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. • That the subject site is free and clear of any and all environmental contamination.

Details of our investigation and analysis are set out in the following report. If further information is required, we would be pleased to furnish it upon request.

Respectfully submitted,

ANTEC APPRAISAL GROUP INC.

David deVries, BA, AACI, P.App

220-240 Pinebush Road, Cambridge

PHOTOGRAPHS OF THE SUBJECT PROPERTY

Streetscape of Franklin Boulevard Looking North

Streetscape of Franklin Boulevard Looking South

ANTEC APPRAISAL GROUP INC. 220-240 Pinebush Road, Cambridge

PHOTOGRAPHS OF THE SUBJECT PROPERTY

Streetscape of Pinebush Road Looking West

Streetscape of Pinebush Road Looking East

ANTEC APPRAISAL GROUP INC. 220-240 Pinebush Road, Cambridge

PHOTOGRAPHS OF THE SUBJECT PROPERTY

View of 220 Pinebush Road Looking North

View of 200 Pinebush Road Looking Northeast

ANTEC APPRAISAL GROUP INC. 220-240 Pinebush Road, Cambridge

PHOTOGRAPHS OF THE SUBJECT PROPERTY

View of 240 Pinebush Road Looking Northeast

ANTEC APPRAISAL GROUP INC. 220-240 Pinebush Road, Cambridge

TABLE OF CONTENTS

SCOPE OF THE APPRAISAL ...... 1 MANDATE...... 2 MARKET OVERVIEW ...... 3 NEIGHBOURHOOD DESCRIPTION ...... 3 PROPERTY DETAILS ...... 5 SITE CHARACTERICTICS ...... 8 LAND USE CONTROLS ...... 9 HIGHEST AND BEST USE ...... 11 ESTIMATE OF MARKET VALUE ...... 12

DIRECT COMPARISON APPROACH: ...... 12 CERTIFICATION ...... 20 ASSUMPTIONS AND LIMITING CONDITIONS ...... 22

ADDENDUM

Appendix A Corporate Curriculum Vitae Appendix B Definitions of Appraisal Terms and Explanations Appendix C BDC Newsletter, April 2017 Appendix D Geowarehouse Records Appendix E MPAC Reports and 2016 City of Cambridge Tax Rates Appendix F Official Plan Land Use Map Appendix G Zoning Map and excerpts from the Zoning By-Law Appendix H Details of Comparable Sales

ANTEC APPRAISAL GROUP INC. 220-240 Pinebush Road, Cambridge

SCOPE OF THE APPRAISAL

The scope of the appraisal encompasses the necessary research and analysis to prepare a report in accordance with “The Standards” which involved the following steps:

• The subject site was inspected and photographed on May 9, 2017.

• Property data including site information was obtained by a personal inspection of the subject, review of the assessment data, and examination of other material provided by the owner.

• Development trends, economic and real estate market conditions in relation to the subject property existing as of the effective date were considered; reviewed and analyzed the sales history of the subject.

• The physical, functional and economic characteristics of the subject property were considered.

• Municipal data was based on information obtained from various sources including government publications, municipal economic development departments and real estate publications.

• Did not complete a search of the title records, but confirmed ownership using Geowarehouse records.

• Appropriate documents including current zoning designations were reviewed but did not discuss the land use controls with Planning Department officials.

• Highest and Best Use of the property was considered and analyzed.

• Market research was conducted with regards to sales of comparable vacant industrial sites.

• Sales data was obtained from the local real estate board, Geowarehouse, Realtrack, through discussions with real estate agents and other appraisers as well as data maintained in our files.

• In considering the purpose and intended use of the appraisal, we have used the Direct Comparison approach to Value.

• After assembling and analyzing the data, a final estimate of value was determined.

ANTEC APPRAISAL GROUP INC. 1 220-240 Pinebush Road, Cambridge

MANDATE

CLIENT: We have been requested by the client, City of Cambridge, to undertake an appraisal report for the subject property. The assignment that is the focus of this engagement has been discussed and defined with the client and upon agreement with the client; it is a narrative appraisal report. It is intended for use only by the client. Use of this report by others is not intended by the appraiser and any liability in this respect is strictly denied.

PURPOSE: To estimate the market value of the subject property as at the effective date.

INTENDED USE: For internal decision making purposes as they relate to the subject property

PROPERTY RIGHTS: Fee Simple

RELEVANT DATES & TIMES

INSPECTION DATE: May 9, 2017

EFFECTIVE DATE: The appraisal is a current valuation, with an effective date of the value estimate being May 9, 2017. The appraisal was made in accordance with conditions pertaining at that date.

REASONABLE EXPOSURE TIME: Estimated to be approximately three (3) to twelve (12) months.

ANTEC APPRAISAL GROUP INC. 2 220-240 Pinebush Road, Cambridge

MARKET OVERVIEW

SUMMARY: We have included the latest Economic Newsletter published by BDC which summarizes the economic highlights as of the effective date, in Appendix C.

NEIGHBOURHOOD DESCRIPTION

NEIGHBOURHOOD: The subject property is generally located in the northern portion of the L.G Lovell Industrial Park, Cambridge. More specifically, the subject property is located at the northeast corner of the intersection of Franklin Boulevard and Pinebush Road, bound to the north by Ontario Highway 401. Franklin Boulevard is a separated dual carriageway which generally runs north-south, connecting Highway 8 and the L.G Lovell Industrial Park with Ontario Highway 401 in the north. Pinebush Road is a two-lane interior roadway which generally runs east-west. The roadway connects Townline Road (Can-Amera Parkway) in the east with Eagle Street North and further, King Street East in the west.

The subject neighbourhood can be defined as the L.G Lovell Industrial Park. The neighbourhood is generally bound by the Can- Amera Parkway to the south and east, Pinebush Road to the north, and Hespeler Road to the west. Land uses in the neighbourhood are predominantly industrial, including manufacturing, automotive, warehouse, and transportation uses, to name a few.

Land uses immediately abutting the subject property are as follows: • North: Ontario Highway 401 • South: (across Pinebush Road) multi-industrial • East: commercial office; commercial retail • West: (across Franklin Boulevard) commercial retail and low density residential

ANTEC APPRAISAL GROUP INC. 3 220-240 Pinebush Road, Cambridge

NEIGHBOURHOOD MAP

ANTEC APPRAISAL GROUP INC. 4 220-240 Pinebush Road, Cambridge

PROPERTY DETAILS

SUBJECT PROPERTY COMPOSITION Address: 220 Pinebush 230 Pinebush 240 Pinebush

Lot 2 Registered Compiled Plan 1384, Parts 1 & 2, 67R3878, Save and Except Part 7 on WR825748; Cambridge Subject to an Easement in Gross Over Parts 9, 10, 12-14 on Ex Plan WR825748 As Instrument WR825748; Part of Lot 3 Registered Part of Lot 3 Registered Subject to an Easement in Gross Compiled Plan 1384 Compiled Plan 1384 Legal Description: Over Parts 15, 17 & 18 on Ex Plan Cambridge Part 1, 67R1536; Cambridge Part 2, WR825748 As Instrument Cambridge 67R1536; Cambridge WR825748 Subject to an Easement in Gross Over Parts 8, 9, 11, 12, 14, 15, 16, 18, 19 on Ex Plan WR825748 Until 2017/12/31 As Instrument WR825748

Hoopp Realty Inc./Les Hoop Realty Inc./Les Ownership: Hoopp Realty Inc. Immeubles Hoopp Inc. Immeubles Hoopp Inc. PIN: 03765-0910 (LT) 03765-0105 (LT) 03765-0104 (LT) The latest transfer occurred on 230 Pinebush and 240 Pinebush last trasferred together. December 3, 2007 for The transaction occurred on August 18, 2011 for Sales History: consideration in the amount of consideration in the amount of $3,300,000, per Instrument $4,916,800, per Instrument Number WR635195. WR349016.

Copies of the Geowarehouse records have been included in Appendix D.

ANTEC APPRAISAL GROUP INC. 5 220-240 Pinebush Road, Cambridge

EASEMENTS AND RIGHTS OF WAY: Portions of the subject property are servient tenement to an easement agreement, dated July 4, 2014. The agreement provides the Grantee, The Regional Municipality of Waterloo, the free and unobstructed right and easement to the southwestern corner of the subject property for the purposes of constructing, laying down, installing, replacing, operating, and maintaining hydro installations and infrastructure, both overhead and underground. The affected lands are described as Parts 9, 10, 12-14, 15, 17, and 18 of Expropriation Plan WR825748. The easement also provides temporary rights, through and until December 31, 2017, to Parts 8, 9, 11, 12, 14, 15, 16, 18, and 19 for the purposes of constructing, grading, and landscaping as required in connection with the improvements to Franklin Boulevard. Referencing the appropriate by-law indicates that there is a minimum setback requirement of 12 meters between the street front and any building improvements. The easement passes through an undevelopable area and as such, it does not hinder the development capacity, nor impede the value of the site.

ANTEC APPRAISAL GROUP INC. 6 220-240 Pinebush Road, Cambridge

ASSESSMENT & TAXES: The 2017 assessment, per the Municipal Property Assessment Corporation (MPAC) for the subject property is as follows:

ASSESSMENT AND TAXES

Address: 220 Pinebush 230 Pinebush 240 Pinebush

Roll Number 3006 150 015 11710 0000 3006 150 015 11800 0000 3006 150 015 11850 0000

Assessed Value $2,720,000 $1,638,000 $761,000

2017 Phased-In Assessment $2,702,750 $1,638,000 $650,000

2016 Final Levy $66,660.67 $42,487.83 $15,151.27

Tax Class IXN (Vacant Industrial) IXN (Vacant Industrial) IXN (Vacant Industrial)

Tax Rate (2016) 2.471660% 2.471660% 2.471660% 2017 Final Levy (Estimate) $66,803 $40,486 $16,066

The City of Cambridge publishes historical assessment and taxation information through its online tax information portal. As at the effective date however, 2017 tax levy information was inaccessible. In the absence of such information, we have estimated the 2017 property taxes by multiplying the 2017 Phased-In Assessment Value (per MPAC) by the applicable 2016 City of Cambridge tax rate. Copies of the MPAC Reports and 2016 City of Cambridge tax rates are included in Appendix E.

ANTEC APPRAISAL GROUP INC. 7 220-240 Pinebush Road, Cambridge

PROPERTY DETAILS

AERIAL PHOTO:

PIN MAP:

ANTEC APPRAISAL GROUP INC. 8 220-240 Pinebush Road, Cambridge

SITE CHARACTERISTICS

SITE: The subject site is generally rectangular in shape. Per Reference Plans 67R-3878 and 67R-1536, the subject property has a total area of 24.14 acres; it has 1,153.28 feet of flankage to Pinebush Road, 809.44 feet of frontage to Franklin Boulevard, and 1,263.68 feet of exposure to Ontario Highway 401.

ACCESS: As at the effective date, there were no vehicular access lanes on- site.

TOPOGRAPHY: The topography of the site is generally level and at grade with the abutting roadways and properties.

SERVICES: It is assumed that full municipal services are available to the subject property, including water, sanitary, and storm water septic services. Other services include electricity, natural gas, and telephone services.

SITE IMPROVEMENTS: Each of the sites comprising the subject property are generally vacant and unimproved. 230 Pinebush Road was previously improved with a transport cross-dock facility, which was demolished circa 2014.

This report assumes that the subject site is vacant, graded, and unimproved. The value estimate contained herein refers only to raw land value; any and all building and site improvements (if applicable) have been omitted from the value estimate.

ANTEC APPRAISAL GROUP INC. 9 220-240 Pinebush Road, Cambridge

LAND USE CONTROLS

OFFICIAL PLAN: The City of Cambridge Official Plan, as approved by the Region of Waterloo November 21, 2012, is in effect and applies to the subject property. The Plan designates the subject property under its ‘Employment Corridor’ designation. Per Section 8.5.3.3 of the Plan, lands designated Employment Corridor,

“are located along Highway 401 and major roadways offering high visibility and convenient accessibility. The Employment Corridor designation is intended to provide prime locations within the city of prestige employment uses including advanced manufacturing, major office complexes, and offices. Development within this designation is expected to display high performance standards and site design.”

The current use of the subject property as vacant industrial land appears to comply with the overall intent of the Official Plan. A copy of the Official Plan Land Use Map is included in Appendix F.

ZONING: The City of Cambridge Zoning By-law No. 150-85, as amended by the Ontario Municipal Board (OMB) May 25, 1987, Office Consolidation January 2012 is in effect and applies to the subject property. The By-law has zoned the property, (M1) – General Industrial, (M1) S.4.1.233 – General Industrial with Site Specific Provision, and (M1) S.4.1.12 – General Industrial with Site Specific Provision.

Per Section 3.4.3 of the By-Law, General Industrial uses include industrial business park uses, as well as general industrial (other than automotive and courier/delivery service) uses where no outdoor storage is provided and where all operations are entirely conducted within wholly enclosed buildings. In addition, M1 zones permit factory sales outlets, day nurseries, offices, and accessory uses to the above.

220 Pinebush Road is zoned (M1) S.4.1.233. The suffix following the general industrial zone classification translates to a site-specific exemption. The exemption requires that there be a minimum of 2.0 parking spaces per 100m2 of commercial gross leasable floor area, should the site be improved with an industrial mall.

