance Office and other USDA agencies on a $12 billion annual budget. Completed
training at the White House Conference Center on cash flow models and budget regulations and pro-
cedures.
Significant Consulting Projects
Housing Base Study/ Data Design, Columbia South Caiolina for Center for Real Estate and Economics
Ski Lodging Review, Crested Butte, CO
New City/Beach Resort, Mexico
Regan Building Washington DC
Completed feasibility/project management scenarios for the $818 million Reagan Building.

Assumption and Limiting Gonditions
General Assumptions
This appraisal report has been made with the following general assumptions:
1. No responsibility is assumed for the legal description provided or for matters pertaining to legal or
title considerations. Title to the property is assumed to be good and marketable unless otherwise
stated.
2. The property is appraised free and clear of any or all liens or encumbrances unless otherwise
stated.
3. Responsible ownership and competent property management are assumed.
4. The information furnished by others is believed to be reliable. However, no warranty is given for its
accuracy.
5. All engineering studies are assumed to be correct. The plot plans and illustrative material in this
report are included only to help the reader visualize the property.
6. lt is assumed that there are no hidden or unapparent conditions of the property, subsoil, or struc-
tures that render it more or less valuable. No responsibility is assumed for such conditions or for ob-
taining the engineering studies that may be required to discover them.
7. lt is assumed that the property is full compliance with all applicable federal, state, and local envi-
ronmental regulations and laws unless the lack of compliance is stated, described, and considered in
the appraisal report.
8. lt is assumed that the property conforms to all applicable zoning and use regulations and restric-
tions unless nonconformity has been identified, described, and considered in the appraisal report.
9. lt is assumed that all required licenses, certificates of occupancy, consents, and

other legislative or
administrative authority from any local, state or national government or private entity or organization
have been or can be obtained or renewed for any use on which the value estimate contained in this re-
port is based.
10. lt is assumed that the use of the land and improvements is confined within the boundaries or prop-
erty lines of the property described and that there is no encroachment or trespass unless noted in the
report.
11. Unless othenivise stated in this repoft, the appraisers did not observe the existence of hazardous
materials, which may or may not be present on the property. The appraisers have no knowledge of the
existence of such materials on or in the property. The appraise'rs, however, are not qualified to detect
such substances. The presence of substances such as asbestos, urea formaldehyde foam insulation
and other potentially hazardous materials may affect the value of the property. The value estimated is
predicated on the assumption that there is no such material on or in the property that would cause a
loss in value. No responsibility is assumed for such conditions, or for any expertise or engineering
knowledge required to discover them. The intended user is urged to retain an expert in this field, if de-

sired.
12 lt is assumed that the information supplied by the addressee as to the parcel or parcels of real es-
tate is correct and complete, including the legal description as it appears in this report. The appraiser
assumes no responsibility for matters of a legal nature affecting the property or the title thereto, nor
does the appraiser render any opinion as to title. No attempt has been made to render an opinion of or
status of easements that may exist.
13. lt is understood that exhibits included in this report are solely forthe purpose of assisting the reader
to visualize or understand its content and are not intended to be exact in scale or detail. lt is under-
stood that no survey has been made unless a specific statement to the contrary appears in this report,
and that no encroachments exist.
14. lt is understood that material contained herein, which is stated to be or is obviously furnished by
others is believed to be reliable but has not been verified except as specifically stated. Such informa-
tion is believed to be true and correct; however, the appraiser can assume no responsibility for accu-
racy.
15. While it is believed the information, estimates and analysis given and the opinions and conclusions
drawn there from are correct, the appraiser does not guarantee them and assumes no liability for any
errors, in fact, in analysis, or in judgment.
General Limiting Gonditions
This appraisal report has been made with the following general limiting conditions:
1. Any allocation of the total value estimated this report between land and the improvements applies
only under the stated program of utilization. The separate values allocated to the land and buildings
must not be used in conjunction with any other appraisal and are invalid if so used.
Possession of this report, or a copy thereof, does not carry with it the right of publication. Any per-
son other than the party to whom it is addressed without the written consent of the appraiser, and, in
any event, only with proper written qualification and only in its entirety may not use it for any purpose.
3. The appraiser, by reason of this appraisal is not requireO to give further consultation, or testimony,
or to be in attendance in court with reference to the property in question unless arrangements have
been previously made.
4.Neither all nor any part of the contents of this report (especially any conclusions as to value, the iden-
tity of the appraiser, or the firm with which the appraiser is connected) shall be disseminated to the pub-
lic through advertising, public relations, news, sales, or other media without the prior written consent
and approval of the appraiser.
5. Any value estimates provided in the report apply to the entire property, and any pro-ration or divi-
sion of the total into fractional interests will invalidate the value estimate, unless such pro-ration or divi-
sion of interest has been set forth in the report.
6 Only preliminary plans and specifications were available for use in the preparation of the appraisal;
the analysis, therefore, is subject to a review of the final plans and specifications when available.

