Buffalo Niagara Convention Center Phase II & Phase V Buffalo, New York

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Catherine M. Styn, PE | Dale T. Cich, PE | Darren K. Geibel, PE | Principals Julie A. Marwin, PE | Associate

Structural Site Assessments

Prepared By:

Darren Geibel, PE – Vice President Siracuse Engineers, PC 960 Busti Avenue Buffalo, New York 14213

November 14, 2019

960 Busti Avenue – Suite 120 | Buffalo, NY 14213 | Phone: 716.856.1894 | [email protected] WBE Certified in New York State Structural Site Assessments BNCC Phases II & V Page 2 of 5

PHASE II – ASSEMENT OF THE EXISTING BNCC

Overview

The existing building is a 2-story steel framed structure with steel piles extending down to bedrock for its foundations. The exterior of the building is clad with precast concrete and metal panels

Foundation System

The structure is supported on 60- and 120-ton H-piles that are driven down to bedrock. Based on geotechnical information from surrounding sites, rock is presumed to be approximately 55 to 60 feet below the first floor of the convention center. The top of the pile groups is capped with a reinforced concrete mat that supports the steel columns above.

Basement and First Floor Construction

The first-floor construction consists of 5 and 6-inch thick concrete slabs on grade.

The basements, which are located along Pearl and Court streets, consist of 5-inch concrete slabs on grade.

Loading Dock Framing

Due to the elevation change between Pearl Street and Franklin Street, the loading dock framing along Pearl Street is above the first floor. This level consists of a 6-inch reinforced concrete slab over 1 ½” metal deck. The slab has a 4 to 7-inch topping slab which is sloped to the floor drains.

The slab system is supported by non-composite steel beams that are spaced at approximately 10-feet on center.

Exhibit Hall Floor Framing

The hall floor consists of a 6-inch reinforced concrete slab over 1 ½” metal deck.

The slab system is supported by non-composite steel beams that are spaced at approximately 10-feet on center and steel girders. The girders are in turn supported by the steel columns that extend down to the foundations and up to the roof framing.

Mechanical Penthouse Floor Framing

The penthouse floor consists of a 3 ½” lightweight concrete slab over 2” composite metal deck.

The slab system is supported by non-composite steel beams that are spaced at approximately 10-feet on center and steel girders. The girders are in turn supported by the steel building columns.

Mechanical Penthouse Roof Framing

The penthouse roof consists of a 2 ½” lightweight concrete slab over 2” composite metal deck.

The slab system is supported by non-composite steel beams that are spaced at approximately 10-feet on center and steel girders. The girders are in turn supported by the steel building columns.

Structural Site Assessments BNCC Phases II & V Page 3 of 5

Exhibit Hall Roof Framing

The hall roof consists of a roofing and rigid insulation over 1 ½” metal roof deck.

The roof deck is supported by 36-inch deep bar joists spanning in the north-south direction spaced at 5-feet on center.

The roof deck and joists are supported by steel trusses spaced at 30-feet on center that clear span the space below. The steel trusses are 13’-6” deep and span 120 feet.

Building Lateral System

The structure resists lateral forces by means of steel moment frames in both directions.

General Live Load Capacities

• First floor Slabs on Grade = 100 psf • Exhibit Hall Floor = 215 psf** • Mechanical Penthouse Floor = 150 psf • Penthouse Roof = 75 psf • Exhibit Hall Roof = 40 psf • Lateral System is designed for wind forces only. ** The reduced live load capacity of this floor is based on the W24x84 beams located between column lines G and K on the existing drawings. These beams are not denoted as Grade 50 steel and therefore were analyzed as Grade 36 steel. If these beams are actually Grade 50 steel, the floor live load could be increased to approximately 300 psf.

General Conditions

The structure overall appears to be in good condition however there are a couple areas showing signs of deterioration.

There is some deterioration of the structure noticed in the basement along Pearl Street. It is minor in nature but something that would need to be addressed as part of a renovation.

The exhibit floor cracking was repaired, and an epoxy flooring applied several years ago. Walking the space, there were some locations where cracking has started to read thru the epoxy flooring. Again, this does not appear to be a major issue but

PHASE V – OVERALL ASSESSMENT OF SITE OPTIONS

STATLER SCHEME

The idea of this concept is to provide a new expanded exhibit floor above the current convention center exhibit floor. The expanded floor would then extend from the west face of the convention center to the Statler Building towers. This scheme has definite challenges from a structural point of view which are discussed below.

Structural Site Assessments BNCC Phases II & V Page 4 of 5

Convention Center

At the current convention center, none of the structural framing above the existing hall floor is capable of supporting the required exhibit hall live load of 300 psf. This includes the hall roof framing, mechanical penthouse roof framing and the mechanical penthouse floor framing.

The capacities of these areas are such that trying to reinforce them is not feasible. The only option would be to completely demolish them leaving just the existing exhibit hall floor and the structure below.

The remaining columns and foundations would then need to be analyzed for not only the additional load from a new exhibit hall floor but for lateral seismic and increased wind forces required by the current building code.

It is unlikely that the columns and foundations would work for these additional loads. Therefore, it is anticipated that additional columns and foundations would need to be added below the existing floor. The new columns would then extend up thru the current floor to the new exhibit hall floor and roof.

The existing foundations are steel H-piles driven to bedrock. Because of this, any new foundations added would also need to be deep foundations extending to bedrock. With the current floor still in place, this will be very difficult and may not be possible depending on the required height needed for drilling equipment to install the foundations.

Finally, with most of the current structure removed, the existing lateral resisting moment frames will no longer exist. A completely new resisting system will need to be designed and constructed along with its associated foundations.

Statler Building

Comparing existing drawings for both the convention center and the Statler Building it has been determined that the Statler second and third (current low roof) floors are 17-feet and 31-feet above the existing exhibit hall floor. Depending on the desired ceiling height above the current exhibit hall, extending the expanded hall floor over to the Statler building would require that the existing third floor (low roof) and possibly the second floor would need to be demolished to allow for the new construction.

Even if the elevations could be worked out by raising the new construction on the convention center side, neither the second nor third floor framing of the Statler could support the required 300 psf live load of an exhibit floor. Similar to the convention center, reinforcing of this framing is not a feasible option. The only option would be to demolish one or both of the floors and provide new construction.

The question then becomes can the existing columns and foundations support the added exhibit floor and roof along with seismic and wind forces?

Based on existing drawings, it does appear that a portion of the Statler Building along Franklin and West Genesee Streets was designed for future vertical expansion. Even with this undetermined amount of reserve capacity, it’s likely that most if not all of the existing columns would be needed to resist the newly applied forces. This would mean that an approximately 20’x20’ grid of columns would extend up thru the exhibit hall to the roof above.

The remainder of the low portion of the Statler is not designed for future expansion. Therefore, the columns would not work for the required exhibit hall loads. In these areas similar to the convention center, new columns would be required.

Structural Site Assessments BNCC Phases II & V Page 5 of 5

Finally, the existing foundations for the Statler Building are unknown at this time. It may be possible and very expensive to reinforcing some of the columns designed for future expansion to eliminate the 20’x20’ grid on the hall floor. The issue with doing so however, is there would be no way to analyze their capacity to determine if they could support the applied loads.

BNCC Site Option Study Statler Scheme Low Roof of Statler Building

Area of Anticipated

Vertical Expansion

Buffalo Niagara Convention Center MECHANICAL (HVAC), ELECTRICAL, PLUMBING, & FIRE PROTECTION NARRATIVE 12/04/19

HVAC, PLUMBING AND FIRE PROTECTION SYSTEMS

GENERAL

1. The Convention Center was constructed in 1978. Most HVAC, Plumbing, and Fire Protection Systems are at the end of their useful life and should be replaced as part of the reconstruction.

2. Hazardous Materials: Asbestos has been removed from the building except for a few small areas. There is some existing piping in the lower basement on the east side underneath the street that still has asbestos insulation on the piping. Further investigation is needed to verify that is the case throughout the building.

HVAC

1. Existing Systems

a. Heating for the original building was provided by a hot water system. There are two boilers located in the mezzanine level on the east side of the building. There is space for adding a third boiler. The boilers were replaced in a 2003 project. The hot water was fed through a primary-secondary pipe distribution system to feed air handling units and terminal units such as unit heaters, convectors, cabinet heaters, reheat coils on VAV boxes, and fin tube radiation. There is also a snow melt system at the entrances on the west side of the building.

b. Cooling was provided by a chill water system. There are two chillers located in the mezzanine level on the east side of the building. There is space for adding a third chiller. There are two cooling towers located on the roof at the mezzanine level on the east side of the building. The system runs at full capacity to handle current loads and is not able to handle any additional load. The chilled water was fed through a primary-secondary pipe distribution system to feed the air handling units.

c. Air Handling Units:

i. There are four large air handling units that serve the areas listed below. Each AHU has a hot water coil, chill water coil, humidification spray, secondary chill and hot water pumps, three-way valves at the connections to the primary heating and cooling piping. The humidification spray coils are no longer used. Ventilation is provided by supply, return, and outside air ductwork. Each AHU has a supply and return fan.

1. AHU-1 Lobby and Corridors 2. AHU-2 Meeting Rooms – North.

3. AHU-3 Banquet Room

4. AHU-4 Meeting Rooms – South.

ii. There are twenty-four smaller AHU’s (AHU-5 through AHU-28) that serve the Exhibit Hall. AHU-21 and AHU-24 also serve office spaces in the mezzanine. The AHU’s are located in two mezzanine plenum areas with twelve AHU’s in each of the east and west plenums. Each AHU has a hot water coil, chill water coil, humidification spray, secondary chill and hot water pumps, three-way valves at the connections to the primary heating and cooling piping. The humidification spray coils are no longer used. The AHU’s are located in a plenum area so that outside air ventilation can reach the AHU’s. There is an outside air damper at each end of the plenum. Return air from the Exhibit Hall is ducted into the same plenum. There is little control over the amount of outside air that is brought into the plenum areas. Supply air is delivered to the Exhibit Hall by linear diffusers located high on the east and west walls. Return Air Grilles are located above the exit doors for the Hall and are ducted into the plenum space for the AHU’s. There are no return fans for these AHU’s. Relief air for the Exhibit Hall is allowed to exit the building through relief dampers located in the underside of the building overhang at the north and south ends of the Exhibit Hall.

iii. AHU-29 Mezzanine Mechanical Room: AHU-29 serves the Mezzanine Mechanical Room and is a heating-only unit. The AHU does have an outside air duct connection.

iv. Kitchen AHU: The Kitchen AHU provides conditioned air to this space. Make-up air for the kitchen hoods is supplied from a separate AHU. Kitchen hoods have their own dedicated exhaust and make-up air systems.

v. There are additional exhaust hoods at the concession stands in the Exhibit Hall. Make-up air is taken from the Exhibit Hall.

vi. Truck Dock Area: There is a separate ducted exhaust system for this area to remove fumes. d. Terminal Units: Terminal units for heating are fed by secondary hot water off of the primary hot water loops.

i. Cabinet Heaters: CH’s are located mainly at entrance areas.

ii. Fin-tube radiation: FTR’s are located along exterior walls.

iii. Unit heaters: UH’s are located in the truck dock and storage areas.

iv. Variable Air Volume Boxes (VAV’s): VAV’s are used primarily in the North and South Meeting Rooms. v. Variable Air Volume Boxes with reheat coils (VAV’s): There are a few VAV’s that have reheat coils that serve areas such as entrance lobbies and miscellaneous spaces near exterior walls.

e. Snow Melt System: The snow melt system has a heat exchanger fed from the primary heating water loop. The piping for the snow melt system contains glycol.

f. Banquet Hall: AHU-3 delivers supply air to the Hall through linear diffusers near the east and west walls. The return air intakes are also located along the east and west walls. This arrangement causes the conditioned air to be short-circuited to the return side and does not properly condition the center areas of the Banquet Hall.

g. North and South Meeting Rooms: VAV’s are used in the North and South Meeting Rooms. The VAV’s are fed from either AHU-2 or AHU-4 and do not have reheat coils so there is no method for adjusting the supply air temperature for individual meeting rooms when the larger meeting rooms are partitioned. One meeting room could be occupied and the meeting room could be unoccupied.

h. Controls: All existing controls are pneumatic. There is an Andover Control System which is maintained locally by U&S Services. Controls should be replaced with electronic DDC systems.

2. Proposed HVAC Systems

a. Hot Water Boiler System – Hot water will be generated for the entire building by at least two gas-fired central boilers with provision for adding a third boiler. Modular boilers should also be considered during the design phase. This approach is similar to the existing hot water system. The existing boilers should be removed.

b. Chill Water System – Chilled water will be generated for the entire building by at least two central chillers with provision for adding a third chiller. This approach is similar to the existing chill water system. The existing chillers should be removed. Two cooling towers will also be required along with provisions for a third tower.

c. Piping and Pump Systems

i. Primary-Secondary System

1. The hot water and chill water piping systems will be set up similar to the existing system. The primary supply and return piping will run through a pipe loop to all HVAC equipment throughout the building. Two primary pumps will be required for both the hot and chill water systems. One pump for each system will be used as the main pump and the second pump will be used for standby. Provide vibration inertia pads for all primary pumps.

2. Secondary piping and pumps will be required for all Air Handling Units. A single pump will used for each supply to an AHU. 3. Terminal Units such as Fin-Tube Radiators, Convectors, Cabinet Unit Heaters and the Snow melt system will be fed from a secondary pipe loop that has a main and standby pump.

4. The Glycol portion of the Snow melt System will have a single circulating pump.

5. Provide main and standby pumps for the condenser water to the towers. d. Air Handling Units

i. Provide AHU’s for the Exhibit Hall, Meeting Rooms, Kitchens, Mechanical Rooms, Lobby and Entrance Areas. This approach is similar to the existing building. Multiple AHU’s are required for the Exhibit Hall to accommodate partitioning of the space.

ii. Ventilation

1. Demand Control Ventilation – The NYS Energy Code requires demand- control ventilation on AHU’s over a certain size. DCV will be required in most exhibit, meeting, and assembly spaces.

iii. Heat Recovery – Heat Recovery may be used in lieu of DCV systems in certain areas such as Toilet Room exhaust and make-up air systems.

iv. Supply Air, Return Air, and Relief Air – Provide supply, return, and relief duct systems for all areas served by AHU’s. Supply air, outside air intakes, exhaust air and relief air connections to exterior louvers and grilles should be insulated.

v. Variable Air Volume Systems (VAV)

1. VAV boxes without reheat will be used for spaces that will not have moveable partitions. A temperature sensor should be provided for control of each VAV box.

2. VAV with reheat will be used for all spaces that are able to be partitioned and that are served by a single Air Handling Unit. A temperature sensor should be provided for control of each VAV box and associated reheat coil. This approach is primarily intended for large meeting rooms that can be partitioned.

e. Terminal Units

i. Unit Heaters – Provide hot water unit heaters in the truck dock, truck entrance ramp, and storage areas. ii. Fin-Tube Radiation – Provide hot water fin-tube radiation along exterior walls primarily made of glass such as entrance lobbies and corridors along exterior walls. Also provide radiation in stairwells.

iii. Reheat Coils – Provide hot water reheat coils on all VAV boxes that serve areas with exterior walls and at all meeting rooms that can be partitioned.

iv. Cabinet Unit Heaters – Provide hot water cabinet unit heaters at all entrance vestibules.

v. Convectors – Provide hot water convectors in areas located on exterior walls as an alternative to fin-tube radiation. f. Snow Melt System – It may be possible to re-use the in-slab piping at the existing main entrance. All other portions of the system should be replaced including piping, pumps, and heat exchanger. Propylene glycol should be used in the piping to the snow melt area. g. Kitchen Systems

i. General heating and cooling – Provide an air-handling unit for each kitchen area. The AHU should have heating, cooling, and ventilation for the general comfort of the space.

ii. Kitchen Hoods – Provide a ducted exhaust system for each kitchen hood. Hoods should have an Ansul fire protection system. Exhaust fans should be variable speed based on a temperature sensing system at the hood. Kitchen hoods will be required in both Kitchen areas and satellite areas in the main Exhibit Hall similar to the existing systems.

iii. Make-up air to Kitchen Hoods – Provide a ducted make-up air system for each kitchen hood system. h. Exhaust Systems

i. Truck Dock Area – Provide a ducted exhaust system from the truck dock area and entrance ramp. Systems should have a minimum exhaust and maximum exhaust setting. Provide a carbon monoxide detection system for this area.

ii. Toilet Rooms – Provide exhaust systems for all toilet rooms. Use heat-recovery for each system if possible. i. Controls – Provide new Direct Digital Control system for all HVAC and Plumbing systems and equipment. The existing pneumatic controls should be removed. j. Office Areas – Provide dedicated AHU’s for these areas. The existing office areas receive conditioned air from AHU’s that also serve the main Exhibit Hall and have poor control for the Office areas. k. Lobby and Entrance Areas – Provide AHU’s for these areas to handle the heating and cooling loads and ventilation. These are Assembly Areas and have widely varying loads for occupied and unoccupied times. Fin-tube radiation, convectors, and cabinet unit heaters will provide heat during unoccupied times.

PLUMBING

1. Existing Systems

a. Domestic Water System:

i. The 4” water service enters building in lowest level of the basement on the east side. Service has reduced pressure zone backflow preventer (RPZ-BFP) with a large floor drain directly beneath the RPZ. The system does not have a pressure booster. New construction work and additional toilet rooms and kitchens may require that this service be upsized.

ii. Water pressure from the street is 60 PSI according to the building engineer. This should be verified during the design phase.

iii. There is a hot water recirculation system throughout the building.

iv. Domestic water piping is copper and is insulated.

v. Gas-fired Lochinvar water heater and storage tank for DHW system.

vi. Main toilet rooms have been remodeled and have all electronic fixtures.

b. Sanitary Sewer:

i. The existing 6” sanitary main exits the building from basement on east side at the lowest level. This main will need to be upsized to handle the additional loads from new toilet rooms and kitchen areas. The existing main is not able to handle sanitary loads during peak periods of use for the existing building.

ii. The sanitary piping is cast iron.

c. Storm Sewer:

i. Drawings indicate that there are separate storm piping systems with two storm mains exiting the building on the east side.

ii. Storm piping is cast iron.

d. Kitchen:

i. Food preparation tables have floor sinks with air gaps.

ii. There is an existing hand sink.

iii. Gas is provided to the cooking equipment under the hoods.

e. Gas Service: i. The existing 4” gas service enters the building in the lowest level of the basement on the east side. This service may need to be upsized to handle the larger heating requirements for enlarging the building.

ii. Gas system serves Boilers, DHW heater, 70 KW emergency generator and kitchen equipment.

2. Proposed Plumbing Systems

a. Domestic Water System

i. Water Service – The existing 4” water service may need to be upsized to handle the increased load from the large building addition. Replace the existing water service. Provide a pressure booster system if necessary due to the increased height of the toilet room locations.

ii. Cold and Hot Water Systems

1. Remove all existing piping and provide piping to all new fixtures. Piping should be insulated.

iii. Hot Water – Provide modular gas-fired instantaneous water heaters as necessary to match the load for the building.

iv. Plumbing Fixtures – Provide new plumbing fixtures in all locations. Remove existing fixtures. Lavatories, water closets, and urinals should have sensors for electronic operation. Provide electric water coolers with filling stations throughout the building.

b. Sanitary and Vent System

i. The two existing sanitary piping connections to the street mains are not adequate to handle the existing loads. Provide new sanitary pipe connections to the street mains. This will most likely require replacement of the two mains at the east side and two new sanitary connections to serve the addition above the Statler Building.

ii. Provide a new sanitary and vent piping system throughout the building. This includes all new and renovated toilet rooms and kitchen areas. Remove all existing sanitary and vent piping.

c. Storm System

i. The two storm mains at the east side of the building should remain. The mains should be scoped to determine if there are any problems with the existing piping.

ii. Provide new storm mains at the building addition. Connect to existing combination storm and sanitary mains at the street. Some of the existing mains at the street can be very deep. iii. Provide new storm risers due to the reconfiguration of the existing building and at all new roof areas. Provide new roof drains.

iv. New storm piping can be PVC but should be insulated for sound-deadening purposes. Insulate horizontal runs of cast iron piping is used.

d. Gas System – Provide new gas service head-end equipment for the building. Remove the existing 4” gas service within the building. Provide new gas piping to all new equipment such as boilers, domestic hot water heaters, and kitchen equipment. Remove old gas piping.

FIRE PROTECTION

1. Existing System

a. The original fire pump is still in place and is located in the basement on the east side. The fire pump connects to a header with three wet zone valves, one dry zone valve for the truck dock area, and two standpipes. The Fire pump is tested regularly and is still operational. The fire pump is at the end of its useful life.

b. Sprinkler system only covers the lower level. The main Exhibit Hall level does not have sprinklers.

c. Truck dock area has a dry sprinkler system.

2. Proposed Fire Protections Systems

a. Fire Protection Service Main:

i. Fire Pump – Provide new fire pump. The existing fire pump is at the end of its’ useful life.

ii. The size of the existing fire protection service should be reexamined to determine if it is large enough to handle a sprinkler system for the entire renovated areas and new building addition.

b. Sprinkler System – Provide a sprinkler system for the entire area of the existing building and the addition. The sprinkler system that handles just the lower floor of the existing building should be removed. Provide a dry-pipe sprinkler system for the loading dock and truck entrance area.

c. Standpipe System – Provide standpipes in all stairways.