ANTEC APPRAISAL GROUP INC. 10 220-240 Pinebush Road, Cambridge

In addition, the exemption provides that the parking lot be separated from Highway 401 by a grassed or landscaped berm not less than 1.5 meters in height. The parking lot must also be separated from Franklin Boulevard by a landscaped strip not less than 3 meters wide.

230 Pinebush Road is zoned (M1) S.4.1.12. This site-specific exemption permits the continued use of courier and delivery services, as the site was improved with a cross-dock facility prior to 2015.

The current use of the subject property as vacant industrial land appears to comply with the uses permitted in the By-law; however, written confirmation should be obtained from the planning department. It is beyond the scope of this report to determine if all regulations as set out in the Zoning By-law have been met. This report assumes that the existing use of the subject, as developed, may legally continue in perpetuity. A copy of the Zoning Map and excerpts from the Zoning By-law are included in Appendix G.

ANTEC APPRAISAL GROUP INC. 11 220-240 Pinebush Road, Cambridge

HIGHEST & BEST USE

EXISTING USE: As at the effective date, the subject property was vacant and unimproved; as such, the existing use of the subject is as vacant industrial land.

HIGHEST AND BEST USE: The Highest and Best Use may be defined as:

“That 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 Highest and Best Use of the subject site, as if vacant, is for the development of limited commercial or light/prestige industrial uses, as permitted within the City of Cambridge Zoning By-Law.

ANTEC APPRAISAL GROUP INC. 12 220-240 Pinebush Road, Cambridge

ESTIMATE OF MARKET VALUE

INTRODUCTION: In the appraisal of the subject property, only the Direct Comparison Approach has been used. As at the effective date, the subject property was vacant and unimproved, rendering the Cost and Income Approaches inapplicable. The Direct Comparison Approach is typically relied upon by buyers, sellers, and agents in the market, and is the most appropriate approach in estimating the current market value of the subject site.

ESTIMATE OF VALUE BY DIRECT COMPARISON APPROACH:

The Direct Comparison Approach studies the interaction of buyers and sellers in the market place. This approach has also been traditionally referred to as the comparative approach and involves a process of comparing the subject property in all respects to similar properties. Sales of comparable properties are gathered, analyzed and adjusted to reflect value to the subject. Adjustments are made for differences such as market conditions, size, location and condition of properties. We have analyzed the sales of comparable vacant industrial land within the City of Cambridge and Township of North Dumfries. Details of these sales are included in Appendix H.

ANTEC APPRAISAL GROUP INC. 13 220-240 Pinebush Road, Cambridge

COMPARABLE VACANT INDUSTRIAL LAND SALES

VACANT INDUSTRIAL LAND SALES - CAMBRIDGE

Reg Date Vendor Front Foot Land Price Property Sale Price Zoning Remarks

Instrument Purchaser Shape Size per Acre Comp Comp

Parts 19, 20, and 21 (M3) Sale of lot within Boxwood Business Park; Expected to close City of Cambridge (Corp) 251 1 of Lot 29, on 58R- $393,000 General 1.31 $300,000 situated on west side of Goddard Crescent. July 18, 2017 Taylor Made Holdings Ltd Irregular 18484, Cambridge Industrial Area per City of Cambridge staff

Parts 49 & 50 on 58R- Sale of two abutting lots within Boxwood (M3) 18484, and Part 3 on Expected to close City of Cambridge (Corp) 284 Business Park; situated on interior of 2 $423,000 General 1.41 $300,000 58R-18858, July 5, 2017 N/A Rectangular Goddard Crescent. Area per City of Industrial Cambridge Cambridge staff Parts 51, 52, 53, and Sale of two abutting lots in Boxwood (M3) 55 of Lots 28 and 29, Expected to close City of Cambridge (Corp) 409 Business Park; the property abuts 3 $555,750 General 1.95 $285,000 on 58R-18484, June 2, 2017 Paul De Aragon in Trust Rectangular Comparable Sale 2 to the south. Area per Industrial Cambridge for Corp to be formed City of Cambridge staff Sale of two abutting lots in Boxwood 25 Goddard (M3) 31-Mar-17 City of Cambridge (Corp) 380 Business Park; situated on the interior of 4 Crescent, $555,750 General 1.95 $285,000 WR1022463 Hebehaven 56 Limited Rectangular Goddard Crescent. Area per Cambridge Cambridge Industrial staff.

(M3) Sale of lot within Boxwood Business Park, 375 Boxwood Drive, 16-Mar-17 City of Cambridge (Corp) 651 5 $1,444,950 General 5.07 $285,000 situated at the west entrance to park. Area Cambridge WR1019391 Amicone Holdings Limited Irregular Industrial per City of Cambridge staff.

Part 16 of Lots 28 (M3) Sale of lot within Boxwood Business Park, 6-Jan-17 City of Cambridge (Corp) 184 6 and 29 on 58R- $370,500 General 1.30 $285,000 situated on the west side of Goddard WR100797 DSM Properties Inc. Irregular 18484, Cambridge Industrial Crescent; area per City of Cambridge staff.

ANTEC APPRAISAL GROUP INC. 14 220-240 Pinebush Road, Cambridge

COMPARABLE VACANT INDUSTRIAL LAND SALES (CONT’D)

VACANT INDUSTRIAL LAND SALES - CAMBRIDGE

Reg Date Vendor Front Foot Land Price Property Sale Price Zoning Remarks

Instrument Purchaser Shape Size per Acre Comp Comp

(M3) 129 Pinebush Road, 15-Sep-16 Knise Vet for Pets Inc. 200 Resale of Comparable Sale 11; site is to be 7 $890,000 General 2.51 $355,140 Cambridge WR981225 2396004 Ontario Inc. Rectangular improved with an industrial strip mall Industrial

(M3) Sale of lot situated on west side of Industrial 350 Industrial Road, 28-Apr-16 Lakeside Investments Inc. 226 8 $959,000 General 2.16 $443,247 Road; site is subject to lease for outdoor Cambridge WR948919 Chohan Brothers Realty Rectangular Industrial truck and trailer storage Corporation

2616 Cedar Creek Sale of vacant industrial land situated at the 29-Jul-15 D 5 D Enterprises Limited (Z.11) 1,002 9 Road, North $4,250,000 11.72 $362,628 northeast corner of Highway 401 and an WR896635 Hyndman Transport Ltd. Zone 11 Irregular Dumfries eastbound 401 on-ramp, Ayr

SE Corner Pinebush (M3) Sale of vacant industrial lot abutting 12-Jun-15 Pinebush Plaza Inc. 185 10 Road and High $750,000 General 2.49 $300,758 Comparable Sale 11; situated on the corner WR886402 Red Bud Holdings Inc. Rectangular Court Industrial of Pinebush Rd and High Ridge Court

(M3) Sale of vacant industrial lot situated on the 129 Pinebush Road, 12-Jun-15 Pinebush Plaza Inc. 200 11 $750,000 General 2.51 $299,275 south side of Pinebush Road, west of Cambridge WR886405 Knise Vet for Pets Inc. Rectangular Industrial Franklin Boulevard; ~700m west of subject

C. De Groot Holdings Inc; (M1) Sale of vacant industrial land situated at the 45 Commerce Court, 30-May-13 H. De Groot Real Estate 143 12 $1,909,200 General 4.46 $428,134 southernmost portion of Commerce Court; Cambridge WR756299 1260377 Alberta Limited Irregular Industrial abuts Highway 401 to the south.

Low $370,500 Low (acres) 1.30 $285,000 High $4,250,000 High (acres) 11.72 $443,247 Average $1,104,263 Average (acres) 3.24 $327,432

ANTEC APPRAISAL GROUP INC. 15 220-240 Pinebush Road, Cambridge

COMPARABLE SALES LOCATION MAP

ANTEC APPRAISAL GROUP INC. 16 220-240 Pinebush Road, Cambridge

ANALYSIS AND ADJUSTMENTS: From the included sales, consideration paid per acre ranges from a low of $285,000 per acre to a high of $443,247 per acre, with the average being $327,432 per acre. The following adjustments were made to the land sales which were deemed most comparable.

Market Conditions: The included sales were registered between May 2013 and March 2017, with Comparable Sales 1 through 3 having yet to be registered. Between the date of the earliest registered comparable sale and the effective date of this report (May 9, 2017), there has been some appreciation in the local industrial land market. Upward time adjustment has been applied to each of the comparable sales, with more notable adjustment applied to Comparable Sale 12, being registered in 2013.

Location: The subject property is located on the northeast corner of the intersection of Franklin Boulevard and Pinebush Road. The site is bound to the north by Ontario Highway 401 and is situated approximately 400 meters south of west-bound access. Highway proximity and exposure are amongst the principal drivers of industrial land value. Transportation-reliant users and those who benefit from large vehicular traffic volumes are generally willing to pay more for properties with highway exposure than properties with otherwise similar attributes, be it in the form of rent or purchase price.

From Comparable Sale 9 and from information retained in our records, we have attempted to estimate the premium which highway exposure commands in the market. Comparable Sale 9 is located in the Township of North Dumfries; it is bound to the north by Ontario Highway 401 and to the west by an east-bound on- ramp. The value of the site has been compared to a similar land sale that is situated approximately 500 meters south of Comparable Sale 9. The chart on the following page summarizes the salient details and necessary adjustments.

ANTEC APPRAISAL GROUP INC. 17 220-240 Pinebush Road, Cambridge

LOCATION ANALYSIS - HIGHWAY EXPOSURE Reg Date Vendor Front Foot Land Price Property Sale Price Zoning Time Zoning Shape Size Instrument Purchaser Shape Size per Acre

112 Earl 21-Oct-16 Hostler Dedicated Logistics Inc. (Z.11) 272 Thompson Road, $726,960 2.34 $311,258 - - - - WR989631 2499364 Ontario Inc. Zone 11 Rectangular North Dumfries

2616 Cedar Creek 29-Jul-15 D 5 D Enterprises Ltd. (Z.11) 1,002 Road, North $4,250,000 11.72 $362,628 - WR896635 Hyndman Transport Ltd. Zone 11 Irregular Dumfries

Adjustments have been made to Comparable Sale 9 to account for any differences in transaction time (market conditions), zoning, site shape, and site size. The adjustments attempt to mimic the transaction of a rectangular site of 2.34 acres under Zone 11 land use controls, sold October 21, 2016 with identical highway exposure to Comparable Sale 9. Any remaining difference between the adjusted per acre value of Comparable Sale 9 and the per acre consideration paid for 112 Earl Thompson Road should reflect the premium paid for highway exposure in the market. Following adjustments and analysis for the aforementioned and holding all other factors equal, the value of Highway 401 exposure in the local market appears to range from 35% to 40%.

Comparable Sales 1 through 8, 10, and 11 represent transactions for interior sites with no highway exposure, warranting upward adjustment. Like the subject, Comparable Sale 9 exhibits highway exposure; however, industrial land values in North Dumfries generally tend to be lower than those in Cambridge, warranting upward adjustment.

Comparable Sale 12 also exhibits highway exposure, being situated opposite of the subject property on the north side of Highway 401. Minimal locational adjustment is required of Comparable Sale 12.

Land Size Per Reference Plans 67R-3878 and 67R-1536, the parcels comprising the subject site have a combined area of 24.14 acres. It is standard in the market for higher consideration to be paid per acre of small land parcel when compared to relatively large parcels of otherwise similar location and utility. The inverse of this relationship also holds true. All of the included sales represent transactions for vacant industrial sites which are smaller than the subject property; downward size adjustment is required of all the comparable sales.

ANTEC APPRAISAL GROUP INC. 18 220-240 Pinebush Road, Cambridge

Shape (Development Efficiency) Generally speaking, rectangularly shaped sites are most amiable to development, as irregularities can foster dysfunctional site layouts and unused space. The parcels comprising the subject site form a rectangular shape, exhibiting no notable irregularities or functional inhibitions. From the included sales, Comparable Sales 1, 5, 6, 9, and 12 are irregularly shaped, warranting some upward adjustment. The remainder of the included sales are shaped similarly to the subject property, warranting minimal adjustment.

Municipal Services The subject property, along with Comparable Sales 1 through 8, and 10 through 12 are serviced with municipal water, sanitary, and storm water septic services. No adjustment is required. Comparable Sale 9 is not serviced, requiring some upward adjustment.

Zoning It is typical in the market for properties subject to relatively permissive land use controls to sell at premium when compared to otherwise similar properties. Zoning controls which permit a relatively wide array of uses are likely to garner demand from a wider number of market participants, oftentimes yielding higher consideration at sale.

Under Zoning By-Law 150-85, the subject property is zoned M1, which permits a variety of industrial and accessory uses, provided they are conducted within wholly enclosed buildings. Comparable Sale 12 is also zoned M1, requiring nil adjustment. Comparable Sales 1 through 8, 10, and 11 are zoned M3 which permits general industrial uses as well as outdoor storage, being superior to the subject. In recent years, there has been notable demand for vacant industrial land that permits outside storage inside a city boundary.

Some downward adjustment is required of Comparable Sales 1 through 8, 10, and 11 when noting the permitted outside storage attributes of these sales. Comparable Sale 9 is zoned Z.11 under the Township of North Dumfries Zoning By-Law 689-83. Zone 11 land- use controls permit light to medium scale industrial uses, as well as large scale industrial (and accessory) uses with permitted outdoor storage, being superior to the subject. The same downward adjustment is required of Comparable Sale 9 when noting the permitted outside storage.