7.The appraiser assumes that any proposed improvements have been completed unless othenrvise
stipulated; any construction is assumed to conform to the building plans referenced in the report.
8.The appraiser assumes that the reader or user of this report has been provided with copies of avail-
able building plans and all leases and amendments, if any, that encumber the property.
9.No legal description or survey was furnished, so the appraiser; tax reference data was used.
10. This report is valid for a period of 180 days, afterwhich the appraiser reserves the right to review
general and local economic conditions and issue any letter as appropriate for update or change.
11. The appraiser is considered the owner of the report and delivery of it has only been to addressee
for his or her specific intended Real Estate decision as noted previously under Purpose of the Ap-
praisal. This report is not valid for any other persons or uses.
12. Certain information contained herein is considered "not for public knowledge" and is approved
herein "under the strictest confidence." Said information shall be used only in connection with the busi-
ness decision as specifically described in the function of the appraisal. No other use of any information
contained herein is permitted. Said information shall not be re-used, shared,'disclosed, etc., except in
accordance with the certification, limiting conditions, function and purposes as contained herein. Any
deviation from this may subject the user to additional legal aciion for invasion of privacy.
l3.Acceptance and use of this report constitutes specific and implied consent to all conditions, limita-
tions, etc. Fudher, the client shall hold harmless the appraiser for any un-permitted use or action re-
sulting from such use.
14. Certain forms, formatting, and techniques contained herein are private property and proprietary in
nature. As such, they are protected under state and federal laws covering trademarks, copyrighting,
etc. Copying or re-use is strictly prohibited without the expressed written consent of AppraiseUSA.
15. ln the case of new construction, the appraisal report and value conclusions are contingent upon
completion of the improvements in a timely and workmanlike manner, and as of the effective date of
appraisal.
16. The forecast, projections, or operating estimates.contained herein are based on current market
conditions, anticipated short-term supply and demand factors, and a continued stable economy. These
forecasts are, therefore, subject to changes with future conditions.
17. The Americans with Disabilities Act (ADA) became effective January 26, 1992. The appraiser has
not made a specific compliance survey or analysis of the property to determine whether or not it is in
conformity with the various detailed requirements of ADA. lt is possible that a compliance survey of the
property and a detailed analysis of the requirements of the ADA would reveal that the property is not in
compliances with one or more of the requirements of the act. lf so, this fact could have a negative irn-
pact upon the value of the property. Since the appraiser has no direct evidence relating to this issue,
possible noncompliance with the requirements of ADA was not considered in estimating the value of
the property.

----------.-.-
Addenda
Clover Project Page 61 ot 71

Flood Map
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Clover Project Page 62of.71