ELECTRICAL

1. Existing Electrical Systems

a. Existing Electrical Service

i. National Grid is the electrical utility company serving the existing Buffalo Niagara Convention Center. The electrical service is fed underground from National Grid’s electrical network grid at the Pearl Street side of the building. The service is rated at 480 volt, 3-phase, 4-wire and enters via underground conduits into a collector bus located in the basement of the Convention Center.

ii. The service collector bus feeds Two (2) 4000 amp, 480 volt, 3 phase switchboards with 4000 amp main fuse disconnects. The entire facilities electrical distribution is served from these two switchboards.

iii. The service and service switchboards are original to the convention center construction and are dated 1978. The electrical service equipment has exceeded end of equipment life and therefore should be replaced as part of the reconstruction project.

iv. Maintenance or repair of the existing electrical service equipment where replacement parts are required may be difficult due to manufacturer’s parts no longer being manufactured or not being readily available.

b. Existing Electrical Distribution

i. Two (2) 4000 amp, 480 volt, 3 phase switchboards located in the basement feed low volt distribution switchboards (unit substation w/step down transformer), distribution panel boards, motor control centers, and lighting and power panels throughout the facility.

ii. Two (2) 208/120 volt unit substations with step-down transformers and distribution switchboard sections serve the majority of the convention center 208 and 120 volt loads. Transformers are rated 750 kVA and 500 kVA respectively.

iii. Two (2) 2000 amp, 480 volt bus duct feeders serve as distribution to the convention center large mechanical loads. Each bus duct feeds a chiller, a motor control center (MCC) and mechanical panel board located on the mezzanine level.

iv. 120/208 volt and 277/480 volt panel boards are located throughout the convention center (ground, exhibit and mezzanine levels) serving power and lighting loads.

v. The electrical distribution equipment is original to the convention center construction and is dated 1978. vi. Maintenance or repair of the existing electrical distribution equipment where replacement parts are required may be difficult due to manufacturer’s parts no longer being manufactured or not being readily available. c. Fire Alarm System

i. The existing Fire Alarm System consists of a Simplex 4100U control panel located in the mechanical mezzanine level with fire alarm initiation and Emergency Voice notification device located throughout the facility.

ii. The existing fire alarm system devices include automatic smoke/heat detection, manual pull stations, Emergency Voice/Alarm notification (Speakers/Strobes), and interface with HVAC equipment, Elevator controllers, etc.

iii. Portions of the existing fire alarm system have been upgraded in the last two project phases with the upgrade of the main fire alarm control panel (CPU) as the remaining work to be completed.

iv. The fire alarm Emergency Voice speaks strobes to not provide sufficient coverage and therefor includes tie-in with the facility PA system for the required sound reinforcement. d. Emergency Generator

i. The existing emergency generator is located on the mechanical mezzanine level and serves emergency lighting and exit signage throughout the facility.

ii. The generator is rated 70 kW/87.5 kVA at 480/277 volts.

iii. The generator is original to the convention center construction and is dated 1978. e. Telecommunications/Data/PA

i. Telephone system is Voice over IP with Polycom devices.

ii. The Public Address (PA) system is provided throughout the facility and is tied into the Fire Alarm system.

iii. Data systems include wireless access and hardwired data ports located throughout the facility.

iv. Existing system devices are currently installed throughout the facility and wiring is run in conduit/raceway and boxes. f. Lighting:

i. Back of House (BOH)– lighting for mechanical, kitchen, storage, corridors spaces consist of fluorescent type fixtures which include industrial pendant fixtures, 1x4, 2x2, and 2x4 fluorescent troffers. The facility has retrofitted the majority of the BOH fixtures with energy efficient LED lamps. Lighting control is provided with local switching and some occupancy devices.

ii. Meeting rooms consist of fluorescent troffers with T-5 lamps and downlights with compact fluorescent lamps. Lighting control of meeting room space is accomplished with local dimming systems.

iii. Exhibit Hall lighting was recently upgraded to LED high bay fixtures. The Exhibit Hall also includes a Crestron Dimming system for Exhibit hall lighting control.

2. Proposed Electrical Systems

a. Electrical Service

i. The existing electrical service is under sized to serve the proposed building renovations and the new proposed Statler Scheme.

ii. New electrical service switchgear shall be rated to accommodate the renovation to the existing building and the proposed new building addition. New switchgear shall feed electrical distribution equipment at various electrical closets throughout the facility. All new service equipment and metering requirements shall be coordinated and comply with National Grid standards.

iii. Options for new electrical service should include National Grid’s spot network or the general network with primary or secondary service distribution configuration.

b. Electrical Distribution

i. New electrical distribution shall consist of Switchboards (480/277 volt and 208/120 volt) with step-down transformers, feeders, bus duct, panel boards at various locations throughout the existing renovated spaces and new proposed building. Electrical distribution equipment shall be placed in locations and with proper capacities required to support and accommodate building loads, i.e. HVAC, lighting, power and technology system.

ii. Power for building loads shall include feeders and branch circuits to HVAC/Mechanical equipment, Lighting and power i.e. Exhibit floor, BOF areas - kitchen, storage, and meeting rooms. Supplemental convenience power outlets throughout facility perimeter.

iii. Exhibit and meeting rooms shall include floor boxes, underfloor wiring system, 480/277 and 208 volt bus duct, ceiling power boxes.

c. Fire Alarm system

i. New Fire Alarm system and device shall be provided for the renovated spaces and new the building addition. The new fire alarm system shall include automatic smoke/heat detection, manual pull stations, Emergency Voice/Alarm notification (Speakers/Strobes) per NYS building codes. ii. The fire alarm system shall interface with new building systems, i.e. sprinkler system, HVAC unit shut-down, kitchen equipment ANSUL systems, etc.

iii. New fire alarm system annunciator panels shall be located at selected building entrances as coordinated with the City of Buffalo. d. Emergency Generator

i. New Emergency Generator shall be provided for the building renovation and the proposed building addition. The new generator shall be sized with capacity to provide emergency power for Life Safety loads, legally required standby loads and optional standby loads.

ii. Emergency – the Life Safety distribution system shall be dedicated to serve only emergency loads. Emergency loads shall include egress lighting, exit signs and the fire alarm system.

iii. Legally required standby loads shall include elevators, escalators, fire pumps, smoke exhaust system etc. as required to comply with current building codes.

iv. Optional standby loads shall include owner requested HVAC, Telecomm\ Data, and selected equipment loads (i.e. cooler/freezer, kitchen equipment, etc.). e. Telecommunications\Data\PA

i. New telephone\data infrastructure shall be installed as required for the new renovation of the existing spaces and the new building addition.

ii. Data closets shall be located throughout the facility to accommodate facility requirements per design standards.

iii. New infrastructure shall include backbone and horizontal cabling throughout facility. Cabling shall include fiber optic, Cat 6, Cat 6A as required for each system application.

iv. New PA system shall be provided throughout the facility. f. Lighting

i. All renovated spaces and the new building addition shall utilize new LED lighting fixtures suitable for each space.

ii. Lighting controls shall be provided to accommodate the space use and the NYS Energy code.

iii. All new lighting fixtures and lighting controls shall be selected to comply with NYSERDA rebate program requirements.

November 22, 2019

Robert E. Stark, AIA NCARB CJS Architects 755 Seneca Street Buffalo, New York 14210

Re: Environmental Site Assessment Review BNCC Site Delaware Ave./Franklin Street Buffalo, New York 14202 Sienna SET 3565

Dear Mr. Stark:

Enclosed please find a draft copy of our Environmental Site Assessment Review completed for the BNCC Site in Buffalo, New York.

If after reviewing this report you have any questions, or if we can be of assistance in any other way, please do not hesitate to call. Thank you for the opportunity to be of service to CJS Architects and the Project Team.

Sincerely, Sienna Environmental Technologies LLC

Steven Drozdowski, P.E. Retired P.E. (Civil/Environmental) Sr. EH+S Consultant & Dept. Manager

Environmental Site Assessment/Review

FOR THE:

BNCC Site Delaware Ave./Franklin Street Buffalo, New York 14202

PREPARED BY:

(SIENNA PROJECT SET 3565)

PREPARED FOR:

CJS Architects 755 Seneca Street Buffalo, New York 14210

REPORT DATE:

November 22, 2019

Table of Contents

Executive Summary

1. Introduction

2. Background and Site Description

3. Summary of Findings

4. Discussion and Recommendations

Attachment A - Site Aerial Photograph with Tax Parcel Numbers

Attachment B – EDR Lightbox Premium Environmental Package

Attachment C – New York State Department of Environmental Conservation Database

Attachment D – Industrial Map of Buffalo

Executive Summary

Sienna Environmental Technologies, LLC (Sienna) was retained by CJS Architects (CJS) to conduct an Environmental Site Assessment/Review of a site in the City of Buffalo identified as the Buffalo Niagara Convention Center (BNCC) Site as part of a study of site options for an updated and/or new Buffalo Niagara Convention Center.

The environmental review was to be conducted as a Phase 1 Environmental Site Assessment, however due to study limitations such as limited site access, limited contact with individuals with site knowledge, limited records search, etc. this Environmental Site Assessment//Review was conducted by Sienna in general accordance with the ASTM E1527-13 standard for identifying and determining potential environmental conditions on the subject study site. These environmental conditions could then be further evaluated and/or considered during the study with respect to cost and development considerations and implications.

The BNCC Site consists of one large city “block” and part of another adjacent city “block” to form the one site. The larger city block part is bounded by W. Huron Street on the north, Delaware Avenue on the west, W. Mohawk Street on the south, and Franklin Street on the east. The small adjacent block is the current parking lot on the northern half of the city block bounded by Pearl Street on the east, W. Huron Street on the north, Franklin Street on the west, and commercial properties to the south.

The larger city block part consists of at 16 SBLs with a mix of commercial businesses, parking lots, and/or vacant lots. The smaller (half city) block consist of one SBL with a parking lot currently occupying the block.

The purpose of this assessment/review is that the BNCC Site has been a developed city block(s) for at least one hundred and fifty (150) years and that numerous commercial businesses have occupied the site over that timeframe, some of which may have utilized and/or released hazardous substances and/or petroleum products in, on, or at the subject site. In addition, with the continual remodeling, renovating and/or replacing of various buildings and/or structures typically occurring over time environmental concerning remnants of those buildings, structures and/or operations may be buried below grade.

The major findings of this assessment/review are:

1. Based upon the obtained and reviewed Sanborn maps, dating from 1889 to 1986 the BNCC Site has a residential and commercial past history, with the commercial businesses of environmental concern including a dry cleaner, gas station, machine shop, and auto repair shop.

2. The Radius Map Report, the environmental records database obtained and reviewed, identified approximately 250 mapped sites (some sites listed multiple times for multiple concerns totaling 338 total plotted sites) within a mile of the target property (BNCC Site), including 24 RCRA-LQG to RCRA-SVQG, 36 NY LTanks, 21 NY UST, 11 NY AST, 41 NY Spills, 60 NY Manifest, 2 MGP, 13 Hist. Auto and 26 Hist. Cleaner. The BNCC site is in proximity to numerous current and previous environmental concerns.

3. The BNCC Site has 2 environmental database listings for the subject target property including 1 NY Spills and 1 FINDS (misc. government record), however, as the subject target property is

actually 1 ½ city blocks the database actually had at least an additional 20 listings for the subject property reported as <1/8 mile from the subject site (see below finding). These included mostly NY Spills, but also 2 EDR Historic Cleaner, and 1 NY UST. In addition, some listing addresses are vague (and/or have changed) and/or as street intersections so some additional listings may also actually be for the subject target property. The BNCC site has a few environmental concerns on site, mostly related to historic uses, such as dry cleaners, and to previous closed petroleum tanks and/or previous spills.

4. The BNCC Site has 166 environmental database listings noted as <1/8 mile from the target property, with as noted above at least 20 of these listings actually the subject target property. In addition, many of these listing may actually be for incidents in the street and/or across the street from the subject target property. The 166 listings included 12 RCRA-LQG to RCRA-SVQG, 5 NY LTanks, 10 NY UST, 5 NY AST, 40 NY Spills, 25 NY Manifest,13 Hist. Auto and 26 Hist. Cleaner.

5. The BNCC Site has 119 environmental database listings noted as from 1/8 – 1/4 mile from the target property. The 119 listings included 12 RCRA-LQG to RCRA-SVQG, 5 NY LTanks, 11 NY UST, 6 NY AST, and 35 NY Manifest.

6. The BNCC Site has 46 environmental database listings noted as from 1/4 – 1/2 mile from the target property. The 46 listings included 26 NY LTanks, and 2 MGP.

7. The NYSDEC environmental database confirmed the EDR Radius Map Report listings for the subject site, of previous spills and an UST.

8. The construction of the new and/or replacement buildings (and utilities) and parking lots disturbed much of the land. Previous buildings, buildings materials, and foundations may have been removed, however in some cases, building materials may have been buried within left-in- place foundations and may contain materials of environmental concern. Utilities abandoned and/or left in place buried may contain materials of environmental concern and/or provide a contaminate pathway.

1 Introduction

The BNCC Site has been a developed city block(s) for at least one hundred and fifty (150) years and that numerous commercial businesses have occupied the site over that timeframe, some of which may have utilized and/or released hazardous substances and/or petroleum products in, on, or at the subject site. In addition, with the continual remodeling, renovating and/or replacing of various buildings and/or structures typically occurring over time environmental concerning remnants of those buildings, structures and/or operations may be buried below grade.

The purpose of this assessment/review is to utilize and evaluate available environmental information for indications of environmental conditions of concern in the project area, including:

a.) Federal and state environmental databases b.) Current and historical topographic maps c.) Current and historical aerial photographs d.) Historical Sanborn insurance maps e.) Historical city directories f.) Current and historical maps g.) Currently available site information

The following sources of information were therefore obtained and/or reviewed:

a.) EDR Lightbox Premium Environmental Package (Appendix B).

• EDR Radius Map Report • Sanborn Map Report • Historical Topo Maps • City Directory Report • Aerial Photo Search

b.) New York State Department of Environmental Conservation Environmental Remediation Databases (On-line Search) including, Spills Incident, Environmental Site Remediation, and Bulk Storage (Appendix C).

c.) New York State Department of Environmental Conservation Environmental Resource Mapper (On-line Search).

d.) Industrial Map of Buffalo by G.F. Prong, dated April 1952 (Appendix D).

In addition, a review of on-line maps and aerial photographs by MapQuest and by Bing Maps as well as a site visit was conducted to provide visual reconnaissance to ascertain potential environmental conditions noted in the above information.

2 Background and Site Description

The larger city block part consists of at 16 SBLs (111.45-3-1 to 111.45-3-23) with a mix of commercial businesses, parking lots, and/or vacant lots. The smaller (half city) block consist of one SBL (111.46- 12-1) with a parking lot currently occupying the block.

The addresses of the current buildings on the subject block range from approximately 135 to 169 Delaware Ave, 60 to 100 W. Mohawk Street, 40 to 100 W. Huron Street, and 166 to 200 Franklin Street, however addresses have changed over the years and some buildings/lot front on two streets.

The BNCC site currently consists of mix of parking lots, restaurants/coffee shops, businesses, Consulate General of Germany (foreign consulate office) and the Buffalo Academy of Science Charter School.

A self-guided walking tour of historic Buffalo, Buffalo on Foot, published by VisitBuffaloNiagara.Com (BuffaloOnFoot.Com) includes W. Huron Street on one of its tour routes, with numerous historic buildings in the vicinity of the BNCC site.

3 Summary of Findings

A review of the EDR Lightbox Premium Environmental Package obtained for this project, an on-line search of the New York State Department of Environmental Conservation environmental databases, and a review of an office copy of a 1952 industrial map of the City of Buffalo provide the following environmental information:

EDR Historical Topo Maps

The historical topo maps obtained as part of the EDR package included the following years:

• 1894 • 1901

• 1946/1948/1949 (3 quads combined) • 1948 (no coverage of subject site) • 1950 • 1965 • 2103

The subject site is in the Buffalo Northwest Quad, with the above maps including Buffalo Northeast and Southeast Quads, except the earliest two maps just being identified as Buffalo Quad.

The first two maps show the extensive street network of the fully developed City of Buffalo, with only a few specific buildings shown, with none specifically shown for the subject site.

The 1949 map indicates the presence of three specific buildings, two along Delaware Ave and one in the center of the subject site, with significant open spaces (most likely parking lots) shown.

The 1950 provides no site details, with the 1965 only indicating the presence of two building on Franklin Street, including the identified YWCA. The 2013 map only identifies the previous YWCA as a school.

EDR Aerial Photos

The aerial photos obtained as part of the EDR package included 14 photographs from 1927 to 2017. These photographs can further pin point dates of the presence of various buildings, structures, parking lots, parking garages, and open spaces. The actual use and the occupancy of buildings can not be determined from the photos.

The earliest available aerial photograph obtained as part of the EDR package is from 1927 reveals numerous buildings on the subject site but details are blurry. The 1938 photograph reveals the presence of numerous larger buildings on the subject site indicative of the changing from residential to commercial.

The 1951 through the 1995 photos show the continual change throughout the subject site as various commercial buildings are added and/or modified and/or demolished. By the 2006 photo, through to the 2017 photo the demolition of numerous buildings is obvious as more of the subject site is shown as parking lots.

EDR Sanborn Map Report

The historical Sanborn insurance maps obtained as part of the EDR package included the following years: • 1889 • 1899 • 1925 • 1951 • 1981 • 1986

The Sanborn mapping is done primarily for insurance purposes and as such generally includes very

good information regarding commercial, industrial and manufacturing buildings/operations in a given developed area. As the downtown area was significantly developed by 1889 the Sanborn maps show the residential development at that time. As the area become more commercialized into the 1900s the maps provide good details for review.

The 1889 map depicts mostly dwelling type buildings, generally indicative of residential and/or small commercial businesses. The 1899 map is similar with Bean Alley now present running north/south between W. Huron Street and W. Mohawk Street.

Within the BNCC Site the 1925 map now shows the Littell Building on the southwest corner of W. Huron Street and Franklin Street noted as having offices, the Crosby Building on the northwest corner of W. Mohawk Street and Franklin Street, also noted as having offices, the McCarthy Building at 77 W. Mohawk Street (also offices), and the Barnes Hotel at 324 Pearl Street. In addition, the following commercial businesses are noted within the BNCC site; Pease Oil Co., 3 machine shops, 2 auto repairing shops, auto battery charging, and car washing. The remaining buildings are dwelling type as noted in 1899.

By the 1951 the BNCC site is more commercial with the following commercial businesses noted; Buffalo Electric Co., Inc. (in the former McCarthy Building and additional buildings in the center of the block, New York State Dept of Labor (offices) in the former Littell Building, Huron Hotel on W. Huron Street, Young Women’s Christian Association Center Branch (YWCA) occupying most of the frontage on Franklin Street, a key & gun shop, a cigar manufacturer, a restaurant at 153 Delaware, a few smaller restaurants, auto parking lots (mostly along Delaware Avenue and on W. Huron Street between Franklin Street and Pearl Street, a filling station on the southeast corner of Delaware Ave and W. Huron Street (northwest corner of BNCC site). Gas tanks are noted in the parking lots on Delaware Avenue.

The 1981 and 1986 maps are similar with additional commercial buildings on Delaware Ave, in place of some of the parking lots, with a dry-cleaning business located between the Crosby Building and the YWCA in the 1981 map, and the City of Buffalo Huron Parking Garage located on W. Huron Street between Franklin Street and Pearl Street. In the 1986 map the Westinghouse Supply Co. now occupies the former McCarthy Building on W. Mohawk Street, with the Buffalo Electric Co., Inc. still occupying the buildings in the center of the block.

EDR City Directory Report

The City Directories provided as part of the EDR Package provided the names and addresses of the numerous residential and commercial businesses that have occupied the subject site over the past approximately 100 years. With property sales and transaction and address changes over the years specific addresses and occupant names would best be corelated to Sanborn maps and city property/tax records for definitive locations of commercial businesses and/or industrial/manufacturing operations of environmental concern.

EDR Radius Map Report

The EDR package included an environmental data base search of available current and historical environmental records, identifying and mapping sites with records and reports of underground storage tanks, chemical and petroleum spills and leaks, manufactured gas plants, auto related facilities, generators of hazardous waste, landfills, and other environmental concerns around a subject property.

Some sites are identifiable by exact address, whereas some sites are general in nature, such as a spill or leak site.

The Radius Map Report, the environmental records database obtained and reviewed, identified approximately 250 mapped sites (some sites listed multiple times for multiple concerns totaling 338 total plotted sites) within a mile of the target property (BNCC Site), including 24 RCRA-LQG to RCRA-SVQG, 36 NY LTanks, 21 NY UST, 11 NY AST, 41 NY Spills, 60 NY Manifest, 2 MGP, 13 Hist. Auto and 26 Hist. Cleaner.

The BNCC Site has 2 environmental database listings for the subject target property including 1 NY Spills and 1 FINDS (misc. government record), however, as the subject target property is actually 1 ½ city blocks the database actually had at least an additional 20 listings for the subject property reported as <1/8 mile from the subject site (see below finding). These included mostly NY Spills, but also 2 EDR Historic Cleaner, and 1 NY UST. In addition, some listing addresses are vague (and/or have changed) and/or as street intersections so some additional listings may also actually be for the subject target property. The BNCC Site has 166 environmental database listings noted as <1/8 mile from the target property, with as noted above at least 20 of these listings actually the subject target property. In addition, many of these listing may actually be for incidents in the street and/or across the street from the subject target property. The 166 listings included 12 RCRA-LQG to RCRA-SVQG, 5 NY LTanks, 10 NY UST, 5 NY AST, 40 NY Spills, 25 NY Manifest,13 Hist. Auto and 26 Hist. Cleaner.

The BNCC Site has 119 environmental database listings noted as from 1/8 – 1/4 mile from the target property. The 119 listings included 12 RCRA-LQG to RCRA-SVQG, 5 NY LTanks, 11 NY UST, 6 NY AST, and 35 NY Manifest.

The BNCC Site has 46 environmental database listings noted as from 1/4 – 1/2 mile from the target property. The 46 listings included 26 NY LTanks, and 2 MGP.

NYSDEC Remediation Databases

An on-line search of the New York State Department of Environmental Conservation Environmental Remediation Databases, including, Spills Incident, Environmental Site Remediation, and Bulk Storage, revealed numerous spills occurring over the past 40 years (approximate database timeframe) on properties with addresses on Franklin Street and Delaware Avenue. These include the ones listed in the EDR Radius Map Report, including at the Buffalo Academy of Science Charter School and in Bean Alley.

The Bulk Storage database provided some details on the closure of a 7000 gallon fuel oil tank previously at the Buffalo Academy of Science Charter School, however the tanks identified in the Sanborn maps are not identified in the NYSDEC database as they most likely pre-date the database and were either closed and/or removed prior to the database. Spills associated with these tanks may also pre-date the Spills database as well.

NYSDEC Environmental Resource Mapper

The on-line search of the New York State Department of Environmental Conservation Environmental Resource Mapper did not reveal any environmental resources (wetlands, rare plants/animals., etc.) on

the subject site and/or in the immediate vicinity of the subject site.

Industrial Map of Buffalo by G.F. Prong, dated April 1952

An office copy of an industrial map of Buffalo, dated 1952, confirms that the subject site was more commercial then industrial/manufacturing in the mid-1900s, as no industrial/manufacturing sites were identified for the subject site. It should be noted that the map only referenced industrial sites with greater than 25 employees at that time. Numerous industrial sites were identified further east of the subject site, east of Main Street, particularly along Washington Street, Ellicott Street, and Michigan Avenue.

4 Conclusion

Based upon the obtained and reviewed various Sanborn maps, dating from 1889 to 1986 the BNCC Site has a residential and commercial past history, with the commercial businesses of environmental concern including a dry cleaner, gas station, machine shop, and auto repair shop.

The BNCC Site has 2 environmental database listings for the subject target property including 1 NY Spills and 1 FINDS (misc. government record), however, as the subject target property is actually 1 ½ city blocks the database actually had at least an additional 20 listings for the subject property reported as <1/8 mile from the subject site. These included mostly NY Spills, but also 2 EDR Historic Cleaner, and 1 NY UST. In addition, some listing addresses are vague (and/or have changed) and/or as street intersections so some additional listings may also actually be for the subject target property. The BNCC site has a few environmental concerns on site, mostly related to historic uses, such as dry cleaners, and to previous closed petroleum tanks and/or previous spills.

The construction of the new and/or replacement buildings (and utilities) and parking lots disturbed much of the land. Previous buildings, buildings materials, and foundations may have been removed, however in some cases, building materials may have been buried within left-in-place foundations and may contain materials of environmental concern. Utilities abandoned and/or left in place buried may contain materials of environmental concern and/or provide a contaminate pathway.