ANTEC APPRAISAL GROUP INC. 19 220-240 Pinebush Road, Cambridge

DIRECT COMPARISON SUMMARY: Based on the above analysis and following the necessary adjustments, it is therefore our opinion that the market value estimate of the subject, as indicated by the Direct Comparison Approach to Value, as at May 9, 2017, is as follows.

Size Rate per Value (Acres) Acre 24.14 $420,000 $10,138,870 24.14 $425,000 $10,259,571 24.14 $430,000 $10,380,272

Rounded to: $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. • That the subject site is free and clear of any and all environmental contamination.

ANTEC APPRAISAL GROUP INC. 20 220-240 Pinebush Road, Cambridge

CERTIFICATION

Based upon the data, analysis and conclusions contained herein, the current market value of the interest in the property described as 220-240 Pinebush Road, Cambridge, Ontario as at 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. • That the subject site is free and clear of any and all environmental contamination.

1. To the best of my knowledge and belief 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, 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 I have no personal interest or bias with respect to the parties involved.

4. My compensation is not contingent upon the reporting of a predetermined value or direction in value that favours the cause of the client, the amount of the value estimate, the attainment of a stipulated result, or the occurrence of a subsequent event.

5. My analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the “Canadian Uniform Standards of Professional Appraisal Practice” of the Appraisal Institute of Canada.

6. No professional assistance was provided to the person signing this report.

7. As of the date of this report, the undersigned has fulfilled the requirements of the Appraisal Institute of Canada Continuing Professional Development Program for designated members.

8. I have the knowledge and experience to complete the assignment competently.

9. I made a personal inspection of the property that is the subject of this report, on May 9, 2017.

…………………………………. David deVries, BA, AACI, P.App Dated: May 11, 2017

ANTEC APPRAISAL GROUP INC. 21 220-240 Pinebush Road, Cambridge

ASSUMPTIONS AND LIMITING CONDITIONS

RELIABILITY

This report was prepared by Mr. David deVries of Antec Appraisal Group Inc. at the request of City of Cambridge, for the purpose of estimating market value. The market value in it reflects Mr. deVries’ best judgment in light of the information available to him at the time of preparation. It is not reasonable for any other person or corporation other than City of Cambridge, to rely upon this appraisal. Any use which a third party makes of this report, or any reliance on or decision to be made based on it, are the responsibility of such third parties. Mr. David deVries and Antec Appraisal Group Inc. accept no responsibility for damages, if any, suffered by any third party as a result of decisions made or actions based upon this report.

RIGHT OF PUBLICATION

Neither possession of this report nor a copy of it carries with it the right of publication. All copyright is reserved to the author and is considered confidential by the author and his client. It shall not be disclosed, quoted from or referred to, in whole or in part, or published in any manner, without the express written consent of the appraiser. This is subject only to confidential review by the Appraisal Institute of Canada as provided in the Ethics Standard of the Canadian Uniform Standards of Professional Appraisal Practice.

LEGAL ASPECTS

While expert in appraisal matters, the author is not qualified and does not purport to give legal advice. It is assumed that:

▪ the legal description as set out herein is correct; ▪ title to the property is good and marketable; ▪ there are no encroachments, encumbrances, restrictions, leases or covenants that would in any way affect the valuation, except as expressly noted herein; ▪ the existing use is a legally conforming use which may be continued by any purchaser from the existing owner; and ▪ rights of way, easements, or encroachments over other real property and leases or other covenants noted herein are legally enforceable.

ANTEC APPRAISAL GROUP INC. 22 220-240 Pinebush Road, Cambridge

Because these assumptions have been made, no investigation, legal or otherwise, has been undertaken that would verify these assumptions, except as expressly noted herein. It is assumed that title to the property is good and marketable and there are no encumbrances which cannot be cleared through the regular processes. The appraiser cannot accept any responsibility for matters which are of a legal nature, nor is any opinion on the title of the property rendered herewith.

SURVEYS AND DRAWINGS

The author is not a qualified surveyor and no legal survey or site plan concerning the subject has been provided. Other sketches, drawings, diagrams, photographs, etc., are presented in this report for the limited purpose of illustration and are not to be relied upon in themselves.

ENVIRONMENTAL

The appraiser has no knowledge of the existence of hazardous substances, and is not qualified to comment on environmental issues that may affect the market value of the property appraised including without limitation toxic wastes, polychlorinated biphenyls, petroleum leakage, agricultural chemicals, radon gas, pollution or contamination of land, buildings, water, groundwater or air, which may be present on or in the property, or other environmental conditions.

Unless expressly stated, the property is assumed to be free and clear of pollutants and contaminants, including but not limited to moulds or mildews or the conditions that might give rise to either, and is in compliance with all regulatory environmental requirements, government or otherwise, and is free of any environmental condition, past, present or future, that might affect the market value of the property appraised. If the party relying on this report requires information about environmental issues then that party is cautioned to retain an expert qualified in such issues. We expressly deny any legal liability relating to the effect of environmental issues on the market value of the property appraised.

MUNICIPAL DATA

No investigation has been undertaken with the local zoning office, the fire department, the building inspection, the health department, the municipal tax department or any other government regulatory agency unless such investigations are expressly represented to have been made in this report. The subject property must comply with

ANTEC APPRAISAL GROUP INC. 23 220-240 Pinebush Road, Cambridge such government regulations and, if it does not comply, its non-compliance may affect market value. To be certain of compliance, further investigations may be necessary.

ARCHAEOLOGICAL

It is assumed for the purpose of this appraisal that there is no archaeological significance to the subject property and that there are no costs or delays in relation to archaeological investigations or matters.

NATIVE CLAIMS

It is assumed that there are no First Nations Claims to the property.

MARKET DATA

Market data has been obtained, in part, from documents at the Land Registry office, or as reported by the Real Estate Board. As well as using such documented and generally reliable evidence of market transactions, it was necessary to rely on hearsay evidence. Except as noted herein, a reasonable attempt has been made to verify all such information.

MARKET CONDITIONS

Because market conditions, including economic, social and political factors, change rapidly and, on occasion, without warning, the market value expressed as of the date of this appraisal cannot be relied upon to estimate the market value as of any other date except with further advice of the appraiser.

COMPENSATION

The compensation for services rendered in this report does not include a fee for court preparation or court appearance, which must be negotiated separately. However, neither this nor any other of these limiting conditions is an attempt to limit the use that might be made of this report should it properly become evidence in a judicial proceeding. In such a case, it is acknowledged that it is the judicial body which will decide the use of the report which best serves the administration of justice.

ANTEC APPRAISAL GROUP INC. 24 220-240 Pinebush Road, Cambridge

ENGINEERING AND CONSTRUCTION

The author is not qualified to give engineering advice. It is assumed that there are no patent or latent defects in the subject improvements. The physical condition of any improvements described herein was based on visual inspection only. It is not possible for practical reasons to inspect those parts of the building which are inaccessible or covered; therefore, no opinion can be expressed as to the physical condition of these areas. Electrical, heating, cooling, plumbing, sewer and/or septic system, mechanical equipment and water supply were not specifically tested, but were assumed to be in good working order, and adequate, unless otherwise specified. No liability is assumed for the soundness of structural members, since no engineering tests were made of same. The roof of structures described herein is assumed to be in good repair unless otherwise noted. The existence of potentially hazardous material used in the construction or maintenance of the building or deposited, such as urea formaldehyde foam insulation and/or asbestos insulation, which may or may not be present in the property, has not been considered. The appraiser is not qualified to detect such substances and suggests the client seek an expert opinion, if desired.

FIRE AND SMOKE DETECTION

It is imperative that the reader or any other interested party be aware that the appraiser did not inspect the premises for fire detection or smoke detection systems, or for the presence of carbon monoxide detectors, nor did the appraiser inspect the condition of such equipment, if present. The appraiser takes no responsibility whatsoever for the lack of, or condition of, detection devices which may be located on the premises, nor does the appraiser warrant compliance in any manner of such equipment, if present.

FINANCING

The reader should be aware that when preparing an appraisal for financing purposes, appraisers do not investigate if the prospective loan and applicant satisfy prudent loan underwriting criteria. Consequently, we assume no responsibility for losses on loans involving our appraisal efforts that result from the lender’s failure to do proper due diligence regarding creditworthiness of the borrower or their ability to service or repay the loan.

VALIDITY

This report is only valid if it bears the original signature of the author.

ANTEC APPRAISAL GROUP INC. 25 220-240 Pinebush Road, Cambridge

ADDENDUM

Appendix A Corporate Curriculum Vitae Appendix B Definitions of Appraisal Terms and Explanations Appendix C BDC Newsletter, April 2017 Appendix D Geowarehouse Records Appendix E MPAC Reports and 2016 City of Cambridge Tax Rates Appendix F Official Plan Land Use Map Appendix G Zoning Map and excerpts from the Zoning By-Law Appendix H Details of Comparable Sales

ANTEC APPRAISAL GROUP INC.

APPENDIX A

CORPORATE C.V. ANTEC APPRAISAL GROUP INC.

I. BACKGROUND AND OVERVIEW

With offices in Burlington, Durham, Hamilton, Toronto and Waterloo, Antec Appraisal Group is a leader in real estate valuation and consulting services. Servicing the areas of the GTA, South, Central and Eastern Ontario, we deliver a broad range of valuation, consulting and property tax services to our clients.

Antec Appraisal Group has a professional staff of nine Accredited Appraisers of the Canadian Institute (AACI); three Canadian Residential Appraisers (CRA), twelve Candidate Member Appraisers, and support staff. We offer many years of combined experience, providing our valued clients with real estate appraisals and consulting services for all property types: residential, commercial, industrial, investment and development land in our coverage area.

In addition, we offer various extensive consulting services which require valuation and analyses of property interests; appearances before courts, boards, and tribunals to provide expert testimony in order to settle compensation or damage claims; consulting services in relation to site assemblies, transfers, trades, and sales; valuations, analyses and compensation studies required to satisfactorily resolve issues arising from the extension or widening of highway projects, the acquisition of facilities and/or sites, and urban renewal projects.

II. REAL ESTATE SERVICES Antec Appraisal Group offers a wide range of consulting services to meet the needs of our diverse clientele. Over the years we have been recognized by the level of professional support provided/extended to our many client groups.

The Business Community Real property valuations, reviews, analyses and recommendations to realize the greatest possible benefit from corporate real estate assets;

Financial Institutions Real property valuations, reviews, analyses and recommendations that will assist lenders in their mortgage underwriting;

The Residential Market Providing quick, effective response to requests for appraisals to confirm lending levels, insurance requirements or to support buy/sell decisions;

The Legal Profession Assisting counsel with comprehensive property analysis and reports, backed by expert testimony, if required;

The Development Sector Professional assistance that covers all aspects of the development process from feasibility and land use studies to marketing and confidential brokerage services;

Trustees, Receivers, Accountants Valuation analysis to assist in marketing decisions, financial restructuring, estate planning, and tax planning;

Government Agencies Valuation reports and feasibility studies necessary for the responsible and effective management of public property; valuations to assist in the acquisition/disposition process including full buyouts or partial property requirements;

Private Institutions Carrying out property utilization studies for insurance damage claims, acquisition or disposition strategies;

Agricultural & Rural Community Valuations as they affect working farms, hobby farms and rural residences for capital gains calculations, development potential, or rezoning considerations.

III. THE PROFESSIONAL TEAM

ANTEC APPRAISAL GROUP INC.

