NARRATIVE APPRAISAL REPORT OF: VACANT INDUSTRIAL LAND WITH HWY 401 EXPOSURE LOCATED AT 220-240 PINEBUSH ROAD, CAMBRIDGE, ONTARIO EFFECTIVE DATE: MAY 9, 2017 Prepared for: May 11, 2017 James Goodram City of Cambridge 50 Dickson Street Cambridge, ON, N1R 8S1 Phone: (519) 623-1340 Email:
[email protected] ATTENTION: James Goodram Re: APPRAISAL OF VACANT INDUSTRIAL LAND WITH HWY 401 EXPOSURE LOCATED AT 220-240 PINEBUSH ROAD, CAMBRIDGE, ONTARIO PROPERTY OF HOOPP REALTY INC./LES IMMEUBLES HOOPP INC. OUR FILE NO. 70000922 Dear Mr. Goodram, In accordance with your request, we hereby submit a narrative appraisal report of the property known as 220-240 Pinebush Road, Cambridge, Ontario. The appraisal report has been developed in accordance with the Canadian Uniform Standards of Professional Appraisal Practice (“The Standards”) as developed by the Standards Board of the Appraisal Institute of Canada. A copy of the Corporate Curriculum Vitae is included in Appendix A. This is a Narrative Appraisal Report, and as such it presents a detailed and comprehensive description of the appraisal process with supporting documentation concerning the data, reasoning and analysis also retained in the appraiser’s file. Definitions of Appraisal Terms and Explanations are included in the Addendum as Appendix B. The depth of discussion contained in this report is specific to the needs of the client and is for the intended use as stated in the report. The report is for the sole use of our client. /…2 Page 2 James Goodram May 11, 2017 As a result of our investigations and analysis, it is our opinion that the current market value of the subject property as at the effective date, May 9, 2017, is: $10,260,000 ($425,018 per acre) Based to the following assumptions: • That the subject site is vacant, graded, and available for development at the effective date of this report.