Shenandoah Area Industrial Parks
Name Acres Largest Locality
Martin Site 800 200 Augusta
Natural Bridge Industrial Park 800 200 Augusta
Mill Place Commerce Park 400 50 Augusta
Middlebrook Park 800 200 Augusta
Blue Mountain Properties 523 195 Augusta
Blue Mountain Properties 523 195 Augusta
Allied Property 800 200 Augusta
Rockbridge Regional Industrial Park Buena Vista 34.46 34.46 Buena Vista
Pleasant Valley Road Industrial Park 19.1 Ll.43 Harrisonburg
Meadowbrooke Corporate Center 32 32 Harrisonburg
Harrisonburg Technology Park) 2L.72 5.34 Harrisonburg
Acorn LC industrial Park 94 94 Harrisonburg
Acorn Industrial and Business Park 67 10 Harrisonburg
Project Clover 210.6 198 Page
Luray Industrial Park 50 33 Page
United Country Tilles Properties 22.r5 9.5 Rockbridge
Northpointe 5B tL.4 Rockbridge
McClung Site 59.47 40 Rockbridge
Holland Property 500 340 Rockbridge
Berkstresser 260 230 Rockbridge
AKB Development 27 17 Rockbridge
Shenandoah Valley Industrial Park South Campus 245 100 Rockingham
Shenandoah Valley Industrial Park Central Campus 67 20 Rockingham
Rockingham Center for Research and Technology 365 325 Rockingham
North Pointe Corporate Center 72 25 Rockingham
Interstate B1 Project 17.5 77.5 Rockingham
Garst Site 24.67 8,2 Rockingham
Valley of Virginia Warehouse Site 67.5 67.5 Shenandoah
North Shenandoah Industrial & Business Park 292 33.5 Shenandoah
Mt. Jackson Press Site 24.75 21.25 Shenandoah
Brookfield Business Center 224 224 Shenandoah
Mclntosh Site 26 15 Staunton
Outlet Village Site B3 B3 Waynesboro
Lew Dewitt Boulevard L7.21 L7.2L Waynesboro
Total 7627.r3 3263.29
Average 782.79 r82.79
Median 69.75 37.23
Max 800 340
Min L7,2L

Northern Shenandoah Area Industrial Parks
Stonewall Industrial Park 540 52.6 Frederick
Royal Phoenix 425 50 Warren
Graystone Business Park 270 100 Frederick
Eastgate Industrial Park 235 25 Frederick
Light Tract 160 160 Frederick
Happy Creek Technology Park 156 148 Warren
Blackburn Property 128.56 128.56 Frederick
Carbaugh LO7.5 107.5 Frederick
Carroll Industrial Park TO7 BO Frederick
Stephens Industrial Park 93.62 s3.57 Warren
Total 2222.68 905.23
Average 222.268 90.523

Median 158 90
Max 540 160
Min 158 90

R.EED & R.EED, P.C.
ATTORNEYS AND COUNSELLORS AT LAW
16 SOUIH COURTSIREET
P.O, BOX 766
LURAY, VIROINIA T2835

DOUCLAS C. WILL (1918-1994)
MARKN.REED TELEPT{ONS (540) 743-5t t9

&mail: lr$pakq@Enhlinlcncl
March 25,2008 RBAL ESTATE (540) 743-5t l0
NANCYM. REED CoLLEC'nONS (540) 743-5t 15
E.mil: n$cymE d@codhtinl,ncr FAX (s10) 7434805
Dr. Thomas Ccdman

Executive Director
Economic Development Authority of Page County
117 South Court Sbeet
Lway,YA 22835
RE: Rebecca G. Hudson property - Page County Tax Map Parcel Nos. 72-(A)-
ZsLi 72-(tt)-2eK; 72-(A)aW 2-(A)-1A; 7 2-(Ar-2c & 62-(A)-slD.
DearTom:
In accordance with your request, we have examined the record title to the above
referenced properties situate in Marksville Magisterial Dishiot of Page County, Virginia, for a
period of sixty years to the l2s dayof Marcb,2008, at 3:50 P.M. The results of our exarnination
ofthe record title for this period is set forth below as to each parcel.
Tax Map Parcel72-(Ar-29L containlng 11 acres 104 poles
Our examination of the reoord title for this tact roveals that fee simple title to this
property is duly and legally vested in Rebecca G. Hudson.
This property is SUBJECT to the following:
1. Deed of trust dated January 28,2003 to secure Branoh Banking and Trust
Company in the anount of $200,000.00, recorded as lnstrument No,
200300000535.
2, First half2008 real estate taxes and subsequent years, a lien, which is not yet due
and payable.
3. Properly is in the Land Use Program and may be subject to roll back taxes ifthe
program is terminated.
4. Right of way to Potomac klison Company dated May 9, 1967 recorded in De€d
Book #219, at Page 306.
Clover Project
Page 65 of 71
Letter to Dr. Thotnas Cardman
Dated March 25,2008
Page 2
5. Easenrent to virgiuia Telephone & Telegraph company dated January 18, 1968
recorded in Deed Book #226, at Page 61 0.
6. Easement to Virginia Telephone & Telegraph Company dated January 18' 1968'
recorded in Deed Book #226, at Pags 61 1.
'1, Easement to Virginia Telephone & Telegraph Company dated Ja:ruary 18, 1968,
recorded in Deed Book #226, atPage 612.
8. Easement to Virginia Telephone & Telegraph Company dated January 18, 1968,
recorded in Deed Book #226, at Page 613.
9. Riglrt of rvay to Northenr Virginia Power Company dated 1211/50 recorded in