Burlington Office Hamilton Office Toronto Office Waterloo Office East Office (Durham)

Kevin Antonides, AACI Eugene Catania, CRA Gus Dal Colle, AACI, David deVries, AACI Brett Puckrin, AACI Managing Partner Managing Partner Managing Partner Managing Partner Managing Partner

Nathan Stienstra, AACI Vonny Gunawan, CRA Scott Stamford, Appraiser David Castle Shanna James, AACI Appraiser Appraiser Managing Partner Candidate Member, AIC Managing Partner

Janine Haanstra, AACI Archie Aravinthan, AACI Rebecca Woudstra Wendy Evelyn Appraiser Appraiser Candidate Member, AIC CRA

Carolyn Grift Jonathan Kowalski Wesley Vandolder Jenika McLean, AACI Candidate Member, AIC Candidate Member, AIC Candidate Member, AIC Appraiser

Bruno Iacurti Ted Guo Sheena Christie Candidate Member, AIC Candidate Member, AIC Candidate Member, AIC

Steve Hall Cindy Morey Candidate Member, AIC Candidate Member, AIC

Chris Rennie Candidate Member, AIC

Rachelle McLean Candidate Member, AIC

Research & Administrative Team

Dina Schuurman Christine Wainwright Cynthia Avila Rachel deBruin Elena McGill Office Manager Administrative Assistant Administrative Assistant Research Associate Office Administrator

Rosemary Gringhuis Chantelle DeWeerd Peg VanderMeer Tina Terescsik Tanya Latreille Bookkeeper Office/Research Associate Project Manager Research/Admin Assistant Office Administrator

Ian Durfey Madeline Bremer Research Assistant Research Assistant

IV. OFFICES

Antec Appraisal Group - Burlington Antec Appraisal Group - Toronto

1022 Waterdown Road, Burlington, ON L7T 1N3 4550 Highway 7 - Suite 225, Woodbridge, ON L4L 4Y7 T: (905) 777-1225 E: [email protected] T: (647) 427-4114 E: [email protected]

Kevin Antonides, B.E.S., AACI, PLE, R/W-AC Gus Dal Colle, AACI, MRICS, PLE - ext. 302 [email protected] ext. 106 [email protected]

Nathan Stienstra, B.B.A., AACI, P. APP - ext. 103 Scott Stamford, Managing Partner - ext. 301 [email protected] [email protected]

Janine Haanstra, B.A., AACI - ext. 120 Archie Aravinthan, MBA, AACI - ext 307 [email protected] [email protected]

Carolyn Grift, Candidate Member - ext. 123 Jonathan Kowalski, Candidate Member - ext. 303 [email protected] [email protected]

Bruno Iacurti, B.A., Candidate Member - ext. 122 [email protected] Antec Appraisal Group - Hamilton Steve Hall, Candidate Member - ext. 124 [email protected] 88 John Street South, Hamilton, ON L8N 2E4 T: (905) 777-1225 E: [email protected]

Antec Appraisal Group East Eugene Catania, CRA - ext. 107 [email protected]

170 Water Street, Port Perry, ON L9L 1C4 Vonny Gunawan, CRA - ext. 101 T: (905) 985-6291 E: [email protected] [email protected]

Brett Puckrin, AACI, P.App, PLE - ext. 500 [email protected] Antec Appraisal Group - Waterloo

Shanna James, B.Comm AACI, P.App, PLE - ext. 503 151 Frobisher Drive - 208B, Waterloo, ON N2V 2C9 [email protected] T: (519) 342-3056 E: [email protected]

Wendy Evelyn, CRA - ext. 506 David deVries BA, AACI, P.APP - ext. 401 [email protected] [email protected]

Jenika McLean, AACI - ext 509 David Castle, Candidate Member - ext. 403 [email protected] [email protected]

Sheena Christie, Candidate Member - ext. 504 Rebecca Woudstra, Candidate Member - ext. 402 [email protected] [email protected] Wesley Vandolder, Candidate Member - ext. 405 Chris Rennie , Candidate Member - ext 510 [email protected] [email protected]

Cindy Morey, Candidate Member - ext. 507 [email protected]

Rachelle McLean, Candidate Member - ext 511 [email protected]

V. PARTIAL CLIENT LIST

FINANCIAL INSTITUTIONS

AGF Trust Invis Bank Alterna Savings Laurentian Bank Bank of Montreal Manulife Financial Bank of China MCAP Business Development Bank Meridian Credit Union Canada ICI Mortgage Services Montrose Mortgage Corporation Central One Credit Union Mortgage Intelligence CIBC Mortgage Architects CIT Financial National Bank of Canada Citizens Bank OMAC CMSI Pacific & Western Bank Community Trust Penmore Mortgage Capital Cooperators Trust Peoples Trust Effort Trust Royal Bank of Canada Equitable Trust Scotiabank First National Financial Sunlife Financial First Ontario Credit Union TD Canada Trust GE Teachers Credit Union Hald-Nor Credit Union Verico One Mortgage Home Trust Your Neighbourhood Credit Union HSBC

LEGAL / ACCOUNTING FIRMS

Aird and Berlis Michael L. Fowler BDO Dunwoody Limited Miller Thomson Cassels Brock Osler Hoskin Harcourt Chaitons Pettinelli Mastroluisi Fogler Rubinoff LLP Ross McBride George Smith Rueter Scargall Bennett, LLP Gowlings Scarfone Hawkins Haber Associates Simpson Wigle Heenan Blaikie Stewart Title Josef Neubauer Sullivan-Mahoney KPMG Taylor Leibow Lenczner Slaght Vine Group Mac Gillivray (Grant Thorton) Weir Foulds McCarthy Tetrault Zuly & Zuly

GOVERNMENT AGENCIES / INSTITUTIONS

Agency of Co-Operative Housing City of Brampton Bay Area Health Trust City of Brantford Bruce Trail Conservancy City of Burlington Canadian Nuclear Laboratories City of Hamilton

______

GOVERNMENT AGENCIES / INSTITUTIONS (continued)

City of Cambridge Public Works & Government Services Canada City of Kawartha Lakes Region of Halton City of Woodstock Region of Niagara City of Oshawa Region of Peel City of Pickering Region of Waterloo CMHC Region of York County of Norfolk Region of Durham County of Oxford Town of Ajax Durham District School Board Town of Grimsby Environment Canada Town of Oakville Hamilton Health Sciences Town of Lincoln Hydro One Town of Whitby Infrastructure Ontario Town of Bradford/ McMaster University West Gwillimbury Mohawk Collage Township of Brock Metrolinx (GO Transit) Township of Scugog Ministry of Transportation Township of Uxbridge Municipality of Clarington University of Waterloo Nature Conservancy Wilfred Laurier University

DEVELOPMENT GROUPS / OTHER

Agellan Capital Kylemore Communities Armel Corporation Landmart Homes Avis Budget Group Losani Homes Bazil Developments Mantella Corporation Blair Blanchard Stapleton Mattamy Homes C & H Properties (Rexall) Melloul Blamey / HIP Developments Canadian Tire Real Estate Molinaro Group CanFirst Capital Montana Group of Companies CBS Corporation Multani Homes CNR New Horizon Homes CPR Pinvest Homes CREIT Pizza Hut Dunsire Developments Inc Pizza Pizza EastForest Homes Redcliff Emshih Developments Shell Canada Fengate Shoppers Drug Mart First Gulf Development Corporation Skyline Reit Flato Developments TDL Group Forum Equity Partners Union Gas Fusion Homes Warren Sinclair Homes G & L Group Zentil Group of Companies Ian Cook Construction / Cook Homes ZZEN Group of Companies King Sturge, LLP

APPENDIX B

DEFINITION OF MARKET VALUE "Market Value" is defined as the "most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming that the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing the title from seller to buyer under conditions whereby: 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 Canadian Dollars or in terms of financial arrangements comparable thereto; and 5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales or concessions granted by anyone associated with the sale."

MARKET VALUE – EXPROPRIATIONS ACT Market Value is also defined by the Expropriation’s Act R.S.O. 1990 as follows: 14(1) (1) The term “Market Value” of land expropriated is defined as the amount that the land might be expected to realize if sold in the open market by a willing seller and a willing buyer. (2) Where the land expropriated is devoted to a purpose for such nature that there is no general demand or market for land for that purpose, and the owner genuinely intends to relocate in similar premises, the market value shall be deemed to be the reasonable cost of equivalent reinstatement. (3) Where only part of the land of an owner is taken and such part is of a size, shape or nature for which there is no general demand or market, the market value and the injurious affection caused by the taking may be determined by determining the market value of the whole of the owner’s land and deducting therefrom the market value of the owner’s land after the taking. (4) In determining the market value of land, no account shall be taken of, (a) the special use to which the expropriating authority will put the land; (b) any increase or decrease in the value of the land resulting from the development in respect of which the expropriation is made or from any expropriation or imminent prospect of expropriation; or (c) any increase in the value of the land resulting from the land being put to use that could be retrained by a court or is contrary to law or is

detrimental to the health of the occupants of the land or to the public health. Market Value, as estimated in this report, reflects cash and/or terms or financial arrangements equivalent to cash.

VALUE-IN-CONTRIBUTION The amount that the property/easement to be conveyed (a) contributes to / detracts from the market value of the subject property and (b) contributes to the market value of the applicant’s property / ownership, (including savings in development costs / enhanced development, if applicable).

OTHER TYPES OF VALUES Other types of value are also considered in real estate: use value, investment value, going-concern value, insurable value, and assessed value. Use Value focuses on the real estate’s contributory value to the enterprise of which it is a part, without regard to the property’s Highest and Best Use. (Limited-market properties may be appraised for market value based on their current use or most likely alternative use.) Investment Value is the value of an investment to a particular investor, based on his or her investment requirements. Going-Concern Value is the value created by a proven property operation in which the physical real estate assets are an integral part of an ongoing business. Insurable Value is the portion of value that is covered by casualty insurance. Assessed Value refers to the property’s value for property tax purposes, according to the requirements of the relevant provincial act.

EFFECTIVE DATE OF VALUE OPINION A current value opinion refers to an effective date that is contemporaneous with the date of the report, or a date that is within a reasonable period of the date of inspection. A retrospective value opinion refers to an effective date that is prior to the date of the report. Since the client has requested a retrospective value, the appraiser will gather and analyze market date pertinent to the retrospective date. A prospective value opinion refers to an effective date following the date of the report. The prospective value opinion is intended to reflect the current perceptions of market participants as to the future. The appraisal is made in accordance to conditions pertaining at the date of the inspection. It is assumed that no significant changes in economic / real estate conditions would occur between now and the estimated effective date of this report that would have any impact on value therefore the appraiser is not responsible for unforeseeable events that alter market conditions prior to the effective date.

PROPERTY RIGHTS APPRAISED Fee Simple can be defined as the highest form of real property ownership, an absolute fee without limitations to a particular class of heirs; however, subject to the restriction of eminent domain, escheat, police power and taxation. The Leased Fee estate or interest is similar to the Fee Simple Estate in that title belongs to the landlord, but some of the Bundle of Rights, including the right of use and occupancy, have been conveyed to others by a lease for a definite period of time. A Condominium, or Strata Title, is a form of fee ownership of spate units or portions of multi-unit buildings that provides for formal filing and recording of a divided interest in real property. A condominium unit is a separate ownership, and title is held by an individual owner. The unit may be separately leased, sold or mortgaged. A condominium owner also has title to a partial interest in the total project, whether it is a residential or commercial property. The owner possesses a three-dimensional space within the outer walls, roof or ceiling, and floors and, along with other owners, has an undivided interest in common areas; e.g., the land, the public portions of the building, the foundation, the outer walls and the spaces provided for parking and recreation. The owners of units in a condominium project usually form an association to manage commonly held real estate in accordance with adopted by-laws that are based on the minimum requirements of provincial legislation. The expenses of management and maintenance are divided pro rata among the owners, who pay a monthly fee.

REASONABLE EXPOSURE TIME Exposure time precedes the effective date of the appraisal. It may be defined as: The estimated length of time the property interest 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. This estimate is based upon an analysis of past events assuming a competitive and open market. The estimated time may be expressed as a range and can be based on one or more of the following: • Statistical information about days on market; • Information gathered through sales verification; and • Interviews of market participants The reasonable exposure period is a function of price, time and use, not an isolated estimate of time alone. Exposure time is different from various types of real estate and under various market conditions.

ASSESSMENT & TAXES The Provincial Government, through the Ministry of Revenue, Assessment Division, has the authority to administer and establish the assessed value of all properties in

Ontario. All municipalities in the Province are now assessed on a “Current Value” basis with a valuation date of June 30, 2005. The amount of realty taxes levied against a property is calculated using the assessment, multiplied by the locally established appropriate tax rate (Residential, Multi-Residential, Commercial or Industrial): $ Assessment X Tax rate = Property Taxes Assessment Data has been included for information purposes only and is not to be construed as indicative of the property’s market value.

OFFICIAL PLAN The Official Plan is defined in the Planning Act as follows: “A document approved by the Minister of Municipal Affairs and Housing, containing objectives and policies established primarily to provide guidance for the physical development of a municipality while having regard to relevant social, economic and environmental matters.” The Purpose of the Official Plan is to provide a formally adopted text of public policies and standards as guidelines for the future development of the community. It is a projection of anticipated growth and planning needs. The Official Plan consists of the texts and maps describing such programs and policies, approved by the Minister of Municipal Affairs from time to time as provided in The Planning Act. Requirements change from year to year and it is often necessary for the municipality to reassess the relevance of their plan to the supply and demand situation. There is, therefore, provision for amendments to the Official Plan, where reasonable grounds exist. The Official Plan does not directly regulate the use of private lands and therefore must be supported by Zoning By-Laws. The Zoning By-Laws implement the policies established by the Official Plan.

ZONING While the Official Plan sets out the framework for future change and development, Zoning By-Laws put such plans into effect and provide for the day-to-day administration of planning. A Zoning By-Law defines what can take place on an area of land and how structures are to be located on a property. Restrictions on use are designed to separate incompatible uses, for instance, prohibiting factories in residential areas. In Zoning By-Laws, zone regulations normally include: The height, floor area and location of any building or structure, the floor area ratio, the size, frontage and depth of the lot on which the buildings or structures are located, the

front, side and rear yards on such lots, the maximum coverage and the number and location of off-street parking spaces.

HIGHEST AND BEST USE Real estate is valued in terms of its Highest and Best Use. Highest and Best Use is defined 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 feasibility, and maximum profitability. Source: The Dictionary of Real Estate Appraisal Third Edition, 1993 Appraisal Institute

To properly analyze Highest and Best Use, two determinations must be made. First, the Highest and Best development of the site as though vacant and available for use is made. Second, the Highest and Best Use of the property as improved is analyzed and estimated. The Highest and Best Use of both the land as though vacant and the property as improved must meet four criteria: physically possible, legally permissible, financially feasible, and maximally productive. Of the uses that satisfy the first three tests, the use that produces the highest price or value consistent with the rate of return warranted by the market is the maximally productive use.