Appendix A – Site Aerial Photograph with Tax Parcel Numbers

Appendix B – EDR Lightbox Premium Environmental Package

Appendix C - New York State Department of Environmental Conservation Database

Appendix D - Industrial Map of Buffalo

Existing historic house Non-historic additions to be demolished

Restored Genesee Street

MOVE #2: Permanent relocation MOVE #1: Temporary historic house relocation

Real Estate Appraisal of: Prospective BNCC Site Delaware, Franklin, Huron & W. Mohawk City of Buffalo, Erie County, New York

Properties: 135, 145 & 157 Delaware Avenue – Office and Parking Lots 166 Franklin Street – Mixed Use Property 172 Franklin Street – Mixed Use Property 174 Franklin Street – Mixed Use Property 178 Franklin Street & 1 Bean Alley – Mixed Use Property 176 Franklin Street – Office 180 Franklin Street – Charter School 187 Franklin Street – Parking lot 79 West Mohawk – Parking lot 153 Delaware Avenue – Former Mansion 163 Delaware Avenue – Office 196 Franklin, 76 West Huron & 75 West Mohawk – Parking Lots 80 West Huron – Office Bean Alley – Public ROW

For: Thomas R. Hersey, Jr., Commissioner Erie County Department of Environmental & Planning 95 Franklin St, 10th Floor Buffalo, New York 14202

Effective Date of Valuation: October 13, 2019

Prepared By: Gregory C. Klauk KLW Appraisal Group, Inc. 247 Cayuga Road Buffalo, New York 14225 File: 11201 – Delaware Sites

KLW Appraisal Group, Inc.

Real Estate Appraisers and Consultants

November 11, 2019

Thomas R. Hersey, Jr., Commissioner Erie County Department of Environmental & Planning 95 Franklin St, 10th Floor Buffalo, New York 14202

Re: Real Estate Appraisal Prospective BNCC Site Delaware Sites City of Buffalo, Erie County, New York

Dear Mr. Hersey:

As requested, I have undertaken the preliminary real property appraisals of the properties within the study area bounded by Delaware Avenue to the west, Franklin and Pearl Streets to the east, West Huron Street to the north and West Mohawk Street to the south.

This is a restricted appraisal report as defined by the Appraisal Foundation in the Uniform Standards of Professional Appraisal Practice (USPAP 2018-19). This appraisal is prepared in accord with the scope of services set out in this report. The appraisal is intended to provide a summary of the pertinent aspects of the property and market information, sufficient to produce a credible estimate of market value. However, the report my not be properly understood without additional information retained in my work file.

The properties addressed in the report consist of two relatively large multi-tenanted commercial buildings, one with parking, several smaller mixed use properties, several parking lots, three small office building, a former mansion and a public right-of-way.

The purpose of the appraisal is to develop preliminary market value estimates of the fee simple estates of the properties encompassed in this project. The intended use of the appraisal is to aid in developing an acquisition and comparative budget for a site selection process.

247 Cayuga Road • Buffalo, New York • 14225 Phone (716) 632-2100 • Fax (716) 632-1062 E-Mail [email protected]

This report will also develop an estimate of the losses to the city and county tax base in the event the parcels were to be acquired.

Each property is appraised based on highest and best use as best determined with the limited information available. The reader is advised the property values and losses are made without the benefit of detailed property inspections and without the benefit of interviews with the property owners.

Based on the results of my investigations, research and analysis I have developed the follow opinion(s) of market value and related losses. All estimates are as October 13, 2019 the date of my field inspection.

Property Property Type Value Estimates 135, 145 & 157 Delaware Avenue Multi-Tenant Commercial & Parking $6,450,000 166 Franklin Street Multi-Tenant Commercial $3,029,000 172 Franklin Street Mixed Use Commercial $515,500 176, 178 Franklin & 1 Bean Alley Small Commercial & Parking $603,000 174 Franklin Street Office $568,400 180 Franklin Street Charter School $4,345,000 187 Franklin Street Parking Lot $2,275,000 79 West Mohawk Parking Lot $1,524,000 153 Delaware Avenue Former Mansion $408,000 163 Delaware Avenue Small Office $720,000 80 West Huron Small Office $587,500 196 Franklin, 176 W. Huron & Parking Lots $1,477,300 75 W. Mohawk Bean Alley Public ROW $302,000 Aggregated Values $22,804,700

The loss to the tax base in the event the parcels are acquired and assigned an exempt status is summarized as follows:

Property Prospective Assessment Loss Taxes 135, 145 & 157 Delaware Avenue $5,331,000 $103,901 166 Franklin Street $2,100,000 $42,848 172 Franklin Street $595,000 $11,597 176, 178 Franklin & 1 Bean Alley $407,900 $7,950 174 Franklin Street $360,000 $7,016 180 Franklin Street Exempt $3,300 187 Franklin Street $780,000 $19,919 79 West Mohawk $435,000 $8,478 153 Delaware Avenue $185,000 $3,606 163 Delaware Avenue $468,000 $9,121 80 West Huron $323,000 $6,295 196 Franklin, 176 W. Huron & 75 W. Mohawk $461,000 $8,985 Bean Alley City Row N/A Aggregated Values $11,445,900 $233,016

The reader should note that while the tax roll (assessments) will be reduced as noted above there should be no loss in tax revenue since the attendant tax reductions will be redistributed over the remaining city and county taxable parcels.

Additional costs related to the property acquisitions can be expected for legal fees, title reports and relocation costs for building tenants and owners. These relocations could include reimbursements for time in replacement searches, actual moving costs, commissions to realtors and related expenses.

This appraisal is contingent upon the following extraordinary assumption*:

Hypothetical conditions**: the values developed in this report assume fee simple ownership of the real property. This is a hypothetical condition in all instances where the appraised property is subject to a lease.

The market value estimates are also subject to the general limiting conditions and assumptions that follow.

The values are intended to reflect real estate only; furniture, fixtures, machinery or equipment are not included, unless otherwise noted. However, fixture and equipment may be part of an ultimate compensation package. This cannot be determined without detailed property inspections and interviews with property owners and tenants.

The appraised values do not address any third party interests that may arise as the result of easements, or leaseholds that are not extinguished through condemnation clauses in existing leases.

The estimated exposure time for the properties to have achieved the appraised values was 12 to 18 months, which is characteristic of this property type and market conditions preceding the date of appraisal. The marketing time for the property is also estimated to be 12 to 18 months.

The value estimate and opinions expressed reflect market conditions in the local market area as of the valuation date.

*Extraordinary Assumption: An assignment-specific assumption as of the effective date regarding uncertain information used in an analysis which, if found to be false, could alter the appraiser’s opinions or conclusions. (USPAP, 2018-2019 ed., pg. 4).

**Hypothetical Condition: a condition, directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the of the assignment results but is used for the purpose of analysis. (USPAP 2018-2019 Edition, pg. 4).

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GENERAL LIMITING CONDITIONS AND ASSUMPTIONS:

1. That the date of value to which the opinions expressed in this report apply is set forth in the letter of transmittal. The appraiser assumes no responsibility for economic or physical factors occurring at some later date which may affect the opinions herein stated.

2. That no opinion is intended to be expressed for legal matters or that would require specialized investigation or knowledge beyond that ordinarily employed by real estate appraisers, although such matters may be discussed in the report.

3. That no opinion as to title is rendered. Data on ownership and the legal description were obtained from sources generally considered reliable. Title is assumed to be marketable; free and clear of all liens, encumbrances, easements and restrictions except those specifically discussed in the report. The property is appraised assuming it to be under responsible ownership and competent management and available for its highest and best use.

4. That no engineering survey has been made by the appraiser. Except as specifically stated, data relative to size and area were taken from sources considered reliable, and no encroachment of real property improvements is assumed to exist.

5. The maps, plats, and exhibits included herein are for illustration only, as an aid in visualizing matters discussed within the report. They should not be considered as surveys or relied upon for any other purpose.

6. That the projections included in this report are utilized to assist in the valuation process and are based on current market conditions, anticipated short term supply and demand factors, and a continued stable economy. Therefore, the projections are subject to changes in future conditions that cannot be accurately predicted by the appraiser and could affect the future income or value projections.

7. That testimony or attendance in court or at any other hearing is not required by reason of rendering this appraisal unless such arrangements are made a reasonable time in advance.

8. That since a title report was not made available no responsibility is assumed for such items of record not disclosed by his normal investigation.

9. That no consideration has been given in this appraisal to personal property located on the premises, unless otherwise noted.

10. Unless otherwise stated in this report, the existence of hazardous substances, including without limitation asbestos, polychlorinated biphenyls, petroleum leakage, or agricultural chemicals, which may or may not be present on the property, or other environmental conditions, were not called to the attention of nor did the appraiser become aware of such during the appraiser's inspection. The appraiser has no knowledge of the existence of such materials on or in the property unless otherwise stated.

GENERAL LIMITING CONDITIONS AND ASSUMPTIONS: (Cont'd.)

11. Furthermore, the appraiser is not qualified to test for such substances or conditions. The presence of such substances (e.g. asbestos, urea formaldehyde foam insulation, or other hazardous substances or environmental conditions) may affect the marketability and/or value of the property. The opinions rendered in this report are predicated on the assumption that there are no such conditions on or in the property or in such proximity thereto that would cause a loss in marketability and/or value. No responsibility is assumed for any such conditions, nor for any expertise or engineering knowledge required to discover them.

12. Regarding improved property, the Americans with Disabilities Act (ADA) became effective January 26, 1992. We have not made a specific compliance survey and analysis of this property to determine whether or not it is in conformity with the various detailed requirements of the ADA. It is possible that a compliance survey of the property together with a detailed analysis of the requirements of the ADA could reveal that the property is not in compliance with one or more of the requirements of the Act. If so, this fact could have a negative effect upon the value of the property. Since we have no direct evidence relating to this issue, we do not consider possible non-compliance with the requirements of the ADA in estimating the value of the property.

13. The information within this report is presented with the understanding that appraisals and reporting formats vary greatly, depending upon the client’s individual needs, time constraints, the size and complexity of the property, and the intended use of the data. It should be clearly understood this appraisal has been prepared subject to certain limitations as detailed in the scope of work detailed in the report.

14. The possession of this report does not carry with it the right of publication or copying in whole or in part, and there is no accountability or obligation expressed or implied to anyone other than the “intended user(s)”. If this report is placed in the hands of anyone other than the intended user, it is at your risk and obligation to make such party aware of all of the limiting conditions and assumptions of this assignment, and any of the related discussions. Furthermore, this appraisal report is to be used only in its entirety and may not be used for any purpose other than its intended use.

15. The reader should note that if you are contemplating obtaining mortgage financing from a federally regulated institution and using this property as collateral, the lender or its agent is required to directly engage the appraiser.

16. The building description is based upon an inspection by the appraiser but it is not intended as an engineering report. I assume no liability for undetected physical inadequacies, hazardous conditions, or materials. I strongly suggest a Property Condition Assessment (PCA) by a qualified Professional Engineer.

T A B L E O F C O N T E N T S

Certification ...... 1 Summary of Important Facts & Conclusions ...... 2 Identification of the Subject Property ...... 3 Property Rights Appraised ...... 3 Purpose and Intended Use of the Appraisal ...... 3 Intended Users ...... 3 Effective Date of Valuation ...... 3 Scope of the Assignment ...... 4

Market Area Analysis & Photographs ...... 5-12

Highest and Best Use ...... 13

Appraisal Process ...... 13

Properties Appraised ...... 14-105

135, 145 & 157 Delaware Avenue 15-21 166 Franklin Street 22-28 172 Franklin Street 29-35 176 & 178 Franklin Street & 1 Bean Alley 36-42 174 Franklin Street 43-49 180 Franklin Street 50-56 187 Franklin Street 57-63 79 West Mohawk 64-70 153 Delaware Avenue 71-77 163 Delaware Avenue 78-84 80 West Huron 85-91 196 Franklin Street, 76 West Huron & 75 W. Mohawk Streets 92-105

Reconciliation & Conclusions of Value ...... 106

Addendum ...... 107

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Property: BNCC Site, Delaware, Franklin, Huron & West Mohawk, Buffalo, Erie County, New York

Identification of the Subject Property:

The project area is bounded by Delaware Avenue to the west, Franklin and Pearl streets to the east, West Huron to the North and West Mohawk Street to the south. The individual parcels addressed in the report are identified as follows:

Location Owner SBL # Parcel Size 135 Delaware Avenue 135 Delaware, LLC 111.45-3-17 14,957 SF 145 Delaware Avenue 135 Delaware, LLC 111.45-3-17 6,652 SF 157 Delaware Avenue 135 Delaware, LLC 111.45-3-21.1 13,710 SF 166 Franklin Street Huron Group, Inc. 111.45-3-9 7,603 SF 172 Franklin Street Huron Group, Inc. 111.45-3-8 2,858 SF 176 Franklin Street Huron Group, Inc. 111.45-3-6.1 2,000 SF 178 Franklin Huron Group, Inc. 111.45-3-6.2 888 SF 1 Bean Alley Huron Group, Inc. 111.45-3-10 896 SF 174 Franklin Street AGS Holdings, LLC 111.45-3-7 2,184 SF 180 Franklin Street Buffalo Academy of Science 111.45-3-5 26,189 SF 187 Franklin Street Forth-Fifth St. Holdings NY, INC 111.46-12-1 47,326 SF 79 West Mohawk Skydeck Corporation 111.45-3-7 26,219 SF 153 Delaware Avenue Hotchkiss-Lothrop House, LLC 111.45-3-20 6,633 SF 163 Delaware Avenue Skydeck Corporation 111.45-3-23 9,000 SF 80 West Huron Kooshmerica, LLC 111.45-3-1.1 9,460 SF 196 Franklin Street Shane Enterprises of Buffalo Inc. 111.45-3-4 12,127 SF 176 West Huron Shane Enterprises of Buffalo Inc. 111.45-3-3 4,400 SF 75 W. Mohawk Shane Enterprises of Buffalo Inc. 111.45-3-11.11 10,838 SF Bean Alley City of Buffalo Public ROW 7,548 SF

Several of the parcels are surface parking lots. Several are multi story, multi-tenant building, two are single unit office buildings, one is a charter school and there are two mixed use structures.

Project Map

2 Property: BNCC Site, Delaware, Franklin, Huron & West Mohawk, Buffalo, Erie County, New York

Property Rights Appraised:

The rights appraised for each property are those inherent in the fee simple estate, subject to police powers, taxation, eminent domain, escheat and existing easements and/or encroachments. Non realty rights and values such as special tax benefits, unique financing terms, personal property not permanently attached to the real estate or business value were not considered.

Intended Use of the Appraisal:

The intended use of this appraisal is aid in developing a preliminary budget for the acquisition of the properties addressed in this report and a comparative budget for alternate locations.

Definition of Market Value:

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, knowledgeable and assuming 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 of 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 each acting in what they consider their own best interests. 3. A reasonable time is allowed for exposure in the open market; 4. Payment is made in terms of cash in U. S. 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 concessions granted by anyone associated with the sale. (12 C.F.R. Part 34.42(g); 55 Federal Register 34696, August 24, 1990 as amended at 57 Federal Register 12202, April 9, 1992; 59 Federal Register 29499, June 7, 1994)

Intended Users:

The intended user of this appraisal report is the Erie County Department of Environmental & Planning.

Effective Date of Valuation:

The effective date of the valuation is October 13, 2019; the date of the limited exterior property inspections. Marketing conditions analyzed, are those in effect as of the inspection date. Opinions rendered in this report may not be valid for any future date due to the changing nature of the determinants of value. Unforeseen changes in the future economic conditions (rise or decline) or dynamic changes in any of the financial markets of US could have a material effect on the estimated value of property. Additionally new legislation (state or federal) or modifications to existing laws that may occur after the effective date, could also impact on the estimated value of the property. No responsibility is assumed for changes in market conditions or legislation.

3 Property: BNCC Site, Delaware, Franklin, Huron & West Mohawk, Buffalo, Erie County, New York

Scope of the Assignment:

The scope of the appraisal assignment is intended to encompass the investigations, research and analysis necessary to prepare the report in accord with 1) the stated purpose and intended use of the report; and 2) the Standards of Professional Practice of the Appraisal Institute, and the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation In regard to this assignment it involved the following:

• Research and collection of market data related to market conditions and market activity. • A review of the zoning ordinance governing the subject properties. • A limited exterior inspection of the appraised properties. • A review of public records pertaining to the appraised property. • Exterior inspection of comparable and competitive properties. • Consideration of all valuation methods. • Application of a single primary method sufficient to produce a credible appraisal under the restrictions imposed by the scope of this assignment.

The appraisal is intended to provide a summary of the pertinent aspects of the property and market information, sufficient to produce a credible estimate of market value.

In the course of collecting and confirming market data, no important information has been knowingly withheld with the limitations imposed i.e. no interior property inspection, no property owner contact and no access to leases or operating statements.

A title report was not provided, therefore, a detailed analysis of easement and encroachments is not possible; further this appraisal does not consider any non realty rights or value, i.e. special tax benefits (abatements, and unique financing terms), unless otherwise noted.

Gross building areas (GBA) are based on public records.

Land area is based on a county tax maps.

The properties are appraised free and clear of any and all environmental contaminants.

The participation of David Lebron is hereby acknowledged in the preparation of this appraisal report. Mr. Lebron aided in gathering of market data, analysis of the data and the initial draft segments of this report.

4 Property: BNCC Site, Delaware, Franklin, Huron & West Mohawk, Buffalo, Erie County, New York

Market Area Analysis:

The same locational, social, economic and governmental influences which act on a regional basis also operate on individual market areas. The term "market area" here is being defined as an area with complimentary land use and linkages. Although the area boundaries often coincide with physical features, the concept of the market area is more importantly related to economic and land use patterns.

Geographic Boundaries - The market area, given the subject’s use, is best defined by a one mile radius. This area is loosely bounded by North Street to the north, Jefferson Avenue to the east, South Park Avenue to the south and Lake Erie to the west.

Linkages – Main Street (NY-5), Delaware Avenue, Elmwood Avenue and Niagara Street are the primary north/south routes within the market area. Main Street (NY-5) begins just south of the subject, in the city’s Canal District and travels and north/northeast to the town of Amherst. Delaware (NY-384) and Elmwood Avenue extend south to a merge with Route 5 and the Skyway complex and North into Tonawanda. Goodell/Edward, Tupper, Chippewa and Seneca Street (NY-16) are the main east/west thoroughfares within the market area. Seneca Street runs east from Main Street in the city of Buffalo’s central business district and continues south into South Buffalo and the town of West Seneca. Goodell/Edward carries Kensington Expressway traffic into the CBD while Tupper is a primary route from the CBD to the Expressway.

5 Property: BNCC Site, Delaware, Franklin, Huron & West Mohawk, Buffalo, Erie County, New York

Market Area Analysis: (Cont’d.)

The Kensington Expressway (NY-33) and the Elm/Oak Arterial, located east of the subject, are a major corridor through the eastern section of the market area. NY-33 is an expressway leading from downtown and to the Buffalo Niagara International Airport. The Elm/Oak Arterial is a highly traveled north/south commercial roadway which connects the Kensington Expressway to the north and the I-190 to the south.

Interstate 190 (I-190) runs through the southern portion of the market area, south of the subject area. It connects I-90 near the Buffalo and West Seneca border with the Canada-U.S. border near Niagara Falls. The freeway bisects downtown Buffalo then parallels the Niagara River before crossing Grand Island and travelling around the outskirts of Niagara Falls to the Queenston- Lewiston Bridge into Ontario, Canada.

Land Uses - Niagara Square is located south of the subject at the intersections of Delaware Avenue, Court Street, Genesee Street and Niagara Street. Buffalo City Hall, the new U.S. Courthouse, State Office Building, Statler Towers, the BAC office complex and Buffalo City Court Building all front on Niagara Square.

Since 2014, Buffalo's Central Business District has seen some $5 billion worth of construction projects are either completed, underway or proposed. Area developers are purchasing older downtown commercial buildings in the market area and converting them into mixed-use buildings with retail, apartments and office space.

The Downtown District has numerous buildings of vast architectural diversity and distinction. Notable among them are City Hall, the Prudential (formerly Guaranty) Building, St. Paul's Episcopal Cathedral, Ellicott Square Building, Old County Courthouse, Shea's Buffalo Center for the Performing Arts. The Metro Rail and restoration of many of these landmark buildings are the center to commerce, recreation and historical interest.

Between 2008 and 2010 there were renovation efforts in the area of the Washington Street neighborhood. The former warehouse at the northwest corner of Ellicott and Eagle Streets has been renovated into modern loft apartments. In April, 2010, renovations to the former AM&A’s warehouse, located at the northeast corner of Washington and Eagle Streets, were also completed into loft apartments. In June, 2010 the purchase of the Lafayette Hotel at the southeast corner of Washington and Clinton Streets, closed and the rehabilitation began to convert the building into modern apartments, a boutique hotel, and retail-restaurant space. This area around the Lafayette Square has become a Buffalo focal point.

The City of Buffalo's central business centers on Main Street, and Delaware Avenue from Goodell and Edward Streets to the Buffalo River. There are two main communities within the central business district. The Theatre district and the government sector, centered around Niagara Square and Delaware Avenue. There are several notable developments within the CBD, or just outside. Canalside, The Seneca Niagara Buffalo Creek Casino, The Harbor Center and Key Bank Center, and Sahlens field are a few of the districts main attractions.

6 Property: BNCC Site, Delaware, Franklin, Huron & West Mohawk, Buffalo, Erie County, New York

Market Area Analysis: (Cont’d.)

Sahlens Field, home to Buffalo’s own AAA Baseball Team, the Buffalo Bisons is less than a half mile north of the subject. It was completed prior to the team's 1988 season and is one of the largest parks in all of Minor League Baseball. In 2012, the ballpark featured the largest HD video board in all of minor league baseball. The new Bisons TV HD measures 80’ x 33’ and added a new level of entertainment for Bisons fans. That, with the four-tiered Bully Hill Party Deck in right field, luxurious suites throughout the club level, in-stadium restaurant and expansive tent area in centerfield, Coca-Cola Field continues to be on the cutting edge of sports entertainment venues

Canalside is at the heart of Buffalo’s waterfront revitalization. It is located in the city’s downtown corridor, at the intersection of Pearl Street and Marine Drive. Located adjacent to the First Niagara Center, Canalside is easily accessed through city streets including Pearl, Washington and Scott and by riding the Rapid Transit rail system on Main Street (Erie Canal Harbor Station), or from exits off the I-190 and Skyway (Route 5). Canalside hosts over 1,000 annual events. Every summer, outdoor yoga, children’s games and Thursday at Canalside concerts take place along the district’s Central Wharf. Each winter, visitors flock to the Ice at Canalside, a 35,000 square foot rink on the recreated Erie Canal that features, skating, curling, pond hockey and ice bikes.

The KeyBank Center is a 700,000 square foot multi-purpose indoor arena built in 1994 and is home to the Buffalo Sabres of the National Hockey League (NHL) and Buffalo Bandits of the National Lacrosse League (NLL). The arena is also used regularly for college basketball games. The building has a seating capacity of 19,200 and features 80 private luxury suites. The ice rink itself also saw a multimillion-dollar upgrade with adding a new dehumidifier system and cooling tower. All of the Zamboni machines were replaced and upgraded to feature laser beam leveling. These upgrades improve the quality of the ice surface. Outside, a new LED ribbon board was added to the entrance pavilion which can display upcoming events, scores, and team information, though it was subsequently removed to make way for the construction of a new pedestrian bridge to the adjacent HarborCenter complex in 2014.