Deed Book #138, at Page 407.
10. Easement to The Potonrac Edison Company dated August 4, 1993 40 feet in rvidth
11. Easement to The Potomac Edison Compauy dated April 24, 2002 10 feet in rvidth
recorded as Instrument No. 200200004583.
Tax Map No. 72-(A)-29K containiug 120 acres 37 poles
Our examination of the record title for tbis ttact reveals that fte simple title to this property is
duiy and legally vested in Rebecca Graves Hudson,
This property is SUB,IECT to the following:
l, Deed of trust dated May 31, 2001, to seclre The page Valley Bank in the amount
of $59,000.00, recorded as Instrunrent No. 200 I 0000 1 854.
2' First half2008 r'eal estate taxes and subsequent years, a lien, rvhich is not yet due
and payable.
3. Property is in the Land Use Progranr and nay be subject to roll back taxes ifthe
progl am is telnrinated.
4, Right of way to Potornac Edison conrpany dated May 9, 196? recorded in Deed
Book #219, at Page 306.
5' Easement to virgiuia Telephonc & Tclegraph company dated January Ig, 196g
recorded iu Deed Book #226, at page 610.
Clover Project
Page 66 of 71
Letter to Dr, Thomas Cardman
DatedMarch 25,2008
Page3
6. Easement to Virginia Telephone & Telegraph Company dated January 18, 1968,
recorded in Deed Book#226, at Page 611.
7. Easement to Virginia Telephone & Telegraph Company dated Janqary 18, 1968,
8. . Easement to Virginia Telephone & Telegraph Company dated January 18, 1968,
recorded in DeedBook#226, atPage 613.
9. Right of way to Northern Virginia Power Company daled. 12lll50 recorded in

Deed Book#138, at Page 407.
10. Easemeut to The Potomac Edison Company dated August d 1993 40 feet in width
ll. Easement to The Potomac Edison Company dated Api124,2002 l0 feet in width
recorded as Instxrment No. 200200004583.
Tax Map No. 72-(A)-2I contalning 3lacres i47 potes, ana

Tax Map No. 72-(A)-1A containlng .03 acres
Our exunination ofthe record title for these tacts reveal that fee simple title to these properties
are dulyand legallyvested inRebecca G. Hudson.
These properties is $@!@! to the following:
l. Deed of trust dated March 9, 1990, in the arnount of $48,500.00, payable to

Bessie V. Spitler, recorded in Deed Book #446, atPage 491.
2. Deed of kust dated May 31, 2001, to secure The Page Valley Bank in the amount
of $59,000.00, recorded as Inshrument No. 200100001854.
3. Fint half2008 real estate taxes and subsequent years, a lien, which is not yet due
and payable.
4. Property is in the Land Use Program and may be subject to roll back ta"res if the
progran is terminated.
5. Right of way to Northern Virginia Power Company recorded in Deed Book #l2f
atPage526.
Riglt of way to Northern Virginia Power Company dated May 14, 1947, recorded Irtter to Dr.
e4a" I
Clover Project
Page 67 of 71
thomas Cardman
Dated March 25, 2008
Page4
in Deed Book #128, alPage40.
6. Right of way to Northern Virginia Power Company recorded in Deed Book #128,
^tP^ge'12.
7. Right of way to Northern Virginia Power Company recorded in Deed Boold129,
atPage3lT.
8. Right of way to Northern Virginia Power Company recorded in Deed Book #131,
atPage 193.
9, Right of way to Northem Virginia Power Company recorded in Deed Book #156
atPage67,
10. Right of way to Potomac Edison Company dated October 25, 1967, recorded in
D e,ed B o ok #224, at P age 9 6,
11. Easement to Virginia Telephone & Telegraph Company dated March 2, 1968,
recorded in Deed Book #226, atPage 622,
12. Right of way to Potomac Edison Company dated November 23, l97Q recorded in
13. Right of way to Potomac Edison Company of Virginia dated May 22, 1979,
recorded in Deed Book #333, alPage 677.
14, Easement to Central Telephone Company of Virginia dated October 24, 1979,
15. Right of way to Potomac Edison Company dated February 4, 1988, rccorded in
Deed Book *t419, at Page I 11.
16. Rigbt of way to Potomac Edison Company dated August 4, 1993, 40 feet in width
recorded h Deed Book #525, at Page 863.
17. kr Deed Book ff47l, at Pago 683, Ivan Good conveyed unto Rebecca G. Hudson a
small parcel estimatcd to contain 1400 square feet, This parcel was joined
together with the tract convoyed to Hudson in Deed Book 11446, at Page 486,
which said hacts may thereafter only be solcl as one single parcel without proper
approval.
In Deed Book l*471, atPage 683, the Grantoq Ivan Good reserved an easement Letter to Dr.