The four criteria that the Highest and Best Use must meet are:

LEGALLY PERMISSIBLE In determining the Highest and Best Use of a property, it is important for the appraiser to ascertain the range of uses that are legally permissible. In cases where modifications to Zoning By-law and Official Plan designations are likely, these uses should also be considered. Consideration should also be given to public planning initiatives and economic and political conditions that affect planning decisions. These considerations will assist the appraiser in determining whether amendments to official plan and/or zoning designations are likely.

PHYSICALLY POSSIBLE The proposed use for a site cannot be considered its Highest and Best Use unless that use is physically and functionally possible and adaptable to the characteristics of the site. The size, shape, area, topography and soil conditions may affect the potential uses that can be developed. The physical possibility of development for the Subject also reasonably expects that development can occur without additional costs above those of a typical vacant site. In cases where there are unusual costs associated with

development (e.g. soil clean, demolition, external costs, etc.) these costs should be deducted from market value.

FINANCIALLY FEASIBLE The estimate of market value is based on the market demand for properties similar to that of the subject, expecting that the purchasers have rationalized a positive financial benefit or utility for the basis of an acquisition. There is strong evidence in the market for acquisitions, as outlined in the valuation section of the report.

MAXIMALLY PRODUCTIVE A use cannot be considered a site's Highest and Best Use unless its anticipated earnings ability is sufficient to generate a reasonable return on costs of acquisition and development. This aspect of Highest and Best Use inherently involves a cost benefit analysis whereby the use that generates the highest profit or greatest return logically represents the Highest and Best Use.

APPENDIX C

Articles and tools Entrepreneur's toolkit Publications Monthly Economic Letter

Exports: Driver of SME growth and profits This article is from our Monthly Economic Letter. Also in this issue:

Canada's outlook United States' outlook Indicators at a glance

Many studies have examined the performance of exporting businesses. In general, such firms are more productive, which enables them to pay higher wages and to generate bigger profits than their competitors that focus entirely on the domestic market.1

On the other hand, less is known about SMEs’ export strategies. Consequently, it is difficult to determine what makes them successful abroad. To fill that gap, BDC has carried out a survey based on a broad, representative sample of Canadian businesses.2 The questions explored the strategies used to penetrate new markets, the importance of those strategies to successful export activities, and the degree of priority that management attached to growth, risk-taking and other factors.

Developing business contacts in the target markets is perceived as being essential to success

Before conducting the survey, we interviewed a dozen or so successful small and mid-sized exporters on how they approached foreign markets. Based on those interviews, six effective strategies were identified:

1. Conduct market research.

2. Travel to target markets.

3. Attend trade shows.

4. Develop business contacts in target markets.

5. Observe the foreign competition. 6. Assess the foreign competition.

When questioned about the relative importance of each of these six strategies, 83% of respondents said that developing business contacts in foreign countries is critical. By contrast, less than two-thirds of those surveyed felt that strongly about the effectiveness of the other five strategies.

Top predictor of solid export growth: Assessing the foreign competition

To examine whether strategies that exporters believe are critical to success—especially business contacts and market research—are those most closely related to strong international sales performance, the author of the study used a statistical model.3

The results of the statistical analysis show that, whatever the size of the business, or the industry or region it operates in, one of the six strategies—namely, assessing the foreign competition—consistently outshines the others. For instance, according to the model, firms that evaluate their competitors before entering a foreign market have 171% higher odds of enjoying high sales growth than those that do not. Having said that, all six strategies are associated with above-average performance, taking into account business size and industry.

Three keys to success

In addition to the six export strategies mentioned earlier, a number of other factors that could potentially predict SMEs’ success abroad were added to the statistical model:

• willingness to take risks

• management that views exporting as vital to the overall success of the business

• adaptation or customization of products and services to local markets

• hiring at least one person to work exclusively on developing the export side of the business

• growth ambition

• legal and regulatory obstacles in foreign markets

• the business owner’s age and level of education.

Our statistical analysis shows that three factors, more than any others, are linked to strong export performance:

1. viewing exports as vital to the business’s overall success

2. assessing foreign competition

3. hiring at least one employee to work exclusively in international sales

Firms that exhibit these three success factors tend to achieve significantly better results, in terms of both export growth and profit growth. They also have a more optimistic outlook for the year ahead, as far as profits are concerned. For instance, 42% of respondents that have adopted all three of the above “export essentials” have enjoyed average annual growth of 20% or more over the past three years. Among firms that put just one or two of these factors into practice, a mere 18% have seen growth at such a level, and that figure drops to 7% for firms that have not applied any of these factors (graph).

Enlarge the graphic

Conclusion

A great number of small and mid-sized exporters consider that developing business contacts in the target country is the key factor for achieving success in international markets. BDC’s analysis suggests that this strategy, like the five others identified by successful exporters, is indeed useful. However, the study revealed that other factors are better predictors of solid export growth, and that the most successful SME exporters have three characteristics in common:

• They see exporting as critical to overall success.

• They lay the groundwork by assessing the competition.

• They assign at least one person to support their export efforts, full-time.

This BDC study shows that these three success factors apply to all SMEs, regardless of the size of the firm, the industry in which it operates or the export strategies it chooses to implement.

1. This article summarizes the BDC study entitled “Exports: A Key Driver of SME Growth and Profits” published on April 10, 2017. 2. The survey comprises 735 firms, of which 80% have fewer than 50 employees and 80% have annual revenues of less than $10 million. They represent five of the most export-intensive sectors in Canada, i.e. manufacturing (33%), professional, scientific and technical services (22%), transportation and warehousing (18%), wholesale trade (15%) and information and communications technology (1%). 3. The model in question is a logistic regression model. For more details, see the study, page 22. Articles and tools Entrepreneur's toolkit Publications Monthly Economic Letter

Canada's outlook This article is from our Monthly Economic Letter. Also in this issue:

United States' outlook Indicators at a glance

Vigorous gross domestic product growth

Real gross domestic product (GDP) grew by 0.6% in January, marking a good start to the year. Most sectors contributed to this robust growth, but manufacturing comes out on top (graph). Apart from the paper industry, all the major manufacturing sectors reported higher output in January. As for the mining and oil and gas extraction sector, it more than made up for the ground that was lost in December. Among the service sectors, it was wholesale trade that made the greatest contribution to growth, recording its largest monthly change since July 2013. The majority of the wholesale sectors posted increases, but it was wholesalers of motor vehicles and parts that recorded the biggest gain. With the exception of a 0.2% downturn in October, real GDP has expanded every month since June 2016. Keep in mind that Enlarge the graphic economic growth in 2016 was 1.4%, and that forecasters are anticipating acceleration to 2.1% in 2017.

Job creation continues

Although just 19,400 jobs were added to the labour market in March, this comes on the heels of three straight months of job growth. As for the unemployment rate, it edged up slightly, from 6.6% in February to 6.7% in March, due to a slight increase in the labour force participation rate (from 65.8% to 65.9%). However, it is still low from a historical perspective (see graph). Looking at the regions, employment was up in Alberta, Nova Scotia and Manitoba, down in Saskatchewan, and stable in the other Enlarge the graphic provinces. In March, there were more jobs in the following sectors: manufacturing, business, building and other support services, wholesale and retail trade and information, culture and recreation. Conversely, employment contracted in education, transportation and warehousing, “other services” and public administration.

Exports decline

After three straight months of surpluses, Canada’s merchandise trade balance recorded a deficit in February. Exports fell by 2.4% (with contractions observed in eight of the eleven sectors), while imports rose by 0.6%, mainly due to an increase in equipment repairs and merchandise returned to the country of origin, as well as motor vehicles and parts.

Enlarge the graphic

Consumer confidence is heading up

The Conference Board Consumer Confidence Index, which jumped by 9 points in February, gained another point in March, reaching 111.7 (graph). This is its highest point since January 2010. Canadian households were less positive about their financial situation in March, but more optimistic abut their future financial situation, short-term job outlooks and favourable conditions for a major purchase, such as a home or a car. However, regional differences persist. In Alberta, for example, Enlarge the graphic despite strong gains in recent months, consumer confidence is still well below the level it reached prior to the slump in crude oil prices. Articles and tools Entrepreneur's toolkit Publications Monthly Economic Letter

United States' outlook This article is from our Monthly Economic Letter. Also in this issue:

Canada's outlook Indicators at a glance

Unemployment keeps dropping, wages keep rising

After gains of over 200,000 jobs in January and February, there were just 98,000 net new hires in March. This is the weakest job creation since May 2016; however, it is not surprising, given the solid growth that was recorded in the first two months of the year. Still, the unemployment rate fell from 4.7% to 4.5%, its lowest point since May 2007. Hourly wages rose by 0.2% in March after a gain of 0.3% in February.

Enlarge the graphic

Housing starts head up, while home sales lose ground

Housing starts rose by 3.0% in February compared with the previous month, and by 6.2% from a year ago. The trend according to the six-month moving average is still on an upwards path, thanks to starts of single-family homes. As for multiple-unit projects, they declined in February and their trend has been stagnating for several months. In the resale market, sales dropped by 3.7% in February, month over month; however, they are still 5.4% higher than where they stood twelve months earlier. The number of months of inventory on the market increased slightly in Enlarge the graphic March, but at 3.8 it is still low from a historical perspective (graph). According to the National Association of Realtors in the United States, the limited supply of properties is pushing prices up and curbing sales. Retail sales growth decelerates

Retail sales ticked up by 0.1% in February, after gaining 0.6% in January. If we exclude motor vehicles and parts, and gasoline, retail sales rose by 0.2% in February after expanding by 1.1% in the previous month (graph). These numbers herald moderate growth in household consumer spending in the first quarter of 2017. The sound job market should lead to acceleration in consumer spending over the course of the year.

Enlarge the graphic Articles and tools Entrepreneur's toolkit Publications Monthly Economic Letter

Indicators at a glance

This article is from our Monthly Economic Letter. Also in this issue:

Canada's outlook United States' outlook

Interest rates

No key interest rate hike in sight in 2017

On April 12, the Bank of Canada left its key interest rate unchanged, as observers had expected. The target for the overnight rate has been standing at 0.50% since July 15, 2015. On the same day, the central bank issued its Monetary Policy Report, outlining its economic projections from now to 2018. We note an upwards revision from the projections that were presented in January: the central bank still believes that the economy is gradually adjusting to the past slump in commodity prices, but that a good deal of uncertainty persists about what effect the policies of the new U.S. administration could have on international trade and Canadian investment.

Oil price

Crude oil prices weighed down by expanding U.S. inventory

On average, crude oil prices dipped slightly in March compared with February (graph), but they fluctuated considerably from day to day during the month. The announcement, on March 8, of an unexpected increase in U.S. crude oil inventories triggered a nose- dive in prices. The market was worried that the expansion of U.S. inventories would thwart the efforts by OPEC member countries and their allies to reduce the supply. Prices continued to fall in the days that followed, but managed to pick up towards the end of the month, when many of the countries participating in the agreement to limit Enlarge the graphic crude output indicated that they were in favour of renewing it. For more details on recent oil price trends, consult the Oil market update.

Canadian dollar

The Canadian dollar depreciates slightly

The Canadian dollar depreciated slightly in March compared with the previous month (graph). The drop in crude oil prices at the beginning of the month resulted in depreciation of the loonie against the U.S. dollar, but when oil prices headed back up, the loonie followed suit. However, further appreciation of the Canadian currency was stymied by the 25-basis-point hike in the U.S. key interest rate that occurred mid-March.

Enlarge the graphic

SME confidence

Business owners remain confident

The Business Barometer index compiled by the Canadian Federation of Independent Business, which had shot up by 2.8 points in February, remained unchanged in March, indicating that SME owners’ confidence is still firm. Looking at the various industries, we note that the index’s decline in the construction sector is counterbalanced by a sharp upturn in manufacturing. Given that industrial and regional breakdowns are volatile, it is advisable to view them through the lens of the six-month moving average. In so doing, we note that SME confidence in the natural resources sector, which was severely shaken by the slump in crude oil prices, has been gradually moving up again over the past 12 months (graph). Enlarge the graphic Confidence is on an upwards path in many other sectors as well, including manufacturing and construction; this bodes well for jobs and investment.

Business credit conditions

Business credit conditions are stable In general, business credit conditions remained stable during the first quarter of 2017. Businesses operating in commodity sectors perceived gradual improvement in their access to credit. In addition, some easing was noted in British Columbia, particularly for small businesses, as far as non-price lending conditions were concerned. This situation is due to improving economic outlooks, stronger competition in the banking sector and changes that the banks have made to their business strategies. Meanwhile, overall demand for credit declined in the first quarter, mainly on the part of large corporations, although a downturn was also noted from small Enlarge the graphic businesses in Quebec.

Key indicators—Canada

Enlarge the table

5. http://www.bankofcanada.ca/2017/03/fad-press-release-2017-03-01/

APPENDIX D

SALES HISTORY AND MAP Page 1 of 1

SALES HISTORY AND SUBJECT PROPERTY MAP REPORT Tue Apr 25 13:19:27 EDT 2017

Subject Property Polygon Parcel Polygons Roads 0 100 m. Railways This map was compiled using plans and documents recorded in the Land Registry Water Limits System and has been prepared for property indexing purposes only. This is not a Plan of Survey. For actual dimensions of property boundaries, see recorded plans and Easement Limits documents. Only major easements are shown.