HarborCenter, owned by the Pegula group, is a 600,000 square foot hockey-themed mixed-use development that opened in 2014. HarborCenter features a 205-room full service hotel currently operating as Buffalo Marriot HarborCenter, two NHL-size rinks with locker rooms, a training facility, 716 Food and Sport Restaurant, and several retails stores. East of the subject are the Elk Terminal apartments and the Fairmount Creamery mixed use project. Harbor Center attracts hockey players from around the world by hosting amateur and college tournaments at its two NHL sized rinks. Supporting the hockey venue and hotel is the two-story (716) Food & Sport restaurant that features over 70 televisions, including a 38-foot tall screen for the big games. 7 Property: BNCC Site, Delaware, Franklin, Huron & West Mohawk, Buffalo, Erie County, New York

Market Area Analysis: (Cont’d.)

The Seneca Buffalo Creek Casino is located southeast to the subject property. The casino opened in 2007 and today features 800 slot machines and 20 table games including blackjack, roulette and craps, and three restaurants including BC Café, Buffalo Savors Grill and Stixx Sports Bar. In January 2016, Seneca Nation and Seneca Gaming Corporation broke ground for a $40 million expansion of the casino. This is a two-story expansion of the existing casino, which was complete in 2017 and added approximately 28,500 square feet of space on each of the two levels.

The Avant is a mixed use tower located just north of the subject. The structure originally housed the local offices of most federal services. The building was stripped to its steel frame and redeveloped. The building spans an entire city block between Elmwood Ave and Delaware Ave at West Huron, and features class A office space, an Embassy Suites hotel, and the top three floors feature luxury residential condominiums. Upon its completion in 2009, the building set a record for housing the most expensive group of condominiums ever built in the Buffalo metropolitan area. Furthermore, as a result of the eco-conscious trend in national development companies, the building's remodeling is recognized as the largest recycling project in Western New York history. The building features energy efficient windows as well as underground parking and a number of other luxury amenities.

The Delaware North Building is a mixed-use development also located just north of the subject. The 12-story, 330,000-square-foot mixed-use building features 193,000 SF of class A office space on the sixth through 12th floors, a 116-room hotel occupying 104,000 SF, 18,000 SF of retail space, and indoor parking for 593 vehicles in a five-level attached parking ramp. The building's 2,600 SF lobby features the largest living green wall in Western New York, a 22’ x 21’ expanse of plants. The building was designed and constructed to achieve a LEED-Silver certification through the U.S. Green Building Council.

Following is a summary of the demographic information for a one mile radius surrounding the subject site (source: gallery.alteryx.com.com)

Population – The 2018 population estimate in this market area is 17,393. The 2010 Census revealed a population of 17,128, and in 2000 it was 18,500 representing a -7.4% change. It is projected the population in this market area will be 16,847 in 2023, representing a change of - 3.1% from 2018. The 2018 population is 51.8% male and 48.2% female. In 2018, the median age of the population in this market area is 33.3. The population density in this market area is 5,524 people per square mile in 2018.

Households – There are 8,326 estimated households in this market area in 2018. The Census revealed household counts of 8,114 in 2010 and 8,473 in 2000, representing a change of - 4.2%. It is projected the number of households in this market area will be 8,207 in 2023, representing a change of -1.4% from 2018. In 2010, the average number of years in residence in this market area was 11. The average household size in this market area is 1.89 people. The average number of vehicles per household in this market area is 1.38.

8 Property: BNCC Site, Delaware, Franklin, Huron & West Mohawk, Buffalo, Erie County, New York

Market Area Analysis: (Cont’d.)

Income – In 2018, the estimated median household income in this market area is $24,283. The Census revealed median household incomes of $21,194 in 2010. It is projected the median household income in this market area will be $28,534 in 2023, which would represent a change of 17.5% from 2018. In 2018, the per capita income in this market area is $24,679. The 2018 average household income for this market area is $48,957.

Housing – The median housing value in this market area was $135,570 in 2010. The estimated median housing value in 2018 in this market area is $157,242. In 2010 there were 17.1% owner occupied housing units in this market area vs. 16.5% estimated in 2018. Also in 2010, there were 65.9% renter occupied housing units in this market area vs. 66.4% estimated in 2018.

Employment – In 2018, there is an estimated 14,189 people over the age of 16 in this market area, of which 6,943 were in the labor force. Of these 90% were employed, 9.7% were unemployed, 0.3% were in the Armed Forces and 51.1% were not in the labor force. In 2018, there are 73,043 employees in this market area (daytime population age 16+) and there are 2,505 establishments. For this market area in 2018, white collar workers made up 64.4% of the population, and those employed in blue collar occupations made up 35.6%.

One Mile Demographic Trends Summary:

2000 2010 2018 2023 %Δ %Δ Census Census Estimate Projection 2000-2010 2018-2023 Population 18,500 17,128 17,393 16,847 -7.4% -3.1% Households 8,473 8,114 8,326 8,207 -4.2% -1.4% Median Income $16,641 $21,194 $24,283 $28,534 27.4% 17.5%

Life Cycle – The subject neighborhood can be described as being in a revitalization phase. This period is a stage in which the neighborhood experiences a period of renewal, redevelopment, modernization, and increasing demand.

Conclusion – Despite the demographic data there have been hundreds of new residential townhomes, condos and apartments developed over the past several years in the Central Business District area. All of which have absorbed as they became available. This would seem to contradict the census based data. The subject market area is conducive to expanded uses. This is due to Delaware Avenues prominence, demand and of proximity prominent commercial properties including numerous hotels. The market has realized significant redevelopment and new development over the past decade. Much of the growth has included new upscale housing that has been rapidly absorbed indicating an uptick in population and household formation.

Much of the project area is devoted to surface parking areas which is a significant under utilization of such a prominent location.

9 Property: BNCC Site, Delaware, Franklin, Huron & West Mohawk, Buffalo, Erie County, New York

Market Area Analysis: (Cont’d.)

Area Attributes Include:

• The project area is located in the heart of the city’s Central Business District (CBD) south of West Huron, East of Delaware Avenue, west of Main Street, and north of Court Street. • Major existing development include the existing Convention Center, City Hall, Federal Court and Federal Offices, the former Statler Hotel and Olympic Tower office building. • Access to Kensington Expressway and major corridors. • Walkable neighborhood. • Overall, the near term market trends in this area appear to be in a growth phase.

Area Deterrents Include:

• None noted.

Exposure Time and Marketing Time:

The exposure time, (which looks backward in time), for the subject property to have achieved the appraised values developed, as of the effective date of the valuation, are estimated to have required 6 to 18 months depending on the property type. This estimate is based upon the following:

• Statistical informational about days on the market • Information gathered through sales verification; and • Interviews with market participants, primarily brokers

Marketing time, which is forward working, is also based on the preceding data and considers the current inventory available for the subject property type. The marketing time for the subject is estimated to require 6 to 18 months again based on the property type. This assumes reasonable pricing and proactive marketing.

10 Property: BNCC Site, Delaware, Franklin, Huron & West Mohawk, Buffalo, Erie County, New York

Market Area Photographs:

Delaware Avenue Viewing South Delaware Avenue Viewing North

West Huron Viewing East West Huron Viewing West

11 Property: BNCC Site, Delaware, Franklin, Huron & West Mohawk, Buffalo, Erie County, New York

Market Area Photographs:

West Mohawk Viewing West West Mohawk Viewing East

Franklin Viewing North Franklin Viewing South

12 Property: BNCC Site, Delaware, Franklin, Huron & West Mohawk, Buffalo, Erie County, New York

Highest and Best Use:

Introduction:

Highest and best use is defined as:

"the reasonably probable use of property 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 productivity".1

Highest and Best:

The highest and best use of each property is assumed to be its current present unless otherwise noted.

Appraisal Process:

The purpose of the appraisal is to provide a preliminary estimate the market value of the fee simple interest of the properties addressed in this report as of the date of inspection. The market area analysis focused on the existing development in the area and on the future prospects for changes in supply and demand. Highest and Best Use Analysis builds on these sections to conclude the most profitable use for the subject property. The conclusion from that analysis is one of the most important in the appraisal. Given that, a selection can now be made from among the alternative analytical techniques, the ones that will be most effective and appropriate in developing a value estimate.

Because of the limitations inherent in this assignment the sales comparison approach is the only method developed for each property.

The income capitalization approach is not employed because income and expense data for the appraised properties is not available.

The cost approach is also not developed because we have no details for the improved properties. Furthermore because of the condition and/or age of many of the improvements a cost analysis is not warranted.

1The Dictionary of Real Estate Appraisal, sixth edition (Chicago, Illinois: Appraisal Institute, 2015), p. 109. 13

Properties Appraised

135, 145 & 157 Delaware Avenue – Office and Parking Lots 166 Franklin Street – Mixed Use Property 172 Franklin Street – Mixed Use Property 176,178 Franklin Street & 1 Bean Alley – Mixed Use Property 174 Franklin Street – Mixed Use Property 180 Franklin Street – Charter School 187 Franklin Street – Parking lot 79 West Mohawk – Parking lot 153 Delaware Avenue – Former Mansion 163 Delaware Avenue – Office 80 West Huron – Office 196 Franklin, 76 West Huron & 75 West Mohawk – Parking Lots Bean Alley – Public ROW

135 Delaware 145 Delaware Avenue & 157 Delaware Avenue

135 Delaware LLC

15 Property: 135, 145 & 157 Delaware Avenue, Buffalo, Erie County, New York

Executive Summary:

Property Information:

Address: 135 Delaware Avenue 145 Delaware Avenue 157 Delaware Avenue Buffalo, New York 14202 Buffalo, New York 14202 Buffalo, New York 14202

Parcel ID (SBL#): 111.45-3-17 111.45-3-19 111.45-3-21.1

Assessment / Taxes: $5,000,000 / $97,450 $104,000 / $2,027 $227,000 / $4,424

Ownership: 135 Delaware, LLC 135 Delaware, LLC 135 Delaware, LLC

Property Rights Appraised: Fee Simple Fee Simple Fee Simple

Site Information:

Land Area: 115.5’ x 129.5’ 55’ x 115.5’ 101.5’ x Irregular 14,957 SF 6,352 SF 13,710 SF

Zoning: N-1D N-1D N-1D Downtown/Regional Hub Downtown/Regional Hub Downtown/Regional Hub

Shape: Rectangular Rectangular Slightly Irregular

Frontage: 115.5’ W. Mohawk & 55’ Delaware 101.5’ Delaware 129.5’ Delaware

Utilities: All Public Available All Public Available All Public Available

Flood Zone: No Special Flood Hazard No Special Flood Hazard No Special Flood Hazard

Easements: None Noted None Noted None Noted

Parking: 0 Parking Spaces 26 Parking Spaces 68 Parking Spaces

Wetlands: None None None

Environmental: No Adverse No Adverse No Adverse Conditions Noted Conditions Noted Conditions Noted

Building Data:

Type of Property: Office Building Parking Lot Parking Lot

Year Built: 1961 N/A N/A

Gross Building Area (GBA): 75,941 SF N/A N/A

Net Rentable Area: N/A N/A N/A

Number of Stories: 6 N/A N/A

Condition: Good N/A N/A

Land to Building Ratio: 0.2 : 1 N/A N/A

Effective Age: 20 N/A N/A

Remaining Economic Life: 30 N/A N/A

Highest & Best Use:

As Is: Office Parking Parking

Acquisitions:

Land Acquired: 0.3434 Acre 0.1458 Acre 0.3147 Acre

Improvement Acquired: None 26 Parking Spaces and 68 Parking Spaces and Land Improvements Land Improvements

Building Acquired: 75,941 SF Office building NA NA

16 Property: 135, 145 & 157 Delaware Avenue, Buffalo, Erie County, New York

Executive Summary: (Cont’d.)

Remaining Property: 135 Delaware Avenue 145 Delaware Avenue 157 Delaware Avenue

Land: None None None

Improvement: None None None

Building: None NA NA

Market Value Losses:

Land: Entire Acquisition

Improvement: Entire Acquisition

Consequential Loss: None

Final Loss Estimation:

Estimated Market Value: $6,450,000

Effective Date of Valuation & Exposure Time:

Date of Inspection: October 13, 2019 (Exterior Only)

Effective Date of Valuation: October 13, 2019

Estimated Exposure Time: 12 to 18 Months

17 Property: 135, 145 & 157 Delaware Avenue, Buffalo, Erie County, New York

Ownership & Occupancy:

Property ownership is noted as follows:

135 Delaware, LLC 140 North Street Buffalo New York 14201

The properties addressed are assumed to be incorporated in a joint use consisting of the multi- tenanted office building at 135 Delaware with the two adjacent parking lots assumed to serve the tenants of the building. The parking lots are also assumed to provide ancillary revenue from parking fees from daily, monthly and event users beyond the needs of the building.

Sales History:

The properties were acquired by the current owner in 2006 as recorded in deeds liber 11123 page 2913.

I am not aware of any other offerings for sale, pending contracts or options involving the subject property except as noted above. Information regarding leases was not investigated since we were directed not to contact the property owner.

Taxes and Assessments:

The properties are referenced on the city and county tax roll as follows:

Assessment & Taxes SBL 111.45-3-17 111.45-3-19 111.45-3-21.1 Address 135 Delaware Ave. 145 Delaware Ave. 157 Delaware Ave. Land $163,200 $69,600 $150,900 Improvements $4,836,800 $34,400 $76,100 Total Assessment $5,000,000 $104,000 $227,000 Equalization Rate 90.00% Equalized Assessment $5,555,556 $115,556 $252,222 County Tax $4.05 $20,250 $421 $919 Transit Mall $0.00 $0.00 $0 $0 City & School $14.61 $73,050 $1,519 $3,316 Sewer $0.83 $4,150 $86 $188 Combined Tax Rate per K $19.49 $97,450 $2,027 $4,424 Total True Tax Obligation $103,901

The assessment and taxes are the prospective levies based on the city’s recent revaluation, scheduled for implementation for the 2020-21 tax year. The assessments will be eliminated if the properties are acquired for a public use.

18 Property: 135, 145 & 157 Delaware Avenue, Buffalo, Erie County, New York

Tax Map:

Aerial:

19 Property: 135, 145 & 157 Delaware Avenue, Buffalo, Erie County, New York

Subject Photographs:

135 Delaware North & West Elevations 135 Delaware South and East Elevations

145 Delaware Parking Lot 157 Delaware Parking Lot

20 Property: 135, 145 & 157 Delaware Avenue, Buffalo, Erie County, New York

Prospective Acquisition:

The prospective acquisition of these properties is outlined in yellow on the following aerial diagram. These acquisitions will encompass each parcel in its entirety, encompassing a total area of 35,319 F (.8108 ac.) and eliminates approximately 94 parking spaces in addition to the 75,941 SF building.

Effects of the Acquisition:

The acquisition will eliminate all three parcels.

Value and Damage Analysis:

The value of the properties is developed based on sales data from the market area. Sales are summarized in the following table.

Sale No. Location Sale Date Sale Price Land Building Building $$ Area Size Square Foot LBR Parking Built 1 110 Pearl St. Jun-13 $1,325,000 0.080 38,130 $34.75 0.09 0 1900 2 138 Delaware Jun-19 $16,900,000 0.550 131,760 $128.26 0.18 67 1994 3 374 Delaware Dec-15 $1,100,000 0.450 30,150 $36.48 0.65 25 1922 4 20 Waterfront Circle Feb-14 $7,200,000 1.720 138,000 $52.17 0.54 not owned 1980 5 40 LaRiviere Aug-14 $6,875,000 0.950 103,680 $66.31 0.40 not owned 1980 6 651-661 Delaware Dec-16 $2,300,000 0.800 28,315 $81.23 0.80 55 1976 7 388 Pearl Feb-19 $1,750,000 0.210 34,055 $51.39 0.27 0 1900 8 256 Main Apr-16 $3,100,000 0.213 60,400 $51.32 0.15 0 1889 9 3 Niagara Sq. Jan-17 $5,000,000 0.740 170,000 $29.41 0.19 0 1923

Average 0.635 81,610 $59.04 Median 0.550 60,400 $51.39

Subject 135 Delaware Oct-19 0.804 75,914 0.461 94 1961

The subject has the advantage of 94 parking spaces on adjacent lots, this is a premium attribute in this market area. In addition the parking provides an added source of revenue after business hours. The subject’s Delaware Ave. location is also a significant attribute. Assuming the property occupancy is at least 90% the estimated value of the appraised properties as an operating economic unit, including the parking lots is estimated at $85.00 SF of GBA. Therefore, the market value of the fee simple interest of the three properties is estimated at $6,450,000.

There will be additional incidental costs associated with the prospective acquisition including legal fees, surveys, title reports and relocation costs for displacement of the tenants. These costs will include search time, actual relocation/moving costs and leasing commissions

166 Franklin Street

Huron Group Inc.

22 Property: 166 Franklin Street, Buffalo, Erie County, New York

Executive Summary:

Property Information:

Address: 166 Franklin Street, Buffalo, New York 14202

Parcel ID (SBL#): 111.45-3-9

Assessment / Taxes: $2,100,000 / $41,297

Ownership: Huron Group, Inc

Property Rights Appraised: Fee simple

Site Information:

Land Area: 65.83’ x 115.5’ (rectangular) 7,603 SF

Zoning: N-1D Downtown/Regional Hub

Shape: Rectangular

Frontage: 65.83’ westside of Franklin St., 115.5’ northside of W. Mohawk St. & 65.83’ eastside of Bean Alley

Utilities: All Public Utilities Available

Flood Zone: Community #360230; Panel #36029C0194H; Zone X (6/7/2019); no special flood hazard

Easements: None noted

Parking: 0 parking spaces

Wetlands: None

Environmental: No adverse conditions noted

Building Data:

Type of Property: Mixed use retail & office

Year Built: 1916

Gross Building Area (GBA): 55,080 SF

Net Rentable Area: N/A

Number of Stories: 8

Condition: Good

Land to Building Ratio: 0.14 : 1

Effective Age: 20

Remaining Economic Life: 30

Highest & Best Use:

As Is: Mixed Use Commercial

23 Property: 166 Franklin Street, Buffalo, Erie County, New York

Executive Summary: (Cont’d.)

Acquisitions:

Land Acquired: 0.1745 Acre

Improvement Acquired: None

Building Acquired: 55,080 SF Mixed use retail & office

Remaining Property:

Land: None

Improvement: None

Building: None

Market Value Losses:

Land: Entire acquisition

Improvement: Entire acquisition

Consequential Loss: None

Final Loss Estimation:

Estimated Market Value Loss: $3,029,000

Effective Date of Valuation & Exposure Time:

Date of Inspection: October 13, 2019 (Exterior Only)

Effective Date of Valuation: October 13, 2019

Estimated Exposure Time: 12 to 18 months

24 Property: 166 Franklin Street, Buffalo, Erie County, New York

Ownership & Occupancy:

Property ownership is noted as follows:

Huron Group, Inc. 295 Main Street Buffalo New York 14203

The property addressed is assumed to be a multi tenanted mixed use building housing a restaurant, offices and or apartments. Furthermore, it is assumed there is no parking associated with the property.

Sales History:

The property was acquired by the current owner in 1993 as recorded in deeds liber 10788 page 734.

Taxes and Assessments:

The property is referenced on the city and county tax roll as follows:

Assessment & TaxesSBL111.45-3-9 Address 166 Franklin Land $83,500 Improvements $2,016,500 Total Assessment $2,100,000 Equalization Rate 90.00% Equalized Assessment $2,333,333 County Tax $4.05$8,910 Transit Mall $0.00$0 City & School $14.61$32,142 Sewer $0.83$1,826 Combined Tax Rate per K $19.49$42,878 Total True Tax Obligation $42,878

The assessment and taxes are the prospective levies based on the city’s recent revaluation, scheduled for implementation for the 2020-21 tax year. The assessment will be eliminated if the property is acquired for a public use.

25 Property: 166 Franklin Street, Buffalo, Erie County, New York

Tax Map:

Aerial:

26 Property: 166 Franklin Street, Buffalo, Erie County, New York

Subject Photographs:

South and East Elevations North and West Elevations

Prospective Acquisition:

The prospective acquisition of this property is outlined in yellow on the following aerial diagram. The acquisitions will encompass the entire parcel, encompassing a total area of 7,603 SF (.1745 ac.) and eliminates the 55,080 SF building.

Effects of the Acquisition:

The acquisition will eliminate the entire parcel.

27 Property: 166 Franklin Street, Buffalo, Erie County, New York

Value and Damage Analysis:

The value of the properties is developed based on sales data from the market area. Sales are summarized in the following table.

Average 0.635 81,610 $59.04 Median 0.550 60,400 $51.39

Subject 166 Franklin Oct-19 0.175 55,080 0.14 0 1916

The subject improvement essentially covers the entire parcel and there is no associated parking. The subject’s location is less desirable than Delaware avenue exposure. Assuming the property occupancy is at least 90% the estimated value of the appraised property is $55.00 SF of GBA. Therefore, the market value of the fee simple interest of the property is estimated at $3,029,000.

172 Franklin Street

Huron Group Inc.

29 Property: 172 Franklin Street, Buffalo, Erie County, New York

Executive Summary:

Property Information:

Address: 172 Franklin Street, Buffalo, New York 14202

Parcel ID (SBL#): 111.45-3-8

Assessment / Taxes: $595,000 / $11,700

Ownership: Huron Group, Inc

Property Rights Appraised: Fee simple

Site Information:

Land Area: 24.52’ x 115.5’ (rectangular) 2,858 SF

Zoning: N-1D Downtown/Regional Hub

Shape: Rectangular

Frontage: 24.52’ westside of Franklin St. & 24.92’ eastside of Bean Alley

Utilities: All Public Utilities Available

Flood Zone: Community #360230; Panel #36029C0194H; Zone X (6/7/2019); no special flood hazard

Easements: None noted

Parking: 0 parking spaces

Wetlands: None

Environmental: No adverse conditions noted

Building Data:

Type of Property: Mixed use restaurant & apartment

Year Built: 1900

Gross Building Area (GBA): 6,444 SF

Net Rentable Area: N/A

Number of Stories: 2

Condition: Good

Land to Building Ratio: 0.44 : 1

Effective Age: 40

Remaining Economic Life: 10

Highest & Best Use:

As Is: Mixed Use Commercial

30 Property: 172 Franklin Street, Buffalo, Erie County, New York

Executive Summary: (Cont’d)

Acquisitions:

Land Acquired: 0.0656 Acre

Improvement Acquired: None

Building Acquired: 6,444 SF Mixed use restaurant & apartment

Remaining Property:

Land: None

Improvement: None

Building: None

Market Value Losses:

Land: Entire acquisition

Improvement: Entire acquisition

Consequential Loss: N/A

Final Loss Estimation:

Estimated Market Value Loss: $515,500

Effective Date of Valuation & Exposure Time:

Date of Inspection: October 13, 2019 (Exterior Only)

Effective Date of Valuation: October 13, 2019

Estimated Exposure Time: 12 to 18 months

31 Property: 172 Franklin Street, Buffalo, Erie County, New York

Ownership & Occupancy:

Property ownership is noted as follows:

Huron Group, Inc. 295 Main Street Buffalo New York 14203

The property addressed appears to house a vacant restaurant/tavern and upper floor apartment. Furthermore, it is assumed there is no parking associated with the property.

Sales History:

The property was acquired as part of a four parcel purchase on October 24, 2012. The deed is recorded in liber 11231 page 9381. The purchase also included 176, 178 Franklin Street and 1 Bean Alley addressed in the next appraisal segment.