Thomas Cardman
Page 5
for ingess and egress for the purpose of making reference to the comers and
comerstones as the sarne may relate to any survey,
Tax Map No.72-(A)-2G contalnlng 43 acres 128 poles
Our examination of the record title for this property reveals that fee simple title to the
property is duly and legally vested in Rebecca G. Hudson.
This property is SUBJECT to the following:
l. Deed of tust dated February 15, 1989, payable to Bessie Spitler in the arnount of
$49,000.0O recorded in Deed Book 11432, atPage 256.
2. Deed of kust dated May 31, 2001, to secure The Page Valley Bank in the amount
of $59,000.00, recorded as Inshument No, 20010000 I 854.
3, First half2008 real estate taxos and subsequent years, a lien, which is not yet due
and payable.
4. Property is in the Land Use Program and may be subject to roll back taxes ifthe
progam is terminated.
5. Right of way to Northem Virginia Power Company recorded in Deed Book #122,
atPage 526.
Right of way to Northern Virginia Power Company recorded in Deed Book #128,
^lPaEe72,
7. Riglrt of way to Northem Virginia Power Company recorded iu Deed Book#129,
atPage3lT.
Right of way to Nortlrem Virginia Power Company recorded in Deed Book #131,
at Page 193.
9. Riglt ofway to Nodhem Virginia Power Compiiy recorded in Deed Book #156
atPage67.
10. Nght of way to Potomac Edison Company dated October 25, 1967, recorded in
Deed Book #224, at Page 96,
11. Easement to Virginia Telephone & Telegraph Company dated March 2, 1968,
recorded in D ee d B ook #226, at P age 622,

Letter to Dr, Thomas Cardman
Page6
12, Rigbt of way to Potomac Edison Company dated November 23, 19?0, recorded in
Deed Book #243, atPage 468.
13. Easement to Cental Telephone Company of Virginia dated October 24, 1979,
recoided in Deed Book #341, at Page 158.
14, Rigbt of way to Potomac Eclison Company dated February 4, 1988, recorded in
Deed Book 1419, at Page l l l.
Tar Map No. 62-(A)-51D containlng 3.091 acres
Our examination of therecord title for this property reveals that fee simple title to thepropedy is
duly and legally vested in Rebecca G. Hudson.
This propertyis S@[ to the following:
1. Deed of hust dated May 31, 2001, to secure The Page Valley Bank in the amount
of$59,000.00, recorded as Insrument No, 200100001854.
2, First ha1f2008 real estate taxes and subsequent years, a lien, which is not yet due
and payable.
3. Property is in the Land Use Program and may be subject to roll back taxes ifthe
program is terminated.
4, Right of way to Northem Virginia Power Company r€corded in De€d Book #122,
atPa$e 526'
atPage72.
6. Right of way to Northern Virginia Power Company recorded in Deed Book#129,

atPage3lT.
7, Right of way to Nodhem Virginia Power Company recorded in Deed Book #131,
atPagel93.
atPa$e 67.
9, Right of way to Potomac Edison Company dated October 25, 1967, recorded in
Deed Book #224, atPage 96.
Clover Project
Page 70 of. 71
Letter to Dr, ltomas Cardman
Datcd Much 25, 2008
PageT
10. Basement to Virginia Telephone & Telegraph Company dated March 2, 1968,
recorded in DcedBook#226, alPage 622,
11. Right of way to Potomac Edison Company dated November 23, 1970, recorded in
12, Easement to Cental Telcphone Company of Virginia dated October 24, 1979,
rccorded in Deed Book #341, at Page 158,
13. Right of way to Potomac Edison Company dated February 4, 1988, recorded in
Deed Book i1419, at Pagc l l L
14, Easement to Central Telephone Company of Virginia dated November ?, 1988,