Subject Property Point

Neighbourhood Sales Points

SUBJECT PROPERTY IDENTIFICATION INFORMATION

LRO 58 PIN 037650910 ASSESSMENT ROLL NUMBER N/A REGISTRATION TYPE LT LAND REGISTRY STATUS ACTIVE MUNICIPALITY N/A ADDRESS N/A AREA 55731 m2 PERIMETER 926 m DESCRIPTION LT 2, RCP 1384, PTS 1 & 2, 67R3878, SAVE & EXCEPT PT 7 ON WR825748; CAMBRIDGE SUBJECT TO AN EASEMENT IN GROSS OVER PTS 9, 10, 12-14 ON EX PL WR825748 AS IN WR825748 SUBJECT TO AN EASEMENT IN GROSS OVER PTS 15, 17 & 18 ON EX PL WR825748 AS IN WR825748 SUBJECT TO AN EASEMENT IN GROSS OVER PTS 8, 9, 11, 12, 14, 15, 16, 18, 19 ON EX PL WR825748 UNTIL 2017/12/31 AS IN WR825748 PARTY TO: HOOPP REALTY INC.

SALES HISTORY

INSTRUMENT REGISTRATION CONSIDERATION INSTRUMENT PARTY NUMBER DATE VALUE TYPE TO WR349016 12/03/2007 4916800 T HOOPP REALTY INC. Reports Not the Official Record. Reports, other than the Parcel Register, obtained through Geowarehouse are not the official government record and will not necessarily reflect the current status of interests in land. Currency of Information. Data contained in the Geowarehouse reports are not maintained real-time. Data contained in reports, other than the Parcel Register, may be out of date ten business days or more from data contained in POLARIS. Coverage. Data, information and other products and services accessed through the Land Registry Information Services are limited to land registry offices in the areas identified on the coverage map. Completeness of the Sales History Report. Some Sales History Reports may be incomplete due to the amount of data collected during POLARIS title automation. Subject properties may also show nominal consideration or sales price (e.g. $2) in cases such as transfers between spouses or in tax exempt transfers.

The Property Information Services, reports and information are provided "as is" and your use is subject to the applicable Legal Terms and Conditions. Some information obtained from the Land Registry Information Services is not the official government record and will not reflect the current status of interests in land. Use of personal information contained herein shall relate directly to the purpose for which the data appears in land registry records and is subject to all applicable privacy legislation in respect of personal information. Such information shall not be used for marketing to a named individual. Copyright © 2002-2006 Teranet Enterprises Inc. and its suppliers. All rights reserved.

mhtml:file://Z:\220-240 Pinebush Road, Cambridge\Addenda\Geo 220.mht 5/10/2017 SALES HISTORY AND MAP Page 1 of 1

SALES HISTORY AND SUBJECT PROPERTY MAP REPORT Tue Apr 25 13:22:01 EDT 2017

Subject Property Polygon Parcel Polygons Roads 0 100 m. Railways This map was compiled using plans and documents recorded in the Land Registry Water Limits System and has been prepared for property indexing purposes only. This is not a Plan of Survey. For actual dimensions of property boundaries, see recorded plans and Easement Limits documents. Only major easements are shown.

Subject Property Point

Neighbourhood Sales Points

SUBJECT PROPERTY IDENTIFICATION INFORMATION

LRO 58 PIN 037650105 ASSESSMENT ROLL NUMBER N/A REGISTRATION TYPE LT LAND REGISTRY STATUS ACTIVE MUNICIPALITY CAMBRIDGE ADDRESS 230 PINEBUSH ROAD AREA 30448 m2 PERIMETER 743 m DESCRIPTION PT LT 3 RCP 1384 CAMBRIDGE PT 1, 67R1536; CAMBRIDGE PARTY TO: HOOPP REALTY INC./LES IMMEUBLES HOOPP INC.

SALES HISTORY

INSTRUMENT REGISTRATION CONSIDERATION INSTRUMENT PARTY NUMBER DATE VALUE TYPE TO HOOPP REALTY INC./LES WR635195 08/18/2011 3300000 T IMMEUBLES HOOPP INC. SREIT (CENTRAL NO. 3) WR235951 08/09/2006 3000000 T LTD. 1364656 12/17/1997 1200000 T PINESET CAPITAL CORP. Reports Not the Official Record. Reports, other than the Parcel Register, obtained through Geowarehouse are not the official government record and will not necessarily reflect the current status of interests in land. Currency of Information. Data contained in the Geowarehouse reports are not maintained real-time. Data contained in reports, other than the Parcel Register, may be out of date ten business days or more from data contained in POLARIS. Coverage. Data, information and other products and services accessed through the Land Registry Information Services are limited to land registry offices in the areas identified on the coverage map. Completeness of the Sales History Report. Some Sales History Reports may be incomplete due to the amount of data collected during POLARIS title automation. Subject properties may also show nominal consideration or sales price (e.g. $2) in cases such as transfers between spouses or in tax exempt transfers.

The Property Information Services, reports and information are provided "as is" and your use is subject to the applicable Legal Terms and Conditions. Some information obtained from the Land Registry Information Services is not the official government record and will not reflect the current status of interests in land. Use of personal information contained herein shall relate directly to the purpose for which the data appears in land registry records and is subject to all applicable privacy legislation in respect of personal information. Such information shall not be used for marketing to a named individual. Copyright © 2002-2006 Teranet Enterprises Inc. and its suppliers. All rights reserved.

mhtml:file://Z:\220-240 Pinebush Road, Cambridge\Addenda\Geo 230.mht 5/10/2017 SALES HISTORY AND MAP Page 1 of 2

SALES HISTORY AND SUBJECT PROPERTY MAP REPORT Tue Apr 25 13:23:06 EDT 2017

Subject Property Polygon Parcel Polygons Roads 0 100 m. Railways This map was compiled using plans and documents recorded in the Land Registry Water Limits System and has been prepared for property indexing purposes only. This is not a Plan of Survey. For actual dimensions of property boundaries, see recorded plans and Easement Limits documents. Only major easements are shown.

Subject Property Point

Neighbourhood Sales Points

SUBJECT PROPERTY IDENTIFICATION INFORMATION

LRO 58 PIN 037650104 ASSESSMENT ROLL NUMBER N/A REGISTRATION TYPE LT LAND REGISTRY STATUS ACTIVE MUNICIPALITY CAMBRIDGE ADDRESS 240 PINEBUSH ROAD AREA 11840 m2 PERIMETER 561 m DESCRIPTION PT LT 3 RCP 1384 CAMBRIDGE PT 2, 67R1536; CAMBRIDGE. PARTY TO: HOOPP REALTY INC./LES IMMEUBLES HOOPP INC.

SALES HISTORY

INSTRUMENT REGISTRATION CONSIDERATION INSTRUMENT PARTY NUMBER DATE VALUE TYPE TO HOOPP REALTY INC./LES WR635195 08/18/2011 3300000 T IMMEUBLES HOOPP INC. SREIT (CENTRAL NO. 3) WR248295 09/28/2006 750000 T LTD. BARTELS, BRUCE EDWARD; WR125662 05/20/2005 0 T BARTELS, DONALD ARTHUR WS589468 11/15/1979 2 T BARTELS, VERTA Reports Not the Official Record. Reports, other than the Parcel Register, obtained through Geowarehouse are not the official government record and will not necessarily reflect the current status of interests in land. Currency of Information. Data contained in the Geowarehouse reports are not maintained real-time. Data contained in reports, other than the Parcel Register, may be out of date ten business days or more from data contained in POLARIS. Coverage. Data, information and other products and services accessed through the Land Registry Information Services are limited to land registry offices in the areas identified on the coverage map. Completeness of the Sales History Report. Some Sales History Reports may be incomplete due to the amount of data collected during POLARIS title automation. Subject properties may also show nominal consideration or sales price (e.g. $2) in cases such as transfers between spouses or in tax exempt transfers.

The Property Information Services, reports and information are provided "as is" and your use is subject to the applicable Legal Terms and Conditions. Some information obtained from the Land Registry Information Services is not the official government record and will not reflect the current status of interests in land. Use of personal information contained herein shall relate directly to the purpose for which the data appears in land registry records and is subject to all applicable privacy legislation in respect of personal information. Such information shall not be used for marketing to a named individual.

mhtml:file://Z:\220-240 Pinebush Road, Cambridge\Addenda\Geo 240.mht 5/10/2017

APPENDIX E

ICI Commercial / Industrial Report

Purchased Date: 25-04-2017

Property Address: PINEBUSH RD

Municipality: CAMBRIDGE CITY

Roll Number: 3006150015117100000

24/8/2014

Business Name Business Mailing Address

HOOPP REALTY INC 1 TORONTO ST SUITE 1400 TORONTO ON M5C 3B2

Legal Description REG COMP PLAN 1384 LOT 2 RP67R3878 PARTS 1 & 2

Property Code & Description 106 - Vacant industrial land Assessed Value* $2,720,000 2017 Taxation Year Phased-In Assessment** $2,702,750 Last Sale Date (yyyy/mm/dd) 2007-12-03 Last Sale Amount $4,916,800

Frontage (ft) 580.06 Depth (ft) - Site Area 14.00 A Zoning M1

NOTE: Under the Assessment Act a number of changes have been made to the property assessment system, which became effective in the 2009 property tax year. These changes include the introduction of a four -year assessment update and a phase-in of assessment increases. For more information regarding Assessment Updates visit www.mpac.ca *Assessed Value is based on a January 1, 2016 Valuation Date. **Phased-In Assessment reflects the phased-in portion of the Assessed Value returned to the municipality/local taxing authority on the 2016 Assessment Roll for the 2017 taxation year.

Copyright© All rights reserved Municipal Property Assessment Corporation. Not to be reproduced by any means or distributed in any manner, in whole or in part, without prior written permission.

ICI Commercial / Industrial Report

Purchased Date: 25-04-2017

Property Address: 230 PINEBUSH RD

Municipality: CAMBRIDGE CITY

Roll Number: 3006150015118000000

24/8/2014

Business Name Business Mailing Address

HOOPP REALTY INC /LES IMMEUBLES HOOPP 1 TORONTO ST SUITE 1400 INC TORONTO ON M5C 3B2

Legal Description PLAN 1384 PT LOT 3 RP 67R1536 PART 1

Property Code & Description 106 - Vacant industrial land Assessed Value* $1,638,000 2017 Taxation Year Phased-In Assessment** $1,638,000 Last Sale Date (yyyy/mm/dd) 2011-08-18 Last Sale Amount $3,300,000

Frontage (ft) 400.00 Depth (ft) - Site Area 7.50 A Zoning M1

NOTE: Under the Assessment Act a number of changes have been made to the property assessment system, which became effective in the 2009 property tax year. These changes include the introduction of a four -year assessment update and a phase-in of assessment increases. For more information regarding Assessment Updates visit www.mpac.ca *Assessed Value is based on a January 1, 2016 Valuation Date. **Phased-In Assessment reflects the phased-in portion of the Assessed Value returned to the municipality/local taxing authority on the 2016 Assessment Roll for the 2017 taxation year.

Copyright© All rights reserved Municipal Property Assessment Corporation. Not to be reproduced by any means or distributed in any manner, in whole or in part, without prior written permission.

ICI Commercial / Industrial Report

Purchased Date: 25-04-2017

Property Address: 240 PINEBUSH RD

Municipality: CAMBRIDGE CITY

Roll Number: 3006150015118500000

24/8/2014

Business Name Business Mailing Address

HOOPP REALTY INC /LES IMMEUBLES HOOPP 1 TORONTO ST SUITE 1400 INC TORONTO ON M5C 3B2

Legal Description PLAN 1384 PT LOT 3 RP 67R1536 PART 2

Property Code & Description 106 - Vacant industrial land Assessed Value* $761,000 2017 Taxation Year Phased-In Assessment** $650,000 Last Sale Date (yyyy/mm/dd) 2011-08-18 Last Sale Amount $3,300,000

Frontage (ft) 173.14 Depth (ft) 731.67 Site Area 2.92 A Zoning M1

NOTE: Under the Assessment Act a number of changes have been made to the property assessment system, which became effective in the 2009 property tax year. These changes include the introduction of a four -year assessment update and a phase-in of assessment increases. For more information regarding Assessment Updates visit www.mpac.ca *Assessed Value is based on a January 1, 2016 Valuation Date. **Phased-In Assessment reflects the phased-in portion of the Assessed Value returned to the municipality/local taxing authority on the 2016 Assessment Roll for the 2017 taxation year.