Taxes and Assessments:

The property is referenced on the city and county tax roll as follows:

Assessment & TaxesSBL111.45-3-8 Address 172 Franklin Land $31,600 Improvements $563,400 Total Assessment $595,000 Equalization Rate 90.00% Equalized Assessment $661,111 County Tax $4.05$2,410 Transit Mall $0.00$0 City & School $14.61$8,693 Sewer $0.83$494 Combined Tax Rate per K $19.49$11,597 Total True Tax Obligation $11,597

32 Property: 172 Franklin Street, Buffalo, Erie County, New York

Tax Map:

Aerial:

33 Property: 172 Franklin Street, Buffalo, Erie County, New York

Subject Photographs:

East Elevation West Elevation

Prospective Acquisition:

The prospective acquisition of this property is outlined in yellow on the following aerial diagram. The acquisition will encompass the entire parcel, encompassing a total area of 2,858 SF (.0656 ac.) and eliminates the 6,444 SF building.

Effects of the Acquisition:

The acquisition will eliminate the entire parcel.

34 Property: 172 Franklin Street, Buffalo, Erie County, New York

Value and Damage Analysis:

The value of the properties is developed based on sales data from the market area. Sales are summarized in the following table.

Sale No. Location Sale Date Sale Price Land Building Building $$ Area Size Square Foot LBR Parking Built 1 42 West Chippewa Apr-14 $300,000 0.060 5,292 $56.69 0.04 0 1900 2 436 Franklin Aug-15 $360,000 0.160 5,092 $70.70 1.37 6 1900 3 50 Broadway Jul-15 $499,000 0.170 6,275 $79.52 1.18 8 1900 4 486-492 Elmwood Oct-15 $700,000 0.180 7,099 $98.61 1.1 0 2002-1910 5 492 Pearl May-19 $721,000 0.150 4,088 $176.37 1.58 0 1880's 6 423 Elmwood Nov-14 $420,000 0.110 4,000 $105.00 1.20 0 1920's 7 220 Franklin Oct-15 $600,000 0.247 7,373 $81.38 1.46 4 1922 Average 0.154 5,603 $95.47 Median 0.155 5,192 $89.06

Subject 174 Franklin Oct-19 0.066 6,444 0.444 0 1900

The subject improvement essentially covers the entire parcel and there is no associated parking. The subject’s location is less desirable than Delaware avenue exposure. The building appears to be vacant but was operated as a tavern possible with upper floor apartment(s). Based on the conditions observed from the exterior inspection the estimated market value is $80.00 SF of GBA. Therefore, the market value of the fee simple interest of the property is estimated at $515,500.

176 Franklin Street 178 Franklin Street & 1 Bean Alley

Huron Group Inc.

36 Property: 176 & 178 Franklin Street & 1 Bean Alley, Buffalo, Erie County, New York

Executive Summary:

Property Information:

Address: 176 Franklin Street 178 Franklin Street 1 Bean Alley Buffalo, New York 14202 Buffalo, New York 14202 Buffalo, New York 14202

Parcel ID (SBL#): 111.45-3-6.1 111.45-3-6.2 111.45-3-10

Assessment / Taxes: $382,000 / $7,445 $11,300 / $220 $14,600 / $285

Ownership: Huron Group, Inc Huron Group, Inc Huron Group, Inc

Property Rights Appraised: Fee Simple Fee Simple Fee Simple

Site Information:

Land Area: 25’ x 80’ (Rectangular) 25’ x 35.5’ (Rectangular) 25.25’ x 35.5’ 2,000 SF 887.5 SF (Rectangular) 896.38 SF

Zoning: N-1D N-1D N-1D Downtown/Regional Hub Downtown/Regional Hub Downtown/Regional Hub

Shape: Rectangular Rectangular Rectangular

Frontage: 25’ W/S of Franklin St. 25’ E/S of Bean Alley 25.25’ E/S of Bean Alley

Utilities: All Public Available All Public Available All Public Available

Flood Zone: No Special Flood Hazard No Special Flood Hazard No Special Flood Hazard

Easements: None Noted None Noted None Noted

Parking: 0 Parking Spaces 4 Parking Spaces 4 Parking Spaces

Wetlands: None None None

Environmental: No Adverse No Adverse No Adverse Conditions Noted Conditions Noted Conditions Noted

Building Data:

Type of Property: Mixed Use-Rest/Apt Parking Lot Parking Lot

Year Built: 1890 N/A N/A

Gross Building Area (GBA): 4,826 SF N/A N/A

Net Rentable Area: N/A N/A N/A

Number of Stories: 3 N/A N/A

Condition: Good N/A N/A

Land to Building Ratio: 0.41 : 1 N/A N/A

Effective Age: 20 N/A N/A

Remaining Economic Life: 30 N/A N/A

Highest & Best Use:

As Is: Mixed use commercial Parking Parking

Acquisitions:

Land Acquired: 0.0459 Acre 0.0204 Acre 0.0206 Acre

Improvement Acquired: None 4 Parking Spaces and 4 Parking Spaces and Land Improvements Land Improvements

Building Acquired: 4,826 SF Mixed Use None None Restaurant & Apartment

37 Property: 176 & 178 Franklin Street & 1 Bean Alley, Buffalo, Erie County, New York

Executive Summary (Cont’d.)

Remaining Property: 176 Franklin Street 178 Franklin Street 1 Bean Alley

Land: None None None

Improvement: None None None

Building: None NA NA

Market Value Losses:

Land: Entire Acquisition

Improvement: Entire Acquisition

Consequential Loss: None

Final Loss Estimation:

Estimated Market Value: $603,000

Effective Date of Valuation & Exposure Time:

Date of Inspection: October 13, 2019 (Exterior Only)

Effective Date of Valuation: October 13, 2019

Estimated Exposure Time: 12 to 18 Months

38 Property: 176 & 178 Franklin Street & 1 Bean Alley, Buffalo, Erie County, New York

Ownership & Occupancy:

Property ownership is noted as follows:

Huron Group, Inc. 295 Main Street Buffalo New York 14203

The property addressed as 176 Franklin is a 3 story mixed use store front with upper floor offices and an apartment. The parcels referred to as 178 Franklin and 1 Bean Alley are parking areas at the rear of 176 Franklin, accessed from Bean Alley.

The ground floor is occupied by a tatto parlor and salon.

Sales History:

The properties were acquired as part of a four parcel purchase on October 24, 2012. The deed is recorded in liber 11231 page 9381. The purchase also included 174 Franklin Street, previously addressed.

Taxes and Assessments:

The property is referenced on the city and county tax roll as follows:

Assessment & Taxes SBL 111.45-3-6.1111.45-3-6.2111.45-3-10 Address 176 Franklin 178 Franklin 1 Bean Alley Land $21,700 $9,600 $9,600 Improvements $360,300$1,700 $5,000 Total Assessment $382,000$11,300$14,600 Equalization Rate 90.00% Equalized Assessment $424,444$12,556$16,222 County Tax $4.05$1,547 $46 $59 Transit Mall $0.00$0 $0 $0 City & School $14.61$5,581 $165 $213 Sewer $0.83$317 $9 $12 Combined Tax Rate per K $19.49$7,445 $220 $285 Total True Tax Obligation $7,950

39 Property: 176 & 178 Franklin Street & 1 Bean Alley, Buffalo, Erie County, New York

Tax Map:

Aerial:

40 Property: 176 & 178 Franklin Street & 1 Bean Alley, Buffalo, Erie County, New York

Subject Photographs:

Front View – Franklin Street 1 Bean Alley – Parking Area

178 Franklin – Parking Area

41 Property: 176 & 178 Franklin Street & 1 Bean Alley, Buffalo, Erie County, New York

Prospective Acquisition:

The prospective acquisition of this property is outlined in yellow on the following aerial diagram. The acquisitions of these parcels will encompass each parcel in its entirety, a total area of 3,784 SF (.0869 ac.) and eliminates the 4,826 SF building located at 176 Franklin.

Effects of the Acquisition:

The acquisition includes all three parcels.

Value and Damage Analysis:

The value of the properties is developed based on sales data from the market area. Sales are summarized in the following table.

Sale No. Location Sale Date Sale Price Land Building Building $$ Area Size Square Foot LBR Parking Built 1 185 Allen May-17 $740,000 0.130 3,752 $197.23 1.5 1 1900 2 423 Elmwood Nov-14 $420,000 0.110 4,000 $105.00 1.20 0 1920's 3 486-492 Elmwood Oct-15 $700,000 0.180 7,099 $98.61 1.1 0 2002-1910 4 1650-1652 Elmwood Jul-19 $449,900 0.130 3,996 $112.59 1.42 2 1930 5 85 West Chippewa Jun-18 $1,160,000 0.070 4,834 $239.97 0.63 0 1910 Average 0.124 4,736 $150.68 Median 0.130 4,000 $112.59

Subject 176, 178 Franklin & 1 Bean alley Oct-19 0.087 4,826 0.784 8 1890

The subject improvement essentially covers the entire parcel and there is no associated parking. The ground floor appears to be occupied by a saloon and tattoo parlor, the upper floors are assumed to be apartments. Based on the conditions observed from the exterior inspection the estimated market value is $125.00 SF of GBA. Therefore, the market value of the fee simple interest of the property is estimated at $603,000.

174 Franklin Street

AGS Holdings LLC

43 Property: 174 Franklin Street, Buffalo, Erie County, New York

Executive Summary:

Property Information:

Address: 174 Franklin Street, Buffalo, New York 14202

Parcel ID (SBL#): 111.45-3-7

Assessment / Taxes: $360,000 / $7,016

Ownership: AGS Holdings, LLC

Property Rights Appraised: Fee simple

Site Information:

Land Area: 27.3’ x 80’ (rectangular) 2,184 SF

Zoning: N-1D Downtown/Regional Hub

Shape: Rectangular

Frontage: 27.3’ westside of Franklin St

Utilities: All Public Utilities Available

Flood Zone: Community #360230; Panel #36029C0194H; Zone X (6/7/2019); no special flood hazard

Easements: None noted

Parking: 0 parking spaces

Wetlands: None

Environmental: No adverse conditions noted

Building Data:

Type of Property: Office building

Year Built: 1900

Gross Building Area (GBA): 4,372

Net Rentable Area: N/A

Number of Stories: 2

Condition: Good

Land to Building Ratio: 0.50 : 1

Effective Age: 15

Remaining Economic Life: 35

Highest & Best Use:

As Is: Office

44 Property: 174 Franklin Street, Buffalo, Erie County, New York

Executive Summary: (Cont’d.)

Acquisitions:

Land Acquired: 0.0501 Acre

Improvement Acquired: None

Building Acquired: 4,372 SF Office building

Remaining Property:

Land: None

Improvement: None

Building: None

Market Value Losses:

Land: Entire acquisition

Improvement: Entire acquisition

Consequential Loss: None

Final Loss Estimation:

Estimated Market Value Loss: $568,400

Effective Date of Valuation & Exposure Time:

Date of Inspection: October 13, 2019 (Exterior Only)

Effective Date of Valuation: October 13, 2019

Estimated Exposure Time: 12 to 18 months

45 Property: 174 Franklin Street, Buffalo, Erie County, New York

Ownership & Occupancy:

Property ownership is noted as follows:

AGS Holdings, LLC 617 South Colony Drive Grand Island New York 14072

The property addressed appears to house a professional office on two floors.

Sales History:

The property was acquired by the current owner in 2013 as recorded in deeds liber 11244 page 6543. The reported consideration was $120,000. It appears there have been substantial upgrades to the building since purchase.

Taxes and Assessments:

The property is referenced on the city and county tax roll as follows:

Assessment & TaxesSBL111.45-3-7 Address 174 Franklin Land $22,000 Improvements $338,000 Total Assessment $360,000 Equalization Rate 90.00% Equalized Assessment $400,000 County Tax $4.05$1,458 Transit Mall $0.00$0 City & School $14.61$5,260 Sewer $0.83$299 Combined Tax Rate per K $19.49$7,016 Total True Tax Obligation $7,016

46 Property: 174 Franklin Street, Buffalo, Erie County, New York

Tax Map:

Aerial:

47 Property: 174 Franklin Street, Buffalo, Erie County, New York

Subject Photographs:

Front Elevation – Franklin Street Rear (West) Elevation

Prospective Acquisition:

The prospective acquisition of this property is outlined in yellow on the following aerial diagram. The acquisition will encompass the entire parcel, encompassing a total area of 2,184 SF (.0501 ac.) and eliminates the 4,372 SF building.

Effects of the Acquisition:

The acquisition will eliminate the entire parcel.

48 Property: 174 Franklin Street, Buffalo, Erie County, New York

Value and Damage Analysis:

The value of the property is developed based on sales data from the market area. Sales are summarized in the following table.

Sale No. Location Sale Date Sale Price Land Building Building $$ Area Size Square Foot LBR Parking Built 1 618-620 Main Feb-16 $1,400,000 0.124 13,025 $107.49 0.87 10 1919 2 477 Main Nov-17 $975,000 0.070 5,700 $171.05 0.53 0 2008 3 491 Delaware Dec-15 $787,000 0.090 6,104 $128.93 0.64 8 1800's 4 227 Niagara Jun-18 $360,000 0.180 2,456 $146.58 3.26 10 1900 5 80 W. Huron Jul-18 $450,000 0.220 2,350 $191.49 4.08 19 1940 6 163 Delaware Oct-16 $720,000 0.210 2,600 $276.92 3.52 16 1980's Average 0.149 5,373 $170.41 Median 0.152 4,150 $158.82

Subject 174 Franklin Oct-19 0.050 4,372 0.499 0 1900

The subject improvement essentially covers the entire parcel and there is no associated parking. The subject’s location is less desirable than Delaware avenue exposure. The building appears to be fully occupied for office use. Based on the conditions observed from the exterior inspection the estimated market value is $130.00 SF of GBA. Therefore, the market value of the fee simple interest of the property is estimated at $568,400.

180 Franklin Street

Buffalo Academy of Science

50 Property: 180 Franklin Street, Buffalo, Erie County, New York

Executive Summary:

Property Information:

Address: 180 Franklin Street, Buffalo, New York 14202

Parcel ID (SBL#): 111.45-3-5

Assessment / Taxes: $3,955,000 / $77,083

Ownership: Buffalo Academy of Science

Property Rights Appraised: Fee simple

Site Information:

Land Area: 225.75’ x 116.01’ (rectangular) 26,189 SF

Zoning: N-1D Downtown/Regional Hub

Shape: Rectangular

Frontage: 225.75’ westside of Franklin St & 225.75’ eastside of Bean Alley

Utilities: All Public Utilities Available

Flood Zone: Community #360230; Panel #36029C0194H; Zone X (6/7/2019); no special flood hazard

Easements: None noted

Parking: 0 parking spaces

Wetlands: None

Environmental: No adverse conditions noted

Building Data:

Type of Property: Charter school

Year Built: 1952

Gross Building Area (GBA): 66,848

Net Rentable Area: N/A

Number of Stories: 3

Condition: Good

Land to Building Ratio: 0.39 : 1

Effective Age: 20

Remaining Economic Life: 30

Highest & Best Use:

As Is: Charter School

51 Property: 180 Franklin Street, Buffalo, Erie County, New York

Executive Summary: (Cont’d.)

Acquisitions:

Land Acquired: 0.6012 Acre

Improvement Acquired: None

Building Acquired: 66,848 SF Charter school

Remaining Property:

Land: None

Improvement: None

Building: None

Market Value Losses:

Land: Entire acquisition

Improvement: Entire acquisition

Consequential Loss: None

Final Loss Estimation:

Estimated Market Value Loss: $4,345,000

Effective Date of Valuation & Exposure Time:

Date of Inspection: October 13, 2019 (Exterior Only)

Effective Date of Valuation: October 13, 2019

Estimated Exposure Time: 12 to 18 months

52 Property: 180 Franklin Street, Buffalo, Erie County, New York

Ownership & Occupancy:

Property ownership is noted as follows:

Buffalo Academy of Science 190 Franklin Street Buffalo New York 14202

The property addressed is a former YMCA that was converted to a Charter School in the mid 2000.

Sales History:

The property was acquired by the current owner in on October 30, 2015 as recorded in deeds liber 11287 page 6271. The reported consideration was $4,150,000.

Taxes and Assessments:

The property is referenced on the city and county tax roll as follows:

Assessment & TaxesSBL111.45-3-5 Address 180 Franklin Land $285,900 Improvements $3,669,100 Total Assessment $3,955,000 Equalization Rate 90.00% Equalized Assessment $4,394,444 County Tax $4.05$16,018 Transit Mall $0.00$0 City & School $14.61$57,783 Sewer $0.83$3,283 Combined Tax Rate per K $19.49$77,083 Total True Tax Obligation $77,083

The assessment and taxes are the prospective levies based on the city’s recent revaluation, scheduled for implementation for the 2020-21 tax year. The taxes noted are as if fully taxable.

The property is currently tax exempt except for the sewer levy. The assessment will be eliminated if the property is acquired for a public use.

53 Property: 180 Franklin Street, Buffalo, Erie County, New York

Tax Map:

Aerial:

54 Property: 180 Franklin Street, Buffalo, Erie County, New York

Subject Photographs:

East (Front) and North Elevations West (Rear) Elevation

Prospective Acquisition:

The prospective acquisition of this property is outlined in yellow on the following aerial diagram. The acquisitions will encompass the entire parcel, encompassing a total area of 26,189 SF (.6012 ac.) and eliminates the 66,848 SF building.

Effects of the Acquisition:

The acquisition will eliminate the entire parcel.

55 Property: 180 Franklin Street, Buffalo, Erie County, New York

Value and Damage Analysis:

The value of the property is developed based on sales data from the market area. Sales are summarized in the following table.

Sale No. Location Sale Date Sale Price Land Building Building $$ Area Size Square Foot LBR Parking Built 1 888 Delaware Oct-19 $1,300,000 1.530 59,515 $21.84 1.12 10 1919 2 409-415 Elmwood Aug-19 $875,000 0.360 10,932 $80.04 1.43 22 1925 3 102 Buffum Jun-17 $1,001,600 6.610 45,693 $21.92 6.3 60 1922 4 30 Johnson, Lacawanna Oct-16 $2,800,000 1.500 34,960 $80.09 1.87 10 1900 5 404 Edison Jan-15 $746,660 2.190 29,025 $25.72 3.29 60 1958 6 655 Hertel Jul-16 $3,100,000 8.640 61,336 $50.54 6.13 98 1957 7 110 Broadway Jul-19 $3,100,000 1.140 56,591 $54.78 0.88 48 1984

Average 3.139 42,579 $47.85 Median 1.860 40,327 $50.54

Subject 180 Franklin Oct-19 0.601 66,848 0.392 4 1952

The subject improvement essentially covers the entire parcel and there is very limited associated parking. The sales employed in the analysis include other charter schools and properties that offer similar potential uses. The subject’s location in an urban CBD is somewhat unusual for the current use and does not offer an advantage over other charter school locations.

The market data analyzed indicates value of the fee simple interest to be no more than $65.00 SF of GBA and an overall property value of $4,345,000.

187 Franklin Street

Forty-Fifth St Holdings NY Inc.

57 Property: 187 Franklin Street, Buffalo, Erie County, New York

Executive Summary:

Property Information:

Address: 187 Franklin Street, Buffalo, New York 14202

Parcel ID (SBL#): 111.46-12-1

Assessment / Taxes: $780,000 / $19,919

Ownership: Forty-Fifth St Holdings NY, Inc

Property Rights Appraised: Fee simple

Site Information:

Land Area: 202.51’ x 233.7’ (rectangular) 47,326 SF

Zoning: N-1D Downtown/Regional Hub

Shape: Rectangular

Frontage: 202.51’ eastside of Franklin St, 233.7’ southside of W. Huron St. & 202.51’ westside of Pearl St.

Utilities: All Public Utilities Available

Flood Zone: Community #360230; Panel #36029C0194H & 36029C0213H; Zone X (6/7/2019) no special flood hazard

Easements: None noted

Parking: 145 parking spaces

Wetlands: None

Environmental: No adverse conditions noted

Building Data:

Type of Property: Parking lot

Year Built: N/A

Gross Building Area (GBA): N/A

Highest & Best Use:

As Is: Parking lot

58 Property: 187 Franklin Street, Buffalo, Erie County, New York

Executive Summary: (Cont’d.)

Acquisitions:

Land Acquired: 1.0865 Acres

Improvement Acquired: 145 Parking spaces and land improvements

Building Acquired: None

Remaining Property:

Land: None

Improvement: None

Building: NA

Market Value Losses:

Land: Entire acquisition

Improvement: Entire acquisition

Consequential Loss: None

Final Loss Estimation:

Estimated Market Value Loss: $2,275,000

Effective Date of Valuation & Exposure Time:

Date of Inspection: October 13, 2019

Effective Date of Valuation: October 13, 2019

Estimated Exposure Time: 12 to 18 months

59 Property: 187 Franklin Street, Buffalo, Erie County, New York

Ownership & Occupancy:

Property ownership is noted as follows:

Forty-Fifth St Holdings NY, Inc. 11 King St. W. Suite 300 Toronto, Ontario M5H Canada

The property addressed is a surface parking lot operating under hourly / daily rates.

Sales History:

The property was acquired by the current owner in 1998 as recorded in deeds liber 10942 page 9808.

I am not aware of any other offerings for sale, pending contracts or options involving the subject property except as noted above. Information regarding leases and or rates was not investigated since we were directed not to contact the property owner.

Taxes and Assessments:

The property is referenced on the city and county tax roll as follows:

Assessment & Taxes SBL 111.46-12-1 Address 187 Franklin Land $517,000 Improvements $263,000 Total Assessment $780,000 Equalization Rate 90.00% Equalized Assessment $866,667 County Tax $4.05 $3,159 Transit Mall formula $2,082 City & School $14.61 $11,396 Sewer $0.83 $3,283 Combined Tax Rate per K $19.49 $19,919 Total True Tax Obligation $19,919

This property is also obligated for the Mall taxes which would also be eliminated.

60 Property: 187 Franklin Street, Buffalo, Erie County, New York

Tax Map:

Aerial:

61 Property: 187 Franklin Street, Buffalo, Erie County, New York

Subject Photographs:

Subject Viewing Southwest Subject Viewing Southeast

Prospective Acquisition:

The prospective acquisition of this property is outlined in yellow on the following aerial diagram. The acquisitions will encompass the entire parcel, encompassing a total area of 47,326 SF (1.0865 ac.) and eliminates the 145 parking spaces.

Effects of the Acquisition:

The acquisition will eliminate the entire parcel.

62 Property: 187 Franklin Street, Buffalo, Erie County, New York

Value and Damage Analysis:

The value of the property is developed based on sales data from the market area. Sales are summarized in the following table.

Sale No. Location Sale Date Sale Price Area Unit Prices w/ Demo Square Feet Acres Square Feet Acre Remarks 1933 Michigan Ave. Mar-13$500,00014,5930.335$34.26$1,492,537parking lot 2234-238 Main Jun-17$1,250,00021,6490.497$57.74$2,515,091parking lot 3905 Elmwood May-15$1,550,00025,2650.580$61.35$2,672,414new development 41159 Main St. Apr-14$1,767,00054,4501.250$32.45$1,413,600future development 575 Main St. Mar-13$2,199,82881,0221.860$27.15$1,182,703new development 6234 Delaware Aug-12$4,500,00084,9421.950$52.98$2,307,692new development 7677 Washington StreetNov-18$3,103,00087,1202.000$35.62$1,551,500new development 8169 W. Utica Jul-16$1,800,00049,2231.130$36.57$1,592,920new development 9470 Pearl Street Jan-16$1,850,00046,174 1.060 $40.07 $1,745,283 surface parking lot Average51,6041.18$42.02$1,830,416 Median51,8361.130$36.57$1,572,210

These sales, after considering adjustments for property rights, conditions of sale, financing and physical variables including location indicate a value of $45.00 per square foot.