10 feet in widtlU recorded in DeedBook 11430, at Page 457.
This report and opinion are based upon the accuracy ofthe indices and lhe records ofthe
Clerk' OfFce and the Treasurer's Office ofPage County, Virgini4 and the undersigred assumes
no liability nor responsibility for any inaccuracies in said iudices or records, nor any matters not
of record in said Clerk'e Office, no! in any respect other than that of the use of due diligence in
examining the recotd title to said real estate for the period set forth above, The undersigned
further acoepts no responsibility with respect to the metes ard bouads description ofthe real
estate set forth in the deecUdeed ofbust in the chain oftitle nor any discrepancies, conflicts in
boundary lines, shortages in are4 encroaolunents, easements or any other facts whioh a oonect
physical survey would disclose. The undersigred furthcr makes no representation as to the
zoning of the real estate or its past or present environmental history or status,
Sincerely,
REED&REED,P.C.
Attomeys & Counsellors atLaw
MarkN. Reed
MNR/drg
CC: Lowell Baugfuan,
TimothyStowe,PE
Ciover Project Page 71 ot 71

EDA Appraisal of Clover

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d\,app"uiseUSA

P.O. Box 220454

211 Acres ol'lndustrial Zoned Land Located at 852

Effective Value Date:

Econom ic Development Authority Rebecca Graves Hudson

Effective Report Date

The Effective Date of this report is June 1,2010.

Effective Value Date

The Effective Value Date of this appraisal is June 1,2010.

There is no reported existing contract.

Clover Project Page 2of 71

The Uniform Standards of ProfessionalAppraisal Practice (USAPAP) stipulates that:

"lt is unethical for an appraiser to accept an assignment, or to have a compensation arrangement

1. the reporting of a predetermined result (e.9. opinion of value);

I have made my best efforts to comply with the above requirements.

Clover Project Page 3of 71

211 acres of lndustrial Zoned Land

(Based Upon $37,000 per Acre)

Seven Milllon and Eight Hundred Thousand Dollars (Rounded)

Clover Project Page 4 of. 71

General Reporting Requirements

Qualifications, Assumptions and Limiting Conditions

Clover Project Page Sof 71

Middleburg Rd Looking West Subject on the Left

Looking North From South End of Subject

Clover Project Page 6of 71

Looking South from South End of Subject

Clover Project Page 7 of 71

I certify, to the best of my knowledge and belief:

MsBA, Real Estate, USC

Clover Project Page 11 of 71

of Work includes, but is not limited to, the following:

. The degree to which the property is inspected or identified;

7. Considered current cost estimates where appropriate and/or helpful.

CloverProject Page 12of 71

Disc.laimer, Toxic Reports and Hazardous Materials

No toxic reports were provided to me.

Clover Project Page 13of 71

Gommon Property Name: Clover Project

Leoal Descriotion: See Deeds in Addenda to this Reoort

Subiect Previous Sale Historv

Clover Project Page 14 of 71

General Reporting Requirements

tropefi Type: ndustrialZoned Land

iffective Date of the Appraisal )1112010

\ppraisal Client: lconomic Development Authority Of Page County, Virginia, 117

Clover Project Page 15 of. 71

The most probable price which a property should bring in a

Buyer and seller are typically motivated;

ixposure Time: ixposure time is estimated to be within 6 lo 12 months.

Ciover Project Page 16 of 71

in its market area,

comparison of different zoned sites.

Clover Project Page 17 of. 71

PLAT REFEREIlcES, I)TAX MAPr 7?-A-tA,?6,e1,?91,a9K,a9K1, AND

Ciover Project Page 18 of 71

Clover Project Page 20 of 71

The subject has very good attributes for industrial development.

The site's topography appears to be adequate for development.

The site has several hundred feet of frontage on 3 roads.

Ciover Project Page 21 of 71

Overview of the Market Property Productivity Analysis

Regional Economic Gonditions

:ruruiua t'rrr:*.:: l,,a-t