Copyright© All rights reserved Municipal Property Assessment Corporation. Not to be reproduced by any means or distributed in any manner, in whole or in part, without prior written permission. 2016 CITY OF CAMBRIDGE TAX RATES CITY OF CAMBRIDGE TAX RATES PERCENTAGE SHARE TAX RATE CODES DESCRIPTION OF CODES CITY REGION SCHOOL TOTAL CITY REGION SCHOOL TOTAL

RT Residential and Farm - Taxable at Full Rate 0.0042792 0.0061359 0.0018800 0.0122951 34.80 49.91 15.29 100.00 R1 Residential and Farm - Taxable at Farmland awaiting development Phase I Rate 0.0019256 0.0027612 0.0008460 0.0055328 34.80 49.91 15.29 100.00 MT Mult-Residential - Taxable at Full Rate 0.0083444 0.0119650 0.0018800 0.0221894 37.61 53.92 8.47 100.00 M1 Mult-Residential - Taxable at Farmland awaiting development Phase I Rate 0.0019256 0.0027612 0.0008460 0.0055328 34.80 49.91 15.29 100.00 NT New Mult-Residential - Taxable at Full Rate 0.0042792 0.0061359 0.0018800 0.0122951 34.80 49.91 15.29 100.00 CT Commercial - Taxable at Full Rate 0.0083444 0.0119650 0.0140000 0.0343094 24.32 34.87 40.81 100.00 CH Commercial - Taxable at Full Rate - Shared Like PIL 0.0083444 0.0119650 0.0140000 0.0343094 24.32 34.87 40.81 100.00 CU Commercial - Taxable at Vacant Units and Excess Land Rate 0.0058411 0.0083755 0.0098000 0.0240166 24.32 34.87 40.81 100.00 CX Commercial - Taxable at Vacant Land Rate 0.0058411 0.0083755 0.0098000 0.0240166 24.32 34.87 40.81 100.00 C1 Commercial - Taxable at Farmland awaiting development Phase I Rate 0.0019256 0.0027612 0.0008460 0.0055328 34.80 49.91 15.29 100.00 XT Commercial New Construction - Taxable at Full Rate 0.0083444 0.0119650 0.0118000 0.0321094 25.99 37.26 36.75 100.00 XU Commercial New Construction- Taxable at Vacant Units and Excess Land Rate 0.0058411 0.0083755 0.0082600 0.0224766 25.99 37.26 36.75 100.00 DT Office Building - Taxable at Full Rate 0.0083444 0.0119650 0.0140000 0.0343094 24.32 34.87 40.81 100.00 YT Office Building New Construction - Taxable at Full Rate 0.0083444 0.0119650 0.0118000 0.0321094 25.99 37.26 36.75 100.00 GT Parking Lot - Taxable at Full Rate 0.0083444 0.0119650 0.0140000 0.0343094 24.32 34.87 40.81 100.00 ST Shopping Centre - Taxable at Full Rate 0.0083444 0.0119650 0.0140000 0.0343094 24.32 34.87 40.81 100.00 ZU Shopping Centre New Construction - Taxable Excess Land Rate 0.0058411 0.0083755 0.0082600 0.0224766 25.99 37.26 36.75 100.00 SU Shopping Centre - Taxable at Vacant Units and Excess Land Rate 0.0058411 0.0083755 0.0098000 0.0240166 24.32 34.87 40.81 100.00 ZT Shopping Centre New Construction - Taxable at Full Rate 0.0083444 0.0119650 0.0118000 0.0321094 25.99 37.26 36.75 100.00 IT Industrial - Taxable at Full Rate 0.0083444 0.0119650 0.0150000 0.0353094 23.63 33.89 42.48 100.00 JT Industrial New Construction - Taxable at Full Rate 0.0083444 0.0119650 0.0118000 0.0321094 25.99 37.26 36.75 100.00 IH Industrial - Taxable at Full Rate - Shared Like PIL 0.0083444 0.0119650 0.0150000 0.0353094 23.63 33.89 42.48 100.00 IU Industrial - Taxable at Vacant Units and Excess Land Rate 0.0058411 0.0083755 0.0105000 0.0247166 23.63 33.89 42.48 100.00 JU Industrial New Construction - Taxable at Vacant Units and Excess Land Rate 0.0058411 0.0083755 0.0082600 0.0224766 25.99 37.26 36.75 100.00 IK Industrial - Taxable at Vacant Units and Excess Land Rate, Shared like PIL 0.0058411 0.0083755 0.0105000 0.0247166 23.63 33.89 42.48 100.00 IX Industrial - Taxable at Vacant Land Rate 0.0058411 0.0083755 0.0105000 0.0247166 23.63 33.89 42.48 100.00 I1 Industrial - Taxable at Farmland awaiting Development Phase I Rate 0.0019256 0.0027612 0.0008460 0.0055328 34.80 49.91 15.29 100.00 LT Large Industrial - Taxable at Full Rate 0.0083444 0.0119650 0.0150000 0.0353094 23.63 33.89 42.48 100.00 LU Large Industrial - Taxable at Vacant Units and Excess Land Rate 0.0058411 0.0083755 0.0105000 0.0247166 23.63 33.89 42.48 100.00 LK Large Industrial - Taxable at Vacant Units and Excess Land Rate, Shared like PIL 0.0083444 0.0083755 0.0105000 0.0272199 30.66 30.77 38.57 100.00 FT Farmland - Taxable at Full Rate 0.0010698 0.0015340 0.0004700 0.0030738 34.80 49.91 15.29 100.00 PT Pipelines 0.0049694 0.0071256 0.0107619 0.0228569 21.74 31.17 47.08 100.00 TT Managed Forests - Taxable at Full Rate 0.0010698 0.0015340 0.0004700 0.0030738 34.80 49.91 15.29 100.00

APPENDIX F

TOWNSHIP OF GUELPH - ERAMOSA

4 2 Y Y W H

TOWNSHIP OF WOOLWICH

Region of Waterloo International Airport Deferral 8

KOSSUTH RD D

R

E E

L

A

D TOWNSHIP OF

R D E R D V E R O O G A BRID E G CK PUSLINCH I BLA B L

L I

H C

D

R

F R A E V I I R GUELPH AVE W R AY RD

MIDDLE BLOCK RD MOHAWK RD

Speed River R E D T S K K D FISHER MILLS RD N N R E A E B R U

R E Q TOWNLINE RD

E L V I E

R P ADAM ST S

E H RIFE AVE C O O P ELLIS RD E W R D T S VE R S T RO N W ALLENDALE RD E G E PL E I

MA U N FOUNTAIN ST N D Q S T

R O N AN DE B BOXWOOD DR R IA FRANKLIN BLVD BR L RD V B D LU T C SPEEDSVILLE RD H UN

N DR JAMIESON PKY Puslinch Y IN HOLIDA Lake RD K OA RD AL SOM OY LOS R Y B RR FLEMING DR CHE HWY 401 H RD BUS BALMORAL RD PINE

Y K CITY OF P

INDUSTRIAL RD A R E M KITCHENER -A EAGLE ST N N A C SHELDON DRC O

NE

LAUREL ST CONCESSION RD Deferral 9 S T N O ST HOP G IS LANGS DR B A

B

DUKE ST L

V S D BISHOP ST N T T RSO PKYPRESTON S DOLPH ST N KY Q K P U I W E N A E G IN N G S S A Grand River TAIN TO T S N N E R U D

FO

DUNBAR RD

C

O

W D

A R UE N N AVE D BL DICKIE SETTLEMENT RD CORONATION BLVD R

S S VD I MUNCH AVE M

LANGDON DR BL ELGIN ST N A OLD MILL RD AIR L RD G

Shade's F R Mills A

N

K Grand River L I N CLYDE RD G E B O L R V DOBBIE DR G D BLAIR RD E S T N

W SAMUELSON ST

A T D U E N SAVAGE DR R D A S S T T S Deferral 10 S T N N N O T

G

N

I

EIM RD L NH L BLE BEVERLY ST E MAIN ST

W Barrie's

Lake A

I N

S MAIN ST L

I BRUCE ST E

S CONCESSION ST T ELGIN ST S CHRISTOPHER DR

S G

R

A

N

D S

A

CEDAR ST G V T

L

E T E S TOWNSHIP N S

S R M VD E S S O BL AIN D T R U W PL N

R M OF NORTH E A CHA DA I S

S R W ST D S S

N T DUMFRIES A T T S MYERS RD

G

R

A N DR D GE R ID

Disclaimer: This document is subject to copyright and may only be used for your personal, non- commercial use, provided you keep intact the copyright notice. The City of Cambridge assumes WESTRIVER RD no responsibility for any errors and is not liable for any damages of any kind resulting from the use of, or reliance on, the information contained in this document. The City of Cambridge does Modification No. 73

not make any representations or warranty, express or implied, concerning the accuracy, quality, 4

likely results or reliability of the use of the information contained in this document. 2 Y Y

© The Corporation of the City of Cambridge W H

City of Cambridge Official Plan Legend City Limits 1. Community Core Areas 4. Commercial Designations Municipal Boundaries Galt City Centre; Preston Towne Centre; Hespeler Village Commercial Class 1 (See Maps 3, 4 and 5) Existing Grade - Separated Interchange Commercial Class 2 2. Residential Designations Blair Village Commercial Class 3 Low / Medium Density Residential East Side Lands (RMW) Commercial Class 4 High Density Residential Roads - Ownership Commercial Class 5 Blair Core Area OWNERSHIP 5. Employment Designations Rural Residential Province of Ontario or Region of Waterloo Business Industrial 3. Rural Designations City of Cambridge Employment Corridor MAP 2 Future Urban Reserve ± Rivers and Lakes Industrial General Land Use Plan Countryside 1:50,000 Deferrals Prestige Industrial Rural 6. Open Space Designations Prime Agricultural Recreation, Cemetery and Open Space Tuesday, January 15, 2013 3:05:07 PM G:\RestrictedGIS\Information Products\OfficialPlan\Mxd\Final\OP_MAP2.mxd - danilad Natural Open Space System 240

APPENDIX G

M1

C2(O) S.4.1.83

(H)M1 S.4.1.207

M1 Zoning Maps

E12 R4 (H)C6 Site C S.4.1.72 STRUCK CRT DYWI N CRT

M1 S.4.1.233 M1 S.4.1.12 M1 E

N S.4.1.182 E

Y

V M1

A

A

W

CS5 CS5 M1 M1 S.4.1.135 S.4.1.194

PINEBUS H R D - REG RD 39

C2 CS5C5 C2 S.4.1.92

CS5

M3

6 OS1 3

D D

R

G

E

R

- -

D D

D

V

R

L M3

L

B

A

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G12 GENERALIZED ZONING CATEGORIES INDUSTRIAL MEDIUM HIGH DENSITY RESIDENTIAL Regulatory Flood Line See Section 2.1.8 AGRICULTURAL INSTITUTIONAL OPEN SPACE Municipal Boundary COMMERCIAL LOW DENSITY RESIDENTIAL · F12 Wednesday, December 22, 2010 9:53:31 AM M5 G:\RestrictedGIS\Information Products\ZoningMaps\Mxd\Zoning_ByLaw_15NOV10.mxd - walkern p. 358 F City of Cambridge Zoning By-Law

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M3 Section 3 Zone Regulations

(b) a cartage company;

(c) a builder’s yard or contractor’s yard;

(d) an establishment for the lease or rental of motor vehicles and/or trailers and transport trailers;

(e) a transport driver training school;

(f) a transportation depot;

(g) sales and service of transport trailers.

3.4.3 Regulations Applicable in M-Class Zones

In an M-class zone, no land shall be used and no building or structure shall be erected, located or used except in accordance with the provisions of sections 1, 2 and 3.4.1 of this by-law and the following regulations:

1. Permitted Uses

In Zone Uses Permitted M1 M2 M3 M4 M5 M6 M7 (a) industrial business park uses •

(b) general industrial uses (other than a motor • • vehicle repair shop, or auto body repair shop, an auto service mall, an establishment for the display, sales and service of motor vehicles and motorized equipment, a bonded customs warehouse or a courier or delivery service) where no outdoor storage is provided and all operations are entirely conducted within wholly enclosed buildings (c) general industrial uses • • • • •

(d) heavy industrial uses •

City of Cambridge Zoning By-Law 3.4 Industrial Use Class Zones p. 131 Section 3 Zone Regulations

In Zone Uses Permitted M1 M2 M3 M4 M5 M6 M7 (e) transport uses, including • •

(i) a transport terminal;

(ii) a cartage company;

(iii) a builder’s yard or contractor’s yard;

(iv) an establishment for the lease or rental of motor vehicles and/or trailers and transport trailers: (v) a transport driver training school;

(vi) a transportation depot

(vii) sales and service of transport trailers

(f) an asphalt or concrete batching plant •

(g) a junk yard, salvage yard or wrecker’s yard •

(h) an impounding yard • • • •

(i) a public storage unit • • • • •

(j) a factory sales outlet in accordance with • • • • • • • section 3.4.1.1 (k) offices in accordance with section 3.4.1.2 • • • • • • •

(l) a day nursery or day care centre • • • • • • •

(m) a use permitted in all industrial zones in • • • • • • • accordance with section 2.1.1 (n) an accessory use, building or structure • • • • • • •

p. 132 3.4 Industrial Use Class Zones City of Cambridge Zoning By-Law Section 3 Zone Regulations

2. Site Development Specifications

Zone

All Other M1 M2 & M3 M-Class Zones (a) minimum lot frontage (metres) 50 15 15

(b) minimum lot area (square metres) 5000 450 450

(c) minimum front yard in accordance with section 3.4.1.7

(d) minimum interior side yard (metres) 5 3.5 3.5

(e) minimum exterior side yard in accordance with section 3.4.1.7

(f) minimum side yard abutting a residential 7.5 7.5 14 use class zone (metres) (see section 2.4) (g) minimum rear yard (metres) 7.5 3.5 3.5

(h) minimum rear yard abutting a residential 7.5 7.5 14 use class zone (metres) (see section 2.4) (i) minimum side or rear yard abutting 14 14 14 Highway 401 (metres) (j) minimum side or rear yard abutting a nil nil nil railway line or spur (metres) (k) planting strips and fencing in accordance with section 2.4

(l) propane storage, transfer or dispensing in accordance with section 2.5 facilities

City of Cambridge Zoning By-Law 3.4 Industrial Use Class Zones p. 133 Section 4 Site-Specific Exceptions

4.1.9 Northwest Corner of Queenston Road and Dolph Street

Notwithstanding the provisions of sections 2.2.1.1(d), 2.2.2.3(b), 3.1.1.4 and 3.1.2.4(b), (c), (d), (e) and (j) of this by-law, the following regulations shall apply to the lands in that RM2 zone to which parenthetical reference to “(s. 4.1.9)” is made on Zoning Maps F7 and G7 attached to and forming part of this by-law:

1. Minimum number of parking spaces: 22;

2. Minimum setback of parking stalls appurtenant to Dolph Street exterior side yard: 2.5 m;

3. Minimum landscaped open space: 483 m2;

4. Maximum number of residential units: 22;

5. Minimum setback appurtenant to Queenston Road: 0.8 m;

6. Minimum setback appurtenant to Dolph Street: nil;

7. Minimum interior side yard: 4.45 m. (By-law 16-88).

4.1.10 Bishop Gate Developments Ltd., 425 Hespeler Road

Notwithstanding the provisions of section 3.3.3.2(f)(i) of this by-law, the lands in that C4 zone to which parenthetical reference to “(s. 4.1.10)” is made on Zoning Map G10 attached to and forming part of this by-law, the exterior side yard setback of 1.55 m for the building thereto, which existed on February 13, 1997, shall be deemed to comply and the site development specifications prescribed in the C4 zone shall apply to the extension, enlargement or addition to such building. (By-law 89-97).