Applied to the land being considered for the acquisition 47,326 SF (1.0865 acres) indicates a value of $2,130,000.

In addition there is a value associated with the paving and related parking lot improvements that will be lost estimated at a deprecated value in place at $1,000 per space (145 spaces) or $145,000.

Therefore the estimated value of the acquisition is estimated at $2,275,000.

79 West Mohawk Street

Skydeck Corporation

64 Property: 79 West Mohawk Street, Buffalo, Erie County, New York

Executive Summary:

Property Information

Address: 79 West Mohawk Street, Buffalo, New York 14202

Parcel ID (SBL#): 111.45-3-11.12

Assessment / Taxes: $435,000 / $8,478

Ownership: Skydeck Corporation

Property Rights Appraised: Fee simple

Site Information:

Land Area: 99.5’ x irregular (irregular) 26,219 SF (.6019 ac.)

Zoning: N-1D Downtown/Regional Hub

Shape: Irregular

Frontage: 99.5’ northside of W. Mohawk, 36.75’ eastside of Delaware & 220.85’ westside of Bean Alley

Utilities: All Public Utilities Available

Flood Zone: Community #360230; Panel #36029C0194H; Zone X (6/7/2019) no special flood hazard

Easements: None noted

Parking: 82 parking spaces

Wetlands: None

Environmental: No adverse conditions noted

Building Data:

Type of Property: Parking lot

Year Built: N/A

Gross Building Area (GBA): N/A

Highest & Best Use:

As Is: Parking lot

65 Property: 79 West Mohawk Street, Buffalo, Erie County, New York

Executive Summary: (cont’d)

Acquisitions:

Land Acquired: 0.6019 Acre (26,219 SF)

Improvement Acquired: 82 Parking spaces and land improvements

Building Acquired: None

Remaining Property:

Land: None

Improvement: None

Building: NA

Market Value Losses:

Land: Entire acquisition

Improvement: Entire acquisition

Consequential Loss: None

Final Loss Estimation:

Estimated Market Value: $1,524,000

Effective Date of Valuation & Exposure Time:

Date of Inspection: October 13, 2019

Effective Date of Valuation: October 13, 2019

Estimated Exposure Time: 6 to 18 months

66 Property: 79 West Mohawk Street, Buffalo, Erie County, New York

Ownership & Occupancy:

Property ownership is noted as follows:

Skydeck Corporation 257 Franklin Street Buffalo New York 14202

The property is currently used as a surface parking lot, occupancy is assumed to be subject to short term month to month parking agreements.

Sales History:

The property was acquired by the current owner in September 2006 as recorded in deeds liber 11119 page 2362. The reported consideration was $1,300,000.

I am not aware of any transactions, contracts, including leases, offerings for sale or lease, pending contracts or options involving the subject property except as noted above.

Taxes and Assessments:

The property is referenced on the city and county tax roll as follows:

Assessment & Taxes SBL 111.45-3-11.12 Address 79 West Mohawk Land $288,400 Improvements $146,600 Total Assessment $435,000 Equalization Rate 90.00% Equalized Assessment $483,333 County Tax $4.05 $1,762 Transit Mall $0.00 $0 City & School $14.61 $6,355 Sewer $0.83 $361 Combined Tax Rate per K $19.49 $8,478 Total True Tax Obligation $8,478

67 Property: 79 West Mohawk Street, Buffalo, Erie County, New York

Tax Map:

Aerial:

68 Property: 79 West Mohawk Street, Buffalo, Erie County, New York

Subject Photographs:

West Mohawk View Delaware Access View

Prospective Acquisition:

The prospective acquisition from this property is outlined in yellow on the following aerial diagram. These “taking” will encompass the entire property, a total area of .506 acre and eliminates approximately 75 parking spaces.

69 Property: 79 West Mohawk Street, Buffalo, Erie County, New York

Value and Damage Analysis:

The direct loss for the land are measured based on the land sales that have occurred in the CBD and surrounding area over the past several years summarized as follows:

Adjustments are considered for property rights, conditions of sale, financing and physical variables including location and the easement along the west property line that affects approximately 4,600 SF of the property. Based on this analysis the property value a value of $55.00 per square foot.

Applied to the land being considered for the acquisition 26,219 SF (.6019 acre) indicates a value of $1,442,000.

In addition there is a value associated with the paving and related parking lot improvements that will be lost estimated at a deprecated value in place at $1,000 per space (82 spaces) or $82,000.

Therefore the total estimated value of the acquisition is estimated at $1,524,000.

The owner of the subject property has an ownership relationship with the owner(s) of the adjacent Statler property. Therefore, the reader should note there is potential for a claim of consequential damages by the owner of the adjacent Statler Hotel property. However, as of the date of this appraisal the “Statler” is a grossly underutilized facility. Furthermore, the potential of a new convention center adjacent to the Statler would likely create a substantial “special benefit” to it, offsetting any potential consequential losses (damages) of the subject parking lot.

153 Delaware Avenue

Hotchkiss-Lothrop House LLC

71 Property: 153 Delaware Avenue, Buffalo, Erie County, New York

Executive Summary:

Property Information

Address: 153 Delaware Avenue, Buffalo, New York 14202

Parcel ID (SBL#): 111.45-3-20

Assessment / Taxes: $185,000 / $3,606

Ownership: Hotchkiss-Lothrop House, LLC

Property Rights Appraised: Fee simple

Site Information:

Land Area: 49.5’ x 134’ (rectangular) 6,633 SF

Zoning: N-1D Downtown/Regional Hub

Shape: Rectangular

Frontage: 49.5’ eastside of Delaware Ave.

Utilities: All Public Utilities Available

Flood Zone: Community #360230; Panel #36029C0194H; Zone X (6/7/2019) no special flood hazard

Easements: None noted

Parking: 0 parking spaces

Wetlands: None

Environmental: No adverse conditions noted

Building Data:

Type of Property: Converted mansion to restaurant

Year Built: 1900

Gross Building Area (GBA): 5,828

Net Rentable Area: NA

Number of Stories: 2

Condition: Good

Land to Building Ratio: 1.14 : 1

Effective Age: 50

Remaining Economic Life: 10

Highest & Best Use:

As Is: Office use

72 Property: 153 Delaware Avenue, Buffalo, Erie County, New York

Executive Summary: (cont’d)

Acquisitions:

Land Acquired: 0.1523 Acre (6,633 SF)

Improvement Acquired: None

Building Acquired: 5,828 SF Converted mansion former restaurant

Remaining Property:

Land: None

Improvement: None

Building: None

Market Value Losses:

Land: Entire acquisition

Improvement: Entire acquisition

Consequential Loss: None

Final Loss Estimation:

Estimated Market Value: $408,000

Effective Date of Valuation & Exposure Time:

Date of Inspection: October 13, 2019 (Exterior Only)

Effective Date of Valuation: October 13, 2019

Estimated Exposure Time: 12 to 18 months

73 Property: 153 Delaware Avenue, Buffalo, Erie County, New York

Ownership & Occupancy:

Property ownership is noted as follows:

Hotchkiss-Lathrop House LLC 153 Delaware Ave. Buffalo NY 14202

The building appears to be used as an office.

Sales History:

The property was acquired by the current owner in 2006 as recorded in deeds liber 11123 page 4681. The reported consideration was $205,000.

Taxes and Assessments:

The property is referenced on the city and county tax roll as follows:

Assessment & Taxes SBL 111.45-3-20 Address 153 Delaware Land $72,200 Improvements $112,800 Total Assessment $185,000 Equalization Rate 90.00% Equalized Assessment $205,556 County Tax $4.05 $749 Transit Mall $0.00 $0 City & School $14.61 $2,703 Sewer $0.83 $154 Combined Tax Rate per K $19.49 $3,606 Total True Tax Obligation $3,606

74 Property: 153 Delaware Avenue, Buffalo, Erie County, New York

Tax Map:

Aerial:

75 Property: 153 Delaware Avenue, Buffalo, Erie County, New York

Subject Photographs:

North & West Elevations South & East Elevations

Prospective Acquisition:

The prospective acquisition of this property is outlined in yellow on the following aerial diagram. The acquisition will encompass the entire parcel, encompassing a total area of 6,633 SF (.1523 ac.) and eliminates the 4,372 SF building.

Effects of the Acquisition:

The acquisition will eliminate the entire parcel.

76 Property: 153 Delaware Avenue, Buffalo, Erie County, New York

Value and Damage Analysis:

The value of the property is developed based on sales data from the market area. Sales are summarized in the following table.

Sale No. Location Sale Date Sale Price Land Building Building $$ Area Size Square Foot LBR Parking Built 1 1296 Delaware Sep-17 $415,000 0.230 7,222 $57.46 1.39 4 car gar 1910 2 525 Main Street Mar-18 $486,000 0.120 8,353 $58.18 0.62 0 1900 3 220 Franklin Oct-15 $600,000 0.270 7,373 $81.38 1.46 4 bay gar 1922 4 50 Broadway Jul-15 $499,000 0.170 6,275 $79.52 1.18 gar & 6 cars 1900 5 436 Franklin Aug-15 $360,000 0.160 5,092 $70.70 1.37 6 cars 1900 Average 0.190 6,863 $69.45 Median 0.170 7,222 $70.70

Subject 174 Franklin Oct-19 0.150 5,828 1.12 0 1900

The subject improvement essentially covers the entire parcel and there is no associated parking. The subject’s location on Delaware Avenue is highly desirable. The building appears to be occupied for office use.

Based on the conditions observed from the exterior inspection the estimated market value is $70.00 SF of GBA. Therefore, the market value of the fee simple interest of the property is estimated at $408,000.

The reader should note this building has the potential of landmark status which raises the potential of a historic preservation status. Currently the building is not a defined historic site.

163 Delaware Avenue

Buffalo Development Corporation

78 Property: 163 Delaware Avenue, Buffalo, Erie County, New York

Executive Summary:

Property Information

Address: 163 Delaware Avenue, Buffalo, New York 14202

Parcel ID (SBL#): 111.45-3-23

Assessment / Taxes: $468,000 / $9,121

Ownership: Skydeck Corporation

Property Rights Appraised: Fee simple

Site Information:

Land Area: 90’ x 100’ (rectangular) 9,000 SF (.2066 ac.)

Zoning: N-1D Downtown/Regional Hub

Shape: Rectangular

Frontage: 90’ southside of W. Huron St., 100’ eastside of Delaware Ave

Utilities: All Public Utilities Available

Flood Zone: Community #360230; Panel #36029C0194H; Zone X (6/7/2019) no special flood hazard

Easements: None noted

Parking: 16 parking spaces

Wetlands: None

Environmental: No adverse conditions noted

Building Data:

Type of Property: Office & parking lot

Year Built: 1980’s

Gross Building Area (GBA): 2,600

Net Rentable Area: NA

Number of Stories: 1

Condition: Average

Land to Building Ratio: 3.46 : 1

Effective Age: 20

Remaining Economic Life: 30

Highest & Best Use:

As Is: Office

79 Property: 163 Delaware Avenue, Buffalo, Erie County, New York

Executive Summary: (cont’d)

Acquisitions:

Land Acquired: 0.2066 Acre (9,000 SF)

Improvement Acquired: 16 Parking spaces and land improvements

Building Acquired: 2,600 SF Office building

Remaining Property:

Land: None

Improvement: None

Building: None

Market Value Losses:

Land: Entire acquisition

Improvement: Entire acquisition

Consequential Loss: None

Final Loss Estimation:

Estimated Market Value: $720,000

Effective Date of Valuation & Exposure Time:

Date of Inspection: October 13, 2019 (Exterior Only)

Effective Date of Valuation: October 13, 2019

Estimated Exposure Time: 12 to 18 months

80 Property: 163 Delaware Avenue, Buffalo, Erie County, New York

Ownership & Occupancy:

Property ownership is noted as follows:

Buffalo Development Corporation 257 Franklin Street Buffalo New York 14202

The property appears to be a professional office and there is on site parking.

Sales History:

The property was acquired by the current owner on October 24, 2016 as recorded in deeds liber 11303 page 8511. The reported consideration was $720,000. The building was used as an office at the time of sale.

Taxes and Assessments:

The property is referenced on the city and county tax roll as follows:

Assessment & TaxesSBL111.45-3-23 Address 163 Delaware Ave. Land $99,000 Improvements $369,000 Total Assessment $468,000 Equalization Rate 90.00% Equalized Assessment $520,000 County Tax $4.05 $1,895 Transit Mall $0.00 $0 City & School $14.61$6,837 Sewer $0.83 $388 Combined Tax Rate per K $19.49$9,121 Total True Tax Obligation $9,121

81 Property: 163 Delaware Avenue, Buffalo, Erie County, New York

Tax Map:

Aerial:

82 Property: 163 Delaware Avenue, Buffalo, Erie County, New York

Subject Photographs:

West & North Elevations South & East Elevations

Prospective Acquisition:

The prospective acquisition of this property is outlined in yellow on the following aerial diagram. The acquisition will encompass the entire parcel, encompassing a total area of 9,000 SF (.2066 ac.) and eliminates the 2,600 SF building.

Effects of the Acquisition:

The acquisition will eliminate the entire parcel.

83 Property: 163 Delaware Avenue, Buffalo, Erie County, New York

Value and Damage Analysis:

The value of the property is developed based on sales data from the market area. Sales are summarized in the following table.

Subject 163 Delaware Oct-19 0.207 2,600 0.499 0 1980's

The subject improvement is a relatively modern one story class C masonry office with the added benefit of on site parking for approximately 16 vehicles.

The property also enjoys the benefit of a corner exposure on Delaware at West Huron. The building appears to be fully occupied for office use. Based on the conditions observed from the exterior inspection and considering the recent sale of the property, market value in fee simple interest is estimated at $720,000.

The owner of the subject property has an ownership relationship with the owner(s) of the adjacent Curtis Hotel. Therefore, the reader should note there is potential for a claim of consequential damages by the owner of the adjacent Curtis Hotel property. The potential of a new convention center adjacent to the Curtis Hotel would likely create a substantial “special benefit” to it, offsetting any potential consequential losses (damages) of the subject property.

Furthermore, the appraised property is its own economic unit from a market standpoint.

80 West Huron

Kooshmerica LLC

85 Property: 80 West Huron Street, Buffalo, Erie County, New York

Executive Summary:

Property Information

Address: 80 West Huron Street, Buffalo, New York 14202

Parcel ID (SBL#): 111.45-3-1.1

Assessment / Taxes: $323,000 / $6,295

Ownership: Kooshmerica, LLC

Property Rights Appraised: Fee simple

Site Information:

Land Area: 86’ x 110’ (rectangular) 9,460 SF (.2172 ac.)

Zoning: N-1D Downtown/Regional Hub

Shape: Rectangular

Frontage: 86’ southside of West Huron Street

Utilities: All Public Utilities Available

Flood Zone: Community #360230; Panel #36029C0194H; Zone X (6/7/2019) no special flood hazard

Easements: None noted

Parking: 26 parking spaces

Wetlands: None

Environmental: No adverse conditions noted

Building Data:

Type of Property: Office building

Year Built: 1940

Gross Building Area (GBA): 2,350

Net Rentable Area: NA

Number of Stories: One

Condition: Good

Land to Building Ratio: 4.03 : 1

Effective Age: 20

Remaining Economic Life: 30

Highest & Best Use:

As Is: Office with parking

86 Property: 80 West Huron Street, Buffalo, Erie County, New York

Executive Summary: (cont’d)

Acquisitions:

Land Acquired: 0.2172 Acre (9,460 SF)

Improvement Acquired: 26 Parking spaces and land improvements

Building Acquired: 2,350 SF Office building

Remaining Property:

Land: None

Improvement: None

Building: None

Market Value Losses:

Land: Entire acquisition

Improvement: Entire acquisition

Consequential Loss: None

Final Loss Estimation:

Estimated Market Value: $587,500

Effective Date of Valuation & Exposure Time:

Date of Inspection: October 13, 2019 (Exterior Only)

Effective Date of Valuation: October 13, 2019

Estimated Exposure Time: 12 to 18 months

87 Property: 80 West Huron Street, Buffalo, Erie County, New York

Ownership & Occupancy:

Property ownership is noted as follows:

Kooshmerica LLC 80 West Huron Street Buffalo, NY 14202

The property appears to be a professional office and there is on site parking.

Sales History:

The property was acquired by the current owner on July 29, 2018 as recorded in deeds liber 11332 page 4910. The reported consideration was $450,000. The building was used as an office at the time of sale.

Taxes and Assessments:

The property is referenced on the city and county tax roll as follows:

Assessment & TaxesSBL111.45-3-1.1 Address 80 West Huron Land $104,100 Improvements $218,900 Total Assessment $323,000 Equalization Rate 90.00% Equalized Assessment $358,889 County Tax $4.05 $1,308 Transit Mall $0.00 $0 City & School $14.61$4,719 Sewer $0.83 $268 Combined Tax Rate per K $19.49$6,295 Total True Tax Obligation $6,295

88 Property: 80 West Huron Street, Buffalo, Erie County, New York

Tax Map:

Aerial:

89 Property: 80 West Huron Street, Buffalo, Erie County, New York

Subject Photographs:

North & West Elevations South & West Elevations

Prospective Acquisition:

The prospective acquisition of this property is outlined in yellow on the following aerial diagram. The acquisition will encompass the entire parcel, encompassing a total area of 9,460 SF (.2172 ac.) and eliminates the 4,372 SF building.

Effects of the Acquisition:

The acquisition will eliminate the entire parcel.

90 Property: 80 West Huron Street, Buffalo, Erie County, New York

Value and Damage Analysis:

The value of the property is developed based on sales data from the market area. Sales are summarized in the following table.

Subject 80 West Huron Oct-19 0.217 2,350 4.02 26 1940's

The subject improvement is a relatively modern one story class C masonry office with the added benefit of on site parking for approximately 26 vehicles.

The building appears to be fully occupied for office use with recent updates. Based on the conditions observed from the exterior inspection and considering the recent sale of the property, market value in fee simple interest is estimated at $587,500.

91 Property: 80 West Huron Street, Buffalo, Erie County, New York

196 Franklin Street 76 West Huron Street & 75 West Mohawk Street

Shane Enterprises of Buffalo

92 Property: 196 Franklin Street , 76 West Huron Street & 75 West Mohawk Street, Buffalo, Erie County, New York

Executive Summary:

Property Information:

Address: 196 Franklin Street 76 West Huron Street 75 West Mohawk Street Buffalo, New York Buffalo, NY Buffalo, NY

Parcel ID (SBL#): 111.45-3-4 111.45-3-3 111.45-3-11.11

Assessment / Taxes: $200,000 / $3,933 $73,000 / $1,436 $188,000 / $3,697

Ownership: Shane Enterprises of Shane Enterprises of Shane Enterprises of Buffalo, Inc Buffalo, Inc Buffalo, Inc

Property Rights Appraised: Fee Simple Fee Simple Fee Simple

Site Information:

Land Area: 105’ X 115.5’ 40’ X 110’ 140.5’ X 87.5’ Avg. (Rectangular) (Rectangular) (Sl. Irregular) 12,127.5 SF 4,400 SF 10,837.5 SF

Zoning: N-1D N-1D N-1D Downtown/Regional Hub Downtown/Regional Hub Downtown/Regional Hub

Shape: Rectangular Rectangular Slightly Irregular

Frontage: 105’ W/S of Franklin, 40’ S/S of W. Huron & 140.5’ W/S of Bean Alley 115.5’ S/S of W. Huron 110’ W/S of Bean Alley & 105’ E/S of Bean Alley

Utilities: All Public Available All Public Available All Public Available

Flood Zone: No Special Flood Hazard No Special Flood Hazard No Special Flood Hazard

Easements: None Noted None Noted None Noted

Parking: 51 Parking Spaces 16 Parking Spaces 42 Parking Spaces

Wetlands: None None None

Environmental: No Adverse No Adverse No Adverse Conditions Noted Conditions Noted Conditions Noted

Building Data:

Type of Property: Parking Lot Parking Lot Parking Lot

Year Built: N/A N/A N/A

Gross Building Area (GBA): N/A N/A N/A

Highest & Best Use:

As Is: Parking lot Parking Lot Parking Lot

Acquisitions:

Land Acquired: 0.2784 Acre 0.101 Acre 0.2488 Acre

Improvement Acquired: 51 Parking spaces 16 Parking spaces 42 Parking spaces

Building Acquired: None None None

93 Property: 196 Franklin Street , 76 West Huron Street & 75 West Mohawk Street, Buffalo, Erie County, New York

Executive Summary (Cont’d.)

Remaining Property: 196 Franklin Street 76 West Huron Street 75 West Mohawk Street Land: None None None

Improvement: None None None

Building: None NA NA

Market Value Losses:

Land: Entire Acquisition

Improvement: Entire Acquisition

Consequential Loss: None

Final Loss Estimation:

Estimated Market Value: $1,477,300

Effective Date of Valuation & Exposure Time:

Date of Inspection: October 13, 2019

Effective Date of Valuation: October 13, 2019

Estimated Exposure Time: 12 to 18 Months

94 Property: 196 Franklin Street , 76 West Huron Street & 75 West Mohawk Street, Buffalo, Erie County, New York

Ownership & Occupancy:

Property ownership is noted as follows:

Shane Enterprises of Buffalo Inc. P.O. Box 176 Williamsville, NY 14031

The property addressed is a surface parking lot operating under hourly / daily rates.

Sales History:

The property was acquired by the current owner in several transactions, the most recent in 2004 as recorded in deeds liber 11067 page 4965.

Taxes and Assessments:

The property is referenced on the city and county tax roll as follows:

Assessment & Taxes SBL 111.45-3-4111.45-3-3111.45-3-11.11 Address 196 Franklin 76 West Huron 75 West Mohawk Land $132,800$48,400 $124,600 Improvements $67,200$24,600 $63,400 Total Assessment $200,000$73,000 $188,000 Equalization Rate 90.00% Equalized Assessment $222,222$81,111 $208,889 County Tax $4.05$810.00 $296 $761 Transit Mall $0.00$0.00 $0 $0 City & School $14.61 $2,922.00$1,067 $2,747 Sewer $0.83$166.00 $61 $156 Combined Tax Rate per K $19.49 $3,898.00$1,423 $3,664 Total True Tax Obligation $8,985

95 Property: 196 Franklin Street , 76 West Huron Street & 75 West Mohawk Street, Buffalo, Erie County, New York

Tax Map:

Aerial:

96 Property: 196 Franklin Street , 76 West Huron Street & 75 West Mohawk Street, Buffalo, Erie County, New York

Subject Photographs:

196 Franklin Street Southeast Corner 76 West Huron, 75 West Mohawk West Side West Huron & Southwest Corner Bean of Bean Alley Alley

Prospective Acquisition:

The prospective acquisition of this property is outlined in yellow on the following aerial diagram. The acquisitions will encompass the entire parcel, encompassing a total area of 27,365 SF (.6282 ac.) and eliminates 109 parking spaces.

Effects of the Acquisition:

The acquisition will eliminate the entire parcel.

97 Property: 196 Franklin Street , 76 West Huron Street & 75 West Mohawk Street, Buffalo, Erie County, New York

Value and Damage Analysis:

The value of the property is developed based on sales data from the market area. Sales are summarized in the following table.

These sales, after considering adjustments for property rights, conditions of sale, financing and physical variables including location indicate a value of $50.00 per square foot.

Applied to the land being considered for the acquisition 27,365 SF (.6282 acre) indicates a value of $1,368,300.

Additionally, there is a value associated with the paving and related parking lot improvements that will be lost estimated at a deprecated value in place at $1,000 per space (109 spaces) or $109,000.

Therefore the estimated value of the acquisition is estimated at $1,477,300.

Bean Alley

City of Buffalo

99 Property: Bean Alley, Buffalo, Erie County, New York

Executive Summary:

Property Information

Address: Bean Alley Public Right of Way

Parcel ID (SBL#): NA ROW

Assessment / Taxes: None

Ownership: City of Buffalo

Property Rights Appraised: Fee simple

Site Information:

Land Area: 16 feet x 471.75 feet / 7,548 SF (.1733 ac)

Zoning: N-1D Downtown/Regional Hub

Shape: Rectangular

Frontage: 16 feet West Mohawk 16 feet West Huron

Utilities: All services Available

Flood Zone: Community #360230; Panel #36029C0194H; Zone X (6/7/2019) no special flood hazard

Easements: Unknown

Parking: ROW

Wetlands: None

Environmental: No adverse conditions noted

Building Data:

Type of Property: Public right of way

Year Built: N/A

Gross Building Area (GBA): N/A

Highest & Best Use:

As Is: ROW

100 Property: Bean Alley, Buffalo, Erie County, New York

Executive Summary: (cont’d)

Acquisitions:

Land Acquired: 7,548 SF (.1733 ac)

Improvement Acquired: Paved Street

Building Acquired: None

Remaining Property:

Land: None

Improvement: None

Building: NA

Market Value Losses:

Land: Entire acquisition

Improvement: Entire acquisition

Consequential Loss: None

Final Loss Estimation:

Estimated Market Value: $302,000

Effective Date of Valuation & Exposure Time:

Date of Inspection: October 13, 2019

Effective Date of Valuation: October 13, 2019

Estimated Exposure Time: 6 to 18 months

101 Property: Bean Alley, Buffalo, Erie County, New York

Ownership & Occupancy:

Property ownership is noted as follows:

City of Buffalo c/o Division of Real Estate 905 City Hall Buffalo New York 14202

The property is a public right of way extending from West Huron south to west Mohawk Street.

Sales History:

Public use for over 50 years.

I am not aware of any transactions, contracts, including leases, offerings for sale or lease, pending contracts or options involving the subject property except as noted above.

Taxes and Assessments:

As a public right of way there is no tax parcel reference and no assessment applies.

102 Property: Bean Alley, Buffalo, Erie County, New York

Tax Map:

Aerial:

103 Property: Bean Alley, Buffalo, Erie County, New York

Subject Photographs:

Bean Alley Viewing South from West Huron Bean Alley Viewing North from West Mohawk

Prospective Acquisition:

The prospective acquisition of this property is outlined in yellow on the following aerial diagram. This will encompass the entire property, a total area of .1733 acre.

104 Property: Bean Alley, Buffalo, Erie County, New York

Value and Damage Analysis:

The valuation of a right of way, in the absence of other similar right of way sales, is typically accomplished by a technique referred to as “across the fence” valuation. This analysis is based on the premise that a potential purchaser of the ROW would measure value is dictated by prices paid for parcels within the market area for typical parcels.

In that regard the following sales are employed in this analysis.

Sale No. Location Sale Date Sale Price Area Unit Prices w/ Demo Square Feet Acres Square Feet Acre Remarks 1 933 Michigan Ave. Mar-13$500,00014,5930.335$34.26$1,492,537parking lot 2 234-238 Main Jun-17$1,250,00021,6490.497$57.74$2,515,091parking lot 3 905 Elmwood May-15$1,550,00025,2650.580$61.35$2,672,414 new development 4 1159 Main St. Apr-14$1,767,00054,4501.250$32.45$1,413,600 future development 5 75 Main St. Mar-13$2,199,82881,0221.860$27.15$1,182,703 new development 6 234 Delaware Aug-12$4,500,00084,9421.950$52.98$2,307,692 new development 7 677 Washington StreetNov-18$3,103,00087,1202.000$35.62$1,551,500 new development 8 169 W. Utica Jul-16$1,800,00049,2231.130$36.57$1,592,920 new development 9 470 Pearl Street Jan-16$1,850,00046,174 1.060 $40.07 $1,745,283 surface parking lot Average51,6041.18$42.02$1,830,416 Median51,8361.130$36.57$1,572,210

Value and Damage Analysis:

Adjustments are considered for property rights, conditions of sale, financing and physical variables including location and accessibility. Based on this analysis the property value a value of $40.00 per square foot.

Applied to the land being considered for the acquisition 7,548 SF (.1733 acre) indicates a value of $301,920.

The existing paving is not considered to add any additional value from the markets perspective.

Therefore the total estimated value of the acquisition is estimated at $302,000 (rounded).

105 Property: BNCC Site, Delaware, Franklin, Huron & West Mohawk, Buffalo, Erie County, New York

RECONCILIATION AND SUMMARY of CONCLUSION:

The following table summarizes the effects of the project and property value losses.

Land acquired / Appraised Property Owner Addresses Parking losses acres Market Value 135 Delaware, LLC 135 Delaware Ave. 0.3434 0 $6,450,000 145 Delaware Ave. 0.1458 26 included above 157 Delaware Ave. 0.3147 68 included above Huron Group, Inc. 166 Franklin Street 0.1745 0 $3,029,000 Huron Group, Inc. 172 Franklin Street 0.0656 0 $515,500 Huron Group, Inc. 176 Franklin Street 0.0459 0 $603,000 178 Franklin Street 0.0204 4 included above 1 Bean Alley 0.0206 4 included above AGS Holdings, LLC 174 Franklin Street 0.0501 0 $568,400 Buffalo Academy of Science 180 Franklin Street 0.6012 0 $4,345,000 Forty-Fifth St Holdings NY, Inc. 187 Franklin Street 1.0865 145 $2,275,000 Skydeck Corporation 79 West Mohawk 0.6019 82 $1,524,000 Hotchkiss-Lothrop House, LLC 153 Franklin Street 0.1523 0 $408,000 Skydeck Corporation 163 Delaware Ave. 0.2066 16 $720,000 Kooshmerica 80 West Huron 0.2172 26 $587,500 Shane Enterprises of Buffalo, Inc 196 Franklin Street 0.2784 51 $1,477,300 76 West Huron 0.1010 16 included above 75 West Mohawk 0.2488 42 included above City of Buffalo Public ROW Bean Alley 0.1733 0 $302,000 Aggregated Values 4.8482 480 $22,804,700

In addition to the losses and values noted above there is an aggregate loss to the city and county tax roll estimated at $11,445,900.

These assessment losses equate to tax revenue of approximately $233,016 that will be redistributed over the city’s remaining tax roll.

The acquisitions will also require expenditures for related services including, but not limited, to legal fees, surveys and title reports, environmental reviews and possible remediation in some cases. There is also the potential of tenant displacements that would require relocation services and brokers’ commissions.

Finally, in the event of condemnation, added costs will increase dramatically.

106

Addendum

Definitions of Significant Terms

Qualifications of Gregory C. Klauk

107

Definitions of Significant Terms:

Appraisal Report - a written report prepared under Standards Rule 2-2a of the Uniform Standards of Professional Appraisal Practice (2016-2017 ed.).

Restricted Appraisal Report - a written report prepared under Standards Rule 2-2b of the Uniform Standards of Professional Appraisal Practice (2016-2017 ed.).

Value In Use - The value of a property assuming a specific use, which may or may not be the property’s highest and best use on the effective date of the appraisal. Value in use may or may not be equal to market value but is different conceptually.2

Value In Use - The value to a specific owner of a property or improvement, usually much greater than market value. The value of a property for a specific use, also called Use Value. (IRWA. Real Estate Handbook, 4th ed., 358.)

Use Value - the value of a property assuming a specific uses, which may or may not be the property’s highest and best use on the effective date of the appraisal. Use value may or may not be equal to market value but is different conceptually l.3

Market Value - 1) The most probable price, as of a specified date, in cash, or in terms equivalent to cash, or in other precisely revealed terms, for which the specified property rights should sell after reasonable exposure in a competitive market under all conditions requisite to a fair sale with the buyer and seller each acting prudently, knowledgeably, and for self-interest, and assuming that neither is under undue duress. (The Appraisal of Real Estate, 14th ed., published 2013 by the Appraisal Institute pg. 58).

2) Market value is the amount in cash, or on terms reasonably equivalent to cash, for which in all probability the property would have sold on the effective date of the appraisal, after a reasonable exposure time on the open competitive market, from a willing and reasonably knowledgeable seller to a willing and reasonably knowledgeable buyer, with neither acting under any compulsion to buy or sell, giving due consideration to all available economic uses of the property. (Uniform Standards for Federal Land Acquisitions a/k/a The Yellow Book).4

Market Value - The highest price estimated in terms of money which a property will bring if exposed for sale in the open market, allowing a reasonable time to find a purchaser who buys with knowledge of all the uses to which it is adapted and for which it is capable of being used. (NYS Case Law).

Surplus Land - Land not currently needed to support the existing use but cannot be separated from the property and sold off. Surplus land does not have an independent highest and best use and may or may not contribute value to the improved parcel.5

Excess Land - Land that is not needed to serve or support the existing use. The highest and best use of the excess land may or may not be the same as the highest and best use of the improved parcel. Excess land may have the potential to be sold separately and is valued separately.6

2The Dictionary of Real Estate Appraisal, sixth edition, (Chicago, Illinois Appraisal Institute, 2015), pg. 245 3Ibid., pg. 241 4Uniform Appraisal Standards for Federal Land Acquisitions (Yellow book), 6th edition, pg. 10. 5The Dictionary of Real Estate Appraisal, sixth edition, (Chicago, Illinois Appraisal Institute, 2015), pg. 227-228 6Ibid., pg. 80-81

Definitions of Significant Terms: (Cont’d.)

Market Rent - The most probable rent that a property should bring in a competitive and open market reflecting the conditions and restrictions of a specified lease agreement, including the rental adjustment and revaluation, permitted uses, use restrictions, expense obligations, term, concessions, renewal and purchase options, and tenant improvements (TIs).7

Excess Rent - The amount by which contract rent exceeds market rent at the time of appraisal; created by a lease favorable to the landlord (lessor) and may reflect unusual management, unknowledgeable or unusually motivated parties, a lease execution in an earlier, stronger rental market, or an agreement of the parties .8

Fee Simple Estate - Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat.9

Fee Simple Conditional – A fee simple estate that may be terminated when a specified event occurs, which may be at any time or not at all. The condition does not automatically terminate the estate; the grantor, the heirs, or a designee must act to terminate it.

Leased Fee Interest - The ownership interest held by the lessor, which includes the right to receive the contract rent specified in the lease plus the reversionary right when the lease expires.10

Leasehold Interest - The right held by the lessee to use and occupy real estate for a stated term and under the conditions specified in the lease.11

Abut - To share a common boundary with another property.12

Abutter or Adjoiner - A property that is physically contiguous to the surplus parcel. (NYS DOT)

Across-The-Fence (ATF) Method - A land valuation method often used in the appraisal of corridors. The across-the-fence method is used to develop a value opinion based on comparison to abutting land.13

Across-The-Fence (AFT) Value - In the valuation of real estate corridors, the value concluded based on comparison with adjacent lands before the consideration of any other adjustment factors. (IRWA).14

Assemblage - 1) The combining of two or more parcels, usually but not necessarily contiguous, into one ownership or use; the process that may create plottage value. 2) The combining of separate properties into units, sets, or groups, i.e., integration or combination under unified ownership.15

Auction - 1) A sale, public or private, where property or property rights are sold to the highest bidder. In an absolute auction, the property is sold to the highest bidder “without minimum or reservation”. In a reserve auction, the seller and the auction company mutually agree on a sale price that may be obtained before the property can be sold. 2) A sale or lease through a bidding process of the right to use government land for agricultural, oil, gas extraction, or other purpose.16

Definitions of Significant Terms: (Cont’d.)

7The Dictionary of Real Estate Appraisal, sixth edition, (Chicago, Illinois Appraisal Institute, 2015), Pg. 140 8Ibid., pg. 81 9Ibid., pg. 90 10Ibid., pg. 128 11Ibid., pg. 128 12Ibid., pg. 2 13Ibid., pg. 3 14Ibid., pg. 3 15Ibid., pg. 13 16Ibid,, pg. 16

Bilateral Monopoly - A market in which a single seller (a monopoly) is confronted with a single buyer (a monopsony). Under these circumstances, the theoretical determination of output and price will be uncertain and will be affected by the interdependence of the two parties.17

Cash Equivalency - An analytical process in which the sale price of a transaction with nonmarket financing or financing with unusual conditions or incentives is converted into a price expressed in terms of cash or its equivalent.18

Compensable Damages - Eamages for which a condemnor is legally required to compensate the owner or tenant of the property that is being wholly or partially condemned. In most jurisdictions, physical invasion of the property by a condemning authority or the taking of some property right must occur before damages are considered compensable.19

Condemnation - The act or process of enforcing the right of eminent domain.20

Consequential Damages - Consequential damages are those damages that occur, in a partial taking, to the remainder of the property, by reason of the use to which the portion taken is to be put by the condemnor. South Buffalo Railway Co. v. Kirkover, 176 N.Y. 301 (1903); Goldstein & Goldstein “Condemnation & Tax Certiorari: A Matter of Opinion”, New York Law Journal, January 28, 1993, p.3, col. 3.

Contributory Value - The change in the value of property as a whole, whether positive or negative, resulting from the addition or deletion of a property component. Also called deprival value in some countries.21

Damages - In condemnation, the loss in value to the remainder in a partial taking of a property. Generally, the difference between the value of the whole property before the taking and the value of the remainder after the taking is the measure of the value of the part taken and the damages to the remainder. Note that different regions of the country and different courts may use terms such as consequential damages and severance damages differently.22

Disposition Value - The most probable price that a specified interest in real property should bring under the following conditions:

1. Consummation of a sale within a specified time, which is shorter than the typical exposure time for such a property in that market. 2. The property is subjected to market conditions prevailing as of the date of valuation. 3. Both the buyer and seller are acting prudently and knowledgeably. 4. The seller is under compulsion to sell. 5. The buyer is typically motivated. 6. Both parties are acting in what they consider to be their best interests. 7. An adequate marketing effort will be made during the exposure time. 8. Payment will be made in cash in U.S. dollars (or the local currency) or in terms of financial arrangements comparable thereto. 9. The price represents the normal consideration for the property sold, unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.23

17Ibid., pg. 22 18Ibid., pg. 33 19Ibid., pg. 43 20Ibid., pg. 45 21Ibid., pg. 50 22Ibid., pg. 59 23Ibid., pg. 67

Definitions of Significant Terms: (Cont’d.)

Easement - The right to use another’s land for a stated purpose.24

Easement Appurtenant - An easement that is attached to, benefits, and passes with the transfer of the dominant estate; runs with the land for the benefit of the dominant estate and continues to burden the servient estate, although such an estate may be transferred to new owners.25

Easement by Prescription - The right to use another's land, which is established by exercising this right openly, hostilely, and continuously over a statutory period of time.26

Enhancement Value - Increment in value experienced by the contiguous parcel. While there is no industry definition for the above, Eric Reenstierna, MAI in his attached referenced article. “The Abutter Approach” states “Enhancement value” is distinct from market value in that it is an additional amount that may be fully achieved in the event that the advantage in negotiation goes entirely to the owner of the subject. (NYS DOT)

Extraordinary Assumptions: An assignment-specific assumption as of the effective date regarding uncertain information used in an analysis which, if found to be false, could alter the appraiser’s opinions or conclusions. (USPAP, 2018-2019 ed., pg 4).

Highest and Best Use – The reasonably probable use of property that results in the highest value. The four criteria that the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity.27

Hypothetical Condition: a condition, directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignment results, but is used for the purpose of analysis. The Appraisal Foundation, (USPAP 2018-2019 Edition, p. 4).

Interim Use - The temporary use to which a site or improved property is put until a different use becomes maximally productive.28

Jurisdictional Exception - an assignment condition established by applicable law or regulation, which precludes an appraiser from complying with a part of USPAP (USPAP, 2016-2017 ed.).29

24Ibid., pg. 71 25Ibid., pg. 71 26Ibid., pg. 71 27Ibid., pg. 109 28Ibid., pg. 120 29Ibid., pg. 123

Definitions of Significant Terms: (Cont’d.)

Just Compensation - Upon taking of real property by eminent domain, the Eminent Domain Procedure Law and the Federal and New York State Constitutions require that the condemnor pay just compensation to the property owner to compensate him or her for his or her loss by reason of the taking. The constitutional requirement of just compensation mandates that the property owner be indemnified so that such owner may be put in the same relative position, insofar as this is possible, as if the taking had not occurred. Just compensation is properly measured by determining what the owner has lost by reason of the taking. The property owner should be made whole, that is, the owner should be as well off after the taking as he or she was before the taking. Rose v. State, 24 N.Y. 2d 80, 219 N.Y.S. 2d 968 (Claim Number 44349, 1969); City of Buffalo v. J.W. Clement Co., 28 N.Y. 2d 241, 321 N.Y.S. 2d 345 (1971); 51 N.Y. Jur. 2d, §§76, 149, 150.

Land Value-To-Building Value Ratio - The proportion of land value to building value. Ideally, comparable properties would have a similar land value-to-building value ratio.30

Market – 1) A set of arrangements in which buyers and sellers are brought together through the price mechanism; the aggregate of possible buyers and sellers and the transactions between them. 2) A gathering of people for the buying and selling of things; by extension, the people gathered for this purpose.31

Monopsony - A market in which there is only one buyer for a good or service.32

Perpetual (Permanent) Easement: An easement that lasts forever.33

Plottage Value - The increment of value that often occurs when two or more sites are combined to produce greater utility resulting in a higher productivity or income than could be obtained from the individual smaller sites.34

Point Estimate (Point Value) - A final indication reported as a single dollar amount. In estimating market value, a point estimate is typically regarded as the most probable number, not the only possible number.35

Range of Value - In final reconciliation, the range in which the final market value opinion of a property may fall; usually stated as a variable amount between a high and low value limit.36

Remnant - A remainder that has negligible economic utility or value due to its size, shape, or other detrimental characteristics.37

Severance Damage - Severance damages are those damages that occur, in a partial taking, to the remainder of the property, by virtue of the fact that the part acquired is no longer owned by the condemnee. South Buffalo Railway Co. v. Kirkover, 176 N.Y. 301 (1903); See also, Goldstein & Goldstein “Condemnation & Tax Certiorari: A Matter of Opinion”, New York Law Journal, January 28, 1993, p.3, col. 3.

30Ibid., pg. 127 31Ibid., pg. 138 32Ibid., pg. 149 33Ibid., pg. 170 34Ibid., pg. 172 35Ibid., pg. 172 36Ibid., pg. 185 37Ibid., pg. 196

Definitions of Significant Terms: (Cont’d.)

Subdivision Development Method - A method of estimating land value when subdividing and developing a parcel of land is the highest and best use of the land. When all direct and indirect costs and entrepreneurial incentive are deducted from an estimate of the anticipated gross sale price of finished lots (or completed improvements on those lots), the resultant net sales proceeds are then discounted to present value at a market- derived rate over the development and absorption period to indicate the value of the land.38

Stand Alone Parcel - A surplus parcel that can be independently developed. (NYS DOT)

Subdivision Regulations - Laws that regulate the design and engineering standards for public improvements in a subdivision, e.g., streets, drainage, sewers, water, electricity, telephone, street landscaping, establish an application and review process that the prospective subdivider or developer must follow.39

Temporary Easement - An easement granted for a specific purpose and applicable for a specific time period. A construction easement, for example, is terminated after the construction of the improvement and the unencumbered fee interest in the land reverts to the owner.40

Value As Is: (As Is Market Value) - The estimate of the market value of real property in its current physical condition use, and zoning as the appraisal date. 41

Wetlands - Areas that are frequently inundated or saturated by surface or ground water and support vegetation typically adapted for life in saturated soil conditions; generally include swamps, marshes, bogs, and similar areas, but classification my differ in various jurisdictions.

Those areas that are inundated or saturated by surface or ground water at a frequency and duration sufficient to support, and that under normal circumstances do support, a prevalence vegetation typically adapted for life in saturated soil conditions. Wetlands generally include swamps, marshes, bogs and similar areas.42

Hydric Soil - A soil that is saturated, flooded, or ponded long enough during the growing season to develop anaerobic conditions that favor the growth, the regeneration of hydrophytic vegetation (US Department of Agriculture-Soil Conservation Service, 1985). Hydric soils that occur in areas having positive indicators of hydrophytic vegetation and wetland hydrology are wetland soils."43

Hydrology - The science dealing with properties, distribution and circulation of water".44

Hydrophytic Vegetation - The sum total of macrophytic plant life growing in water or on a substrate that is at least periodically deficient in oxygen as a result of excess water content. When hydrophytic vegetation comprises a community where indicators of hydric soils and wetland hydrology also occur, the area has wetland vegetation".45

38Ibid., pg. 223 39Ibid., pg. 224 40Ibid., pg. 231 41Ibid., pg. 13 42US Department of Commerce, Corps of Engineers Wetlands Delineation Manual, January, 1987, Final Report (National Technical Information Service, Technical Report Y-87-1), Pg. A6 43US Department of Commerce, Corps of Engineers Wetlands Delineation Manual, January, 1987, Final Report (National Technical Information Service, Technical Report Y-87-1), Page A6. 44Ibid., pg. A6 45Ibid., pg. A6

Definitions of Significant Terms: (Cont’d.)