4.1.11 [Deleted through By-law 6-11]

4.1.12 Purolator Courier Ltd., Pinebush Road

Notwithstanding the provisions of section 3.4.3.1 of this by-law, the lands in that M1 zone to which parenthetical reference to “(s. 4.1.12)” is made on Zoning Maps E12 and F12 attached to an forming part of this by-law may also continue to be used for the purposes of a courier or delivery service.

p. 146 4.1 General Exceptions City of Cambridge Zoning By-Law Section 4 Site-Specific Exceptions

7. Maximum number of row house dwelling units attached in an RM4 zone shall be 7.

8. Front yard in an RM4 zone shall be no less than 8.0 m. (By-law 38-08)

4.1.232 Cerniuk Construction Ltd. - 386 River Road/Alderson Drive

Notwithstanding the provisions of section 1.1.1 of this by-law, the lands in that R4 and R6 zone classifications to which parenthetical reference to “(s. 4.1.232)” is made on Zoning Map C14 attached to and forming part of this by-law is a vacant land condominium and the following definitions shall apply:

1. lot frontage means the width of a lot where it fronts on a public street or onto a common private access driveway as part of a condominium development;

2. lot line, front means the lot line that divides the lot from the street or a common private access as part of a condominium development;

3. “Vacant Land Condominium” means a vacant land condominium corporation as defined in the Condominium Act, 1998 or successor thereto;

And no provision of this by-law shall be deemed to be contravened by reason of the conveyance of a parcel of land upon which a dwelling unit is erected, provided that all of the standards of this by- law are met for the lands as a whole, as set out in the Site Plan Agreement and provided the vacant land condominium and the parcels of tied land are contiguous. (By-law 32-08)

4.1.233 HOOPP Realty Inc. - Northeast Corner of Pinebush Road and Franklin Boulevard

Notwithstanding the provisions of sections 2.2.1.4(a) and 2.2.2.3(e) of this by-law, the following regulations shall apply to the lands in that M1 zone to which parenthetical reference to “(s. 4.1.233)” is made on Zoning Maps F12 and E12 attached to and forming part of this by-law:

1. the minimum required number of parking spaces for an industrial mall shall be 2.0 spaces per 100 m2 of gross leasable commercial floor area, in addition to any parking spaces or parking lot used or reserved for the purposes of storing heavy vehicles, equipment, machinery, stock or the fleet vehicles of a courier or delivery service; and

2. the parking lot required by this by-law may be located:

(a) in the yard abutting Highway 401 provided a grassed or landscaped earth berm not less than 1.5 m in height is provided to screen the parking lot from such highway; and

City of Cambridge Zoning By-Law 4.1 General Exceptions p. 245 Section 4 Site-Specific Exceptions

(b) in the yards abutting Franklin Boulevard and Pinebush Road, provided that a landscaped strip of land not less than 3 m in width is provided and maintained across the lot frontage and lot flankage except where crossed by an access driveway. (By-law 92-08)

4.1.234 Galt Tile - 210 Sheldon Drive

Notwithstanding the provisions of section 3.4.3.1(c) of this by-law, the following regulations shall apply to the lands in that M3 zone to which parenthetical reference to “(s. 4.1.234)” is made on Zoning Map F12 attached to and forming part of this by-law:

1. Home improvement sales and service is permitted in conjunction with a contractor’s establishment. (By-law 106-08)

4.1.235 188 Main Street East

Notwithstanding the provisions of sections 3.1.2.1, 2.4.2.1 and 2.4.2.3 of this by-law, the lands in that R4 zone to which parenthetical reference to “(s. 4.1.235)” is made on Zoning Map K10 attached to and forming part of this by-law may also be used for the purposes of:

1. a business or professional office excluding physician and medical offices and subject to the following restrictions:

(a) limited to the first floor with a maximum of 79 m2 of gross leasable commercial floor area;

(b) the upper floor is maintained as a residential unit;

(c) limit to one commercial sign with the following restrictions:

(i) Free Standing Sign:

(1) front yard setback: 3.0 m

(2) exterior yard setback: 3.0 m

(3) maximum sign area: 0.8 m2

(4) maximum sign height: 1.5 m

(ii) Fascia Sign: maximum sign area: 0.8 m2

(iii) Projecting Sign:

p. 246 4.1 General Exceptions City of Cambridge Zoning By-Law

APPENDIX H

PARTS 19, 20 AND 21 OF LOT 29 ON 58R18484, CAMBRIDGE, ON

Sale Information PIN: N/A

Zoning: M3 - General Industrial

Vendor: City of Cambridge (Corp)

Purchaser: Taylor Made Holdings Ltd.

Sale Price: $393,000

Registration Date: July 18, 2017 Instrument No.: N/A – Pending Sale

Land Size: 1.310Acres Sale Price / Acre: $300,000/ Ac.

Front Foot: 251 ft Shape: Irregular Remarks Sale of lot within Boxwood Business Park; situated on west side of Goddard Crescent. Area per City of Cambridge staff

PARTS 49 & 50 ON 58R18484 AND PART 3 ON 58R18858, CAMBRIDGE, ON

Sale Information PIN: N/A

Zoning: M3 - General Industrial

Vendor: City of Cambridge (Corp)

Purchaser: N/A

Sale Price: $423,000

Registration Date: July 05, 2017 Instrument No.: N/A – Pending Sale

Land Size: 1.410Acres Sale Price / Acre: $300,000/ Ac.

Front Foot: 284 ft Shape: Rectangular Remarks Sale of two abutting lots within Boxwood Business Park; situated on interior of Goddard Crescent. Area per City of Cambridge staff

PARTS 51, 52, 53 AND 55 OF LOTS 28 AND 29 ON 58R18484, CAMBRIDGE, ON

Sale Information PIN: N/A

Zoning: M3 - General Industrial

Vendor: City of Cambridge (Corp)

Purchaser: Paul De Aragon in Trust for a Corp to be Formed

Sale Price: $555,750

Registration Date: June 02, 2017 Instrument No.: N/A – Pending Sale

Land Size: 1.950Acres Sale Price / Acre: $285,000/ Ac.

Front Foot: 409 ft Shape: Rectangular Remarks Sale of two abutting lots in Boxwood Business Park; the property abuts Comparable Sale 2 to the south. Area per City of Cambridge staff

25 GODDARD CRESCENT, CAMBRIDGE, ON

Sale Information PIN: 037550206

Zoning: M3 - General Industrial

Vendor: City of Cambridge (Corp)

Purchaser: Hebehaven 56 Ltd.

Sale Price: $555,750

Registration Date: March 31, 2017 Instrument No.: WR1022463

Land Size: 1.950Acres Sale Price / Acre: $285,000/ Ac.

Front Foot: 380 ft Shape: Rectangular Remarks Sale of two abutting lots in Boxwood Business Park; situated on the interior of Goddard Crescent. Area per Cambridge staff.

375 BOXWOOD DRIVE, CAMBRIDGE, ON

Sale Information PIN: 037550201

Zoning: M3 - General Industrial

Vendor: City of Cambridge (Corp)

Purchaser: Amicone Holdings Limited

Sale Price: $1,444,950

Registration Date: March 16, 2017 Instrument No.: WR1019391

Land Size: 5.070Acres Sale Price / Acre: $285,000/ Ac.

Front Foot: 651 ft Shape: Irregular Remarks Sale of lot within Boxwood Business Park, situated at the west entrance to park. Area per City of Cambridge staff.

PART 16 OF LOTS 28 AND 29 ON 58R18484, CAMBRIDGE, ON

Sale Information PIN: 037550199

Zoning: M3 - General Industrial

Vendor: City of Cambridge (Corp)

Purchaser: DSM Properties Inc.

Sale Price: $370,500

Registration Date: January 06, 2017 Instrument No.: WR1005797

Land Size: 1.300Acres Sale Price / Acre: $285,000/ Ac.

Front Foot: 184 ft Shape: Irregular Remarks Sale of lot within Boxwood Business Park, situated on the west side of Goddard Crescent; area per City of Cambridge staff.

129 PINEBUSH ROAD, CAMBRIDGE, ON

Sale Information PIN: 226420160

Zoning: M3 - General Industrial

Vendor: Knise Vets for Pets Inc.

Purchaser: 2396004 Ontario Inc.

Sale Price: $890,000

September 15, Registration Date: Instrument No.: WR981225 2016

Land Size: 2.510Acres Sale Price / Acre: $355,140/ Ac.

Front Foot: 200 ft Shape: Rectangular Remarks Resale of Comparable Sale 10; site is to be improved with an industrial strip mall

350 INDUSTRIAL ROAD, CAMBRIDGE, ON

Sale Information PIN: 037670122

Zoning: M3 - General Industrial

Vendor: Lakeside Investments Inc.

Purchaser: Chohan Brothers Realty Corporation

Sale Price: $959,000

Registration Date: April 28, 2016 Instrument No.: WR948919

Land Size: 2.160Acres Sale Price / Acre: $443,247/ Ac.

Front Foot: 226 ft Shape: Rectangular Remarks Sale of lot situated on west side of Industrial Road; site is subject to lease for outdoor truck and trailer storage

2616 CEDAR CREEK ROAD, NORTH DUMFRIES, ON

Sale Information PIN: 038480178

Zoning: Z11 - Industrial

Vendor: D 5 D Enterprises Ltd.

Purchaser: Hyndman Transport Ltd.

Sale Price: $4,250,000

Registration Date: July 29, 2015 Instrument No.: WR896635

Land Size: 11.72Acres Sale Price / Acre: $362,628/ Ac.

Front Foot: 1,002 ft Shape: Irregular Remarks Vacant industrial lot, located southeast corner of Cedar Creek Road and Highway 401, for development of truck terminal including office and service repair.

SE CORNER OF PINEBUSH ROAD & HIGH RIDGE COURT, CAMBRIDGE, ON

Sale Information PIN: 226420158

Zoning: M3 - General Industrial

Vendor: Pinebush Plaza Inc.

Purchaser: Red Bud Holdings Inc.

Sale Price: $750,000

Registration Date: June 12, 2015 Instrument No.: WR886402

Land Size: 2.49Acres Sale Price / Acre: $300,758/ Ac.

Front Foot: 185 ft Shape: Rectangular Remarks This property is a vacant industrial lot on the corner of Pinebush Road and High Ridge Court. The property is located just south of Highway 401 between Conestoga Boulevard and Franklin Boulevard.

129 PINEBUSH ROAD, CAMBRIDGE, ON

Sale Information PIN: 226420160

Zoning: M3 - General Industrial

Vendor: Pinebush Plaza Inc.

Purchaser: Knise Vets for Pets Inc.

Sale Price: $750,000

Registration Date: June 12, 2015 Instrument No.: WR886405

Land Size: 2.510Acres Sale Price / Acre: $299,275/ Ac.

Front Foot: 200 ft Shape: Rectangular Remarks Sale of vacant industrial lot situated on the south side of Pinebush Road, and west of Franklin Boulevard

45 COMMERCE COURT, CAMBRIDGE, ON

Sale Information PIN: 037650887

Zoning: M1 - General Industrial

Vendor: H. De Groot Real Estate Limited; C. De Groot Holdings Inc.

Purchaser: 1260377 Alberta Ltd.

Sale Price: $1,909,200

Registration Date: May 30, 2013 Instrument No.: WR756299

Land Size: 4.460Acres Sale Price / Acre: $428,134/ Ac.

Front Foot: 143 ft Shape: Irregular Remarks This vacant parcel is located along Highway #401, just east of Franklin Boulevard. The purchaser is planning to develop the site with an office building.