“Freshwater wetlands” means lands and waters of the state as shown on the freshwater wetlands map which contain any or all of the following: (a) Lands and submerged lands commonly called marshes, swamps, sloughs, bogs, flats supporting aquatic or semi-aquatic vegetation of the following types: (1) wetland trees, which depend upon seasonal or permanent flooding or sufficiently water- logged soils to give them a competitive advantage over other trees; including, among others, red maple (Acer rubrum), willows (Salix spp.), black spruce (Picea mariana); swamp white oak (Quercus bicolor), red ash (Frazinus pennsylvanica), black ash (Fraxinus nigra), silver maple (Acer sacharinum), American elm (Ulmus amerciana), and Larch (Larix Larsen); (2) wetland shrubs, which depend upon seasonal or permanent flooding or sufficiently water- logged soils to give them a competitive advantage over other shrubs; including, among others, alder (Alnus spp.), buttonbush (Cephalanthus occidentalis), bog rosemary (Andromeda glaucophylla), dogwoods (Cornus spp.), and leather leaf (chamaedaphne calyculata); (3) emergent vegetation, including, among others, cattails (Typha spp.), pickerelweed (Pontederia cordata), arrowheads (Sagittaria spp.), reed (Phragmites communish), wildrice (Zizania aquatica), bur-reeds (Sparganium spp.), purple loosestrife (Lythrum salicaria), swamp loose-strife (Decodon verticillatus), and water plantain (Alisma plantago-aquatica); (4) rooted, floating-leaved vegetation; including, among others, water-lly (Nymmphaea odorata), water shield (Brasenia Schreberi), and spatterdock (Nuphar spp.); (5) free-floating vegetation; including, among others duckweed (Lemna spp.), big duckweed (Spirodela polyrhiza), and watermeal (Wolffia spp.); (6) wet meadow vegetation, which depends upon seasonal or permanent flooding or sufficiently water-logged soils to give it a competitive advantage over other open land vegetation; including, among others, sedges (Carex spp.), rushes (Juncus spp.), cattails (Typha spp.), rice cut-grass (leesia oryzoides), reed canary grass (Phalaris arundinacea), swamp loosestrife (Decodoon verticillatus), and spikeruch (Eleocharis spp.); (7) bog mat vegetation; including, among others, sphgnum mosses (Sphagnum spp.), bog rosemary (Andromeda glaucophylla), leatherleaf (Chamaedaphne calyculata), pitcher plant (Sarracenia purpurea), and cranberries (Vaccinium macrocarpon and V. oxycoccos); (8) submergent vegetation; including among others, pondweeds (Potamogeton spp.), naiads (Najas spp.), bladderworts (Utricularia spp.), wild celery (Vallisneria americana), coontail (Ceratohpyllum demersum), water milfoils (Myriophyllum spp.), muskgrass (chara spp.), stonewort (Nitella spp.), water weeds (Elodea spp.), and water smartweed (Polygonum amphibium); (b) lands and submerged lands containing remnants of any vegetation that is not aquatic or semi-acquatic that has died because of wet conditions over a sufficiently long period, provided that such wet conditions do not exceed a maximum seasonal water depth of six feet and provided further that such conditions can be expected to persist indefinitely, barring human intervention; (c) lands and waters substantially enclosed by aquatic or semi-aquatic vegetation as set forth in paragraph (a) or by dead vegetation as set forth in paragraph (b), the regulation of which is necessary to protect and preserve the aquatic and semi-aquatic vegetation; and (d) the waters overlying the areas set forth in (a) and (b) and the lands underlying (c).46

46Environmental Conservation Law, Article 24, Freshwater Wetlands, 24-0107 Definitions, Pg.3

Definitions of Significant Terms: (Cont’d.)

CONDITION RATINGS:

In order to have as consistent a condition and quality rating system for improved properties (subjects and comparables) to make adjustments within market grids more reliable, we have adopted the following condition rating from the “Depreciation” section of the Marshall Valuation Service Cost Manuel Section 97 page 3.

Excellent Condition – All items that can normally be repaired or refinished have recently been corrected, such as new roofing, paint, furnace overhaul, state-of-the-art components, etc. With no functional inadequacies of any consequence and all major short-lived components in like-new condition, the overall effective age has been substantially reduced upon complete revitalization of the structure regardless of the actual chronological age.

Very Good Condition – All items well maintained, many having been overhauled and repaired as they’ve shown signs of wear, increasing the life expectancy and lowering the effective age, with little deterioration or obsolescence evident and a high degree of utility.

Good Condition – No obvious maintenance required, but neither is everything new. Appearance and utility are above the standard, and the overall effective age will be lower than the typical property.

Average Condition – Some evidence of deferred maintenance and normal obsolescence with age in that a few minor repairs are needed, along with some refinishing. But with all major components still functional and contributing toward an extended life expectancy, effective age and utility are standard for like properties of its class and usage.

Fair Condition (Badly Worn) – Much repair needed. Many items need refinishing or overhauling, deferred maintenance obvious, inadequate building utility and services all shortening the life expectancy and increasing the effective age.

Poor Condition (Worn Out) – Repair and overhaul needed on painted surfaces, roofing, plumbing, heating, numerous functional inadequacies, substandard utilities, etc. (found only in extraordinary circumstances). Excessive deferred maintenance and abuse, limited value-in-use, approaching abandonment or major reconstruction; reuse or change in occupancy is imminent. Effective age is near the end of the scale regardless of the actual chronological age.

Definitions of Significant Terms: (Cont’d.)

QUALITY RATINGS:

This classification system is also taken from the Marshall Valuation Service Cost Manuel “Qualities of Construction” Section 1, page 10. These definitions relate to quality of materials and workmanship used in building a structure.

Excellent – Excellent buildings are normally prestige buildings. On an economic basis, part of the cost must be written off to pride of ownership and some of the income intangibly derived from advertising. Buildings of this classification reflect the best of materials and workmanship (craftsmen) with unique custom design, best brick, hardwoods, stone, solid core interior doors, etc.

Good – Buildings designed for good appearance, comfort and convenience, as well as an element of prestige, constitute the Good Quality category. Ornamental treatment is usually of higher quality and interiors are designed for upper-class rentals. The amenities of better lighting and mechanical work are primary items in their costs. The structures are characterized by superior quality workmanship, skilled labor; building materials exceeding building codes; custom design in many cases.

Average (Normal) – Average-quality constitute the largest group of buildings constructed, approximately fifty percent of all buildings. These are generally buildings designed for maximum economic potential without some of the pride of ownership or prestige amenities of higher-quality construction. They are of good standard code construction with simple ornamentation and finishes. Construction materials meet building code, design is commonplace but functional workmanship skilled and unskilled, few special features.

Low (Fair) – Buildings in this category are generally constructed to minimum requirements often with little regard for architectural appearance or other amenities. They are built with minimum investment in mind. Little ornamentation is used and interior partitioning and finish is minimal and/or of low quality Buildings in this category reflect economy grade construction materials, some building code violations may exist, design is plain, little or no ornamentation, limited use of skilled labor.

APPRAISAL QUALIFICATIONS OF GREGORY C. KLAUK KLW APPRAISAL GROUP, INC. Formal Education: • Bachelor of Arts - Bridgewater College, Virginia • Bishop Fallon College Preparatory High School, Buffalo, New York

Professional Affiliations: • New York State Society of Real Estate Appraisers • International Right-of-Way Association - Chapter 18 • Appraisal Institute Practicing Affiliate • New York State Assessor’s Association

Licensure/Designations/Certifications: • Licensed New York State Real Estate Salesperson • New York State Certified General Real Estate General Appraiser #46-0250; 10/8/16-10/7/17

Prepared & Participated in Appraisals & Consultant Reports For: • Numerous savings and loan and commercial lending institutions - residential and commercial mortgages and sale/purchase assets (KeyBank, Northwest Savings Bank, First Niagara Bank, PNC Bank, HSBC, Five Star Bank, Bank of America among others) • Major, regional and local oil companies - acquisition, disposition and condemnation • Special purpose properties (hospitals, schools, coke plants, etc.) • Governmental agencies (state, federal, county, town and cities) acquisition, reuse, condemnation, Ad-Valorem and certiorari proceedings and specialized studies • Private industry - mortgages, buy/sell, mergers • Attorneys and private individuals - condemnation, investment counseling, mortgage appraisals and tax assessment matters • Insurance companies - damage loss, sale/purchase, assets • Third party residential transfer corporations

Fee Consultant For:

New York State • Facilities Development Corporation • Department of Corrections • Housing FarmsFinance Home Agency Adminis (HFA)tration • Department of Transportation • State of NY Mortgage Agency (SONYMA) • Department of Environmental Conservation • Thruway Housing Authority & Urban Development • Department of Parks & Recreation • New York State Power Authority • Department of MRDD • Empire State Development Corporation

Federal Government • Farms Home Administration • Housing Federal& Urban Deposit Development Insurance Corp. (FDIC) Internal Revenue Service • Federal Deposit Insurance Corp. (FDIC) • Internal Revenue Service

Testified as Expert Witness: • United States District Court, Western District of NY Bankruptcy Court • State Supreme Court • New York State Court of Claims • Cattaraugus County Court • Various Commissions of Appraisal • United States District Court, Western District of NY Tax Court.

Gregory C. Klauk Page 2

Notable Court Experience • Noco vs. People of the State of New York, New York State Court of Claims, Rochester, New York • Gymnastics Training Center of Rochester Inc. vs. People of the State of New York, New York State Court of Claims, Rochester, New York • Yorktown Builders vs. People of the State of New York, New York State Court of Claims, Buffalo, New York • Transitowne Plaza Inc. vs. People of the State of New York, New York State Court of Claims, Buffalo, New York • Jung vs. Town of Franklinville, New York State Supreme Court, Cattaraugus County, New York • Various Claimants vs. Town of West Seneca, New York State Supreme Court, Erie County, New York • Niagara Mohawk vs. City of Dunkirk, New York State Supreme Court, Chautauqua County, New York • Milazzo vs. People of the State of New York, New York State Court of Claims, Erie County, New York • Bevilacqua vs. People of the State of New York, New York State Court of Claims, Erie County, New York (Settled) • Village Glen Tennis & Fitness Center vs. Town of Amherst Assessor, New York State Supreme Court, Erie County, New York • Benevolent Protectors Order of Elks vs. People of the State of New York, New York State Court of Claims, Erie County, New York • Fairway Heights Inc. v. Hillock et.al., New York State Supreme Court, Erie County, New York • 120 Lawley Services LLC v. United States of America, (settled) Federal District Court (2008) • New Creation Fellowship v. New York State Insurance Fund, New York State Supreme Court, Erie County, New York (2007) • Statler Tower LLC v. City of Buffalo, New York State Supreme Court, Erie County, New York (2008) • Rostikof vs. People of the State of New York, New York State Court of Claims, Erie County, New York (2008) • Garmen v. Town of West Seneca, New York State Supreme Court, Erie County, New York (2008) • Reeves et.al. v. People of State of New York, NYS Court of Claims, Erie County, New York (2008) • Mark 1, LLC v. Universal Forest Products Eastern Division, Inc. and Universal Forest Products Inc., Sardinia, New York State Supreme Court, Erie County, New York (2009) • Stahowiak v. People of the State of New York New York State Court of Claims, Erie County, NY (2010) • StanCorp Mortgage Investors LLC v. Frederiksen Development LLC, United States Bankruptcy Court for the Western District of New York (2011) • Rooks, Frey and Nabi vs. Town of Clarence, New York, State Supreme Court, Erie County, NY (2011) • Sweeney Steel Corp vs. Town of Tonawanda, State Supreme Court, Erie County, NY (2011) • Denise Faulkner vs. Northwest Savings Bank, United States Bankruptcy Court for the Western District of New York (2012) • Turner vs. County of Erie, State Supreme Court, Erie County, NY (2012) • Mercier vs. Cole, United States Bankruptcy Court for the Western District of New York (2013) • Rite Aid vs. Town of Cheektowaga, State Supreme Court, Erie County, NY (2013) • Penfold vs. People of the State of New York, Court of Claims, Erie County New York (2014) • Kissling Interests, LLC vs. IRS, United States District Court, Western District of NY (2015) • Villafrank v. Ross Estates, Surrogate Court, Chautauqua County (2016) • RMF vs. Town of Lancaster, State Supreme Court, Erie County, NY (2017) • Town of Lockport IDA vs. GM Components Holdings, LLC, Supreme Court, Niagara County, NY (2018)

Employment History: • KLW Appraisal Group Inc. (fka Klauk, Lloyd & Wilhelm Inc.), Buffalo, NY, President, 1995-Present; Principal of KLW Municipal Inc. a Mass Valuation Appraisal Company; Principal and Vice President KLW Residential Inc. a residential appraisal company for one to four family dwellings. • Upstate Appraisal Inc.- Commercial, Buffalo, NY, President, 199-1995 • Independent Real Estate Consultant and Appraiser, Buffalo, NY, 1989-1990 • GAR Associates, Inc., Buffalo, NY, Staff Appraiser, Senior Consultant, Principal & Senior Vice President, Corporate Secretary.

Gregory C. Klauk Page 3

Real Estate Courses and Seminars: • American Institute of Real Estate Appraisers, successfully completed all required exams and/or courses for MAI designation, 9/86-3/89 • Appraisal Institute, Appraising Conservation/Preservation Easements, 3/87 • International Right of Way Assoc. -Course 403, "Easement Valuation", 6/87 • International Right of Way Assoc.-Course 701, "Property Management: Leasing", 6/87 • Continuing Education, "Investment Analysis", 10/87 • Environmental Compliance Service-Erie County, New York, "Hazardous Waste-Regulations Update, Management, Liability", 12/87 • Continuing Education, NYS Secretary of State Division of Licensing, "Brokers Course", 12/87 • Society of Real Estate Appraisers, successfully satisfied requirements for all courses necessary for SRPA designation, 2/88-5/89 • Environmental Compliance Service-Erie County, New York, "Environmental Liabilities in Real Estate Transactions", 5/88 • Appraisal Institute, Litigation Valuation (Exam 4), 9/88 • Appraisal Institute, Valuation of Leasehold Interests, 10/90 • Erie County Dept. Environment & Planning-Wetland Seminar, "The New Role of Federal Regulations in Land Use Decisions, 11/90 • Whiteman, Osterman and Hanna-Wetland Seminar, "Recent Changes in the Regulation of State & Federal Wetland", 2/92 • Appraisal Institute-Course SPP, "Standards of Professional Practice, Parts A & B", 10/92 • Appraisal Institute-Course 530, "Advanced Sales Comparison and Cost Approaches", 11/94 • National Highway Institute & NYS DOT, "Eminent Domain for Attorneys & Appraisers", 9/98 • International Right of Way Assoc.-Course 104, "Standards of Practice for Right of Way Professional", 9/99 • International Right of Way Assoc.-Course 401, "The Appraisal of Partial Acquisitions", 9/00 • International Right of Way Assoc.-Course 207, "Practical Negotiations for US Fed Funded Land Acquisitions", 2/01 • International Right of Way Assoc.- Course 900, "Principals of Real Estate Engineering", 10/01 • International Right of Way Assoc.- Course 800, "Principals of Real Estate Law", 8/02 • International Right of Way Assoc.- Course 200, "Principals of Real Estate Negotiation", 11/02 • International Right of Way Assoc.- Course H005, "Reviewing Appraisals in Eminent Domain", 5/04 • International Right of Way Assoc.- Course 403, "Easement Valuation", 5/04 • International Right of Way Assoc.- Course 409, “Integrating Appraisal Standards”, 3/05 • International Right of Way Assoc.- Course 406B, “7 hour National USPAP Course”, 8/05 • Lorman Education Services, “Eminent Domain: The Effect of Recent Supreme Court Decisions”, 10/05 • Appraisal Institute, "Flipping and Fraudulent Flipping-Do You Know the Difference", 4/06 • Appraisal Institute, "7 Hour National USPAP Update Course", 5/06 • Appraisal Institute, "The Modern Cost Approach: Applied Methods & Techniques, Parts 1 & 2", 1/07 • The Cusack Center, "Residential Construction Basics", 8/07 • International Right of Way Assoc.- Course 400 "Principals of Real Estate Appraisal", 9/07 • Lorman Education Services “Law of Easements: Legal Issues and Practical Considerations”, 6/08 • Appraisal Institute, "7 Hour National USPAP Update Course", 1/09 • Appraisal Institute, "Scope of Work: Expanding Your Range of Service” 4/09 • Appraisal Institute, “Valuation of Conservation Easements” 5/09 • Appraisal Institute, "7 Hour National USPAP Update Course", 12/09 • Appraisal Institute, Business Practices and Ethics, 8/10

Gregory C. Klauk Page 4

Real Estate Courses and Seminars (Cont’d.) • Appraisal Institute, Valuation and Market Perspectives 2011, 2/11 • Appraisal Institute, Appraisal Curriculum Overview 2011, 4/11 • BNAR, Uniform Appraisal Data Set 7/11, • New York State Assessor’s Association & The IAO – Valuation Factor File 2011, 12/2 • Appraisal Institute, Real Estate Net Work Seminar, 10/2012 • Appraisal Institute, Business Practices and Ethics, 12/12 • Appraisal Institute, A Residential and Commercial Perspective, 1/2013 • Institute of Assessing Officers, Valuation of Light Manufacturing Facilities 1/2013 • Appraisal Institute, "7 Hour National USPAP Update Course", 4/2013 • Appraisal Institute, Appraisal Review-General, 10/2013 • IRWA, "7 Hour National USPAP Update Course", 1/2014 • McKissock’s Supervisor-Trainee Course for New York 12/2014 • Appraisal Institute, Residential and Commercial Trends, 2/2015 • Contamination and the Valuation Process, Appraisal Institute webinar 9/16/2015 • Appraising Commercial and Complex Properties in a Historic Area 11/18/2015 • Appraisal Institute, "7 Hour National USPAP Update Course", 12/7/2015 • Appraisal Institute, Residential and Commercial Trends, 2/5/2016 • Appraisal Institute, Real Estate Network Seminar 9/15/2016 • Appraisal Institute, Residential and Commercial Trends, 2/3/2017 • Appraisal Institute, Uniform Appraisal Standards for Federal Land Acquisition 2016 update, 10/18-19/2017 • IRWA, "7 Hour National USPAP Update Course", 2/2018 • Appraisal Institute, Residential and Commercial Trends, 3/8/2019

Real Estate Appraisal Prospective BNCC Site HSBC Area City of Buffalo, Erie County, New York

Properties: 95 Washington Street – Office & Parking Lot 125 Washington & 33 Scott Street – Office Distribution Warehouse & Parking Lot 142 Perry Street & 160 Michigan Avenue – Parking Lots 125 Scott Street – Parking Lot 125 Perry Street – Parking Lot 25 Mississippi Street – Parking Lot

For: Thomas R. Hersey, Jr., Commissioner Erie County Department of Environmental & Planning 95 Franklin St, 10th Floor Buffalo, New York 14202

Effective Date of Valuation: October 6, 2019

Prepared By: Gregory C. Klauk KLW Appraisal Group, Inc. 247 Cayuga Road Buffalo, New York 14225 File: 11201 – HSBC Parcels

KLW Appraisal Group, Inc.

Real Estate Appraisers and Consultants

November 11, 2019

Thomas R. Hersey, Jr., Commissioner Erie County Department of Environmental & Planning 95 Franklin St, 10th Floor Buffalo, New York 14202

Re: Real Estate Appraisal Prospective BNCC Site HSBC Area City of Buffalo, Erie County, New York

Dear Mr. Hersey:

As requested, I have undertaken the preliminary real property appraisals of the properties within the study area bounded by Scott Street to the north, Perry and South Park to the south, Washington Street to the east and Michigan Avenue to the east.

The properties addressed in the report consist of several parking lots, a large professional office building and The Buffalo News properties.

The purpose of the appraisal is to develop preliminary market value estimates of the fee simple estates of the properties encompassed in this project, which include prospective total and partial acquisitions. The intended use of the appraisal is to aid in developing a budget for the acquisition process and comparative budget for site selection options.

This report will also develop an estimate of the losses to the city and county tax and assessment base in the event the parcels were to be acquired.

The reader is advised the property values and losses are made without the benefit of detailed property inspections and without the benefit of interviews with the property owners.

247 Cayuga Road • Buffalo, New York • 14225 Phone (716) 632-2100 • Fax (716) 632-1062 E-Mail [email protected]

Based on the results of my investigations, research and analysis I have developed the follow opinion(s) of market value and related losses. All estimates are as of October 6, 2019 the date of my field inspection.

Property Type of Acquisition Value Estimates 95 Washington Street Partial Acquisition $7,777,000* 125 Washington & 33 Scott Street Partial Acquisition $3,026,000* 160 Michigan & 142 Perry Street Total Acquisition $2,970,000 125 Scott Street Total Acquisition $406,000 25 Mississippi Street Total Acquisition $2,549,000 125 Perry Street Total Acquisition $1,554,000 Aggregated Values $18,282,000

*Includes direct acquisition and indirect / consequential losses to remainder property.

The loss to the tax base in the event the parcels are acquired and assigned an exempt status is summarized as follows:

Property Prospective Assessment Loss Tax Reduction 95 Washington Street $7,413,000 $144,000 125 Washington & 33 Scott Street $2,358,000 $46,000 160 Michigan & 142 Perry Street $2,270,000 $44,242 125 Scott Street $361,000 $7,036 25 Mississippi Street Exempt $1,826 125 Perry Street Exempt $1,065 Aggregated Values $12,402,000 $244,169

*Reflects loss for part acquired and loss to remainders, if any.

Additional costs related to the property acquisitions can be expected for legal fees, title reports and relocation costs for building tenants and owners. These relocations could include reimbursements for time for replacement searches, actual moving costs, commissions to realtors and related expenses.

This appraisal is contingent upon the following extraordinary assumptions*:

• The scope of this assignment is limited to developing a budget for the prospective acquisitions. The scope of this assignment did not permit interior property inspections or contact with property owners. Therefore, data relating to tenancies actual rents, leases and expenses were not made available. Furthermore, variances in the appraised values can be expected to the degree actual data deviates from the estimates developed in this report. • The value estimates for 160 Michigan Ave. & 142 Perry St. are aggregated as one parcel on the assumption these parcels are effectively owned by the same parties. If this assumption is not accurate it will require a separation and independent valuations.

GENERAL LIMITING CONDITIONS AND ASSUMPTIONS:

7. That testimony or attendance in court or at any other hearing is not required by reason of rendering this appraisal unless such arrangements are made a reasonable time in advance.

8. That since a title report was not made available no responsibility is assumed for such items of record not disclosed by his normal investigation.

9. That no consideration has been given in this appraisal to personal property located on the premises, unless otherwise noted.

GENERAL LIMITING CONDITIONS AND ASSUMPTIONS: (Cont'd.)

16. The building description is based upon an inspection by the appraiser but it is not intended as an engineering report. We assume no liability for undetected physical inadequacies, hazardous conditions, or materials. We strongly suggest a Property Condition Assessment (PCA) by a qualified Professional Engineer.

T A B L E O F C O N T E N T S

Certification ...... 1 Identification of the Subject Property ...... 2 Property Rights Appraised ...... 3 Purpose and Intended Use of the Appraisal ...... 3 Intended Users ...... 3 Effective Date of Valuation ...... 3 Scope of the Assignment ...... 4

Market Area Analysis & Photographs ...... 5-10 Highest and Best Use ...... 11

Appraisal Process ...... 11

Properties Appraised ...... 12-54

95 Washington Street ...... 13-22 125 Washington & 33 Scott Street ...... 23-32 160 Michigan Ave & 142 Perry Street ...... 33-39 125 Scott Street ...... 40-46 125 Perry Street & 25 Mississippi Street...... 47-54

Reconciliation & Conclusion of Value ...... 55

Addendum ...... 56

Project: BNCC, HSBC Area, Buffalo, Erie County, New York

Identification of the Subject Property:

The project area is bounded by Interstate 190 to the north, South Park Avenue to the South, Washington Street to the west and Michigan Avenue to the east, in the city of Buffalo, county of Erie and state of New York. The individual parcels addressed in the report are further identified as follows:

Legal Address Owner SBL # Parcel Size 95 Washington Street HSBC Bank USA 111.17-12-1.21 8.02 acres 33 Scott Street The Buffalo News 111.17-12-1.11 2.68 acres 125 Washington Street The Buffalo News 111.17-8-3 3.55 acres 142 Perry Street City Block Joint Venture 111.17-10-1.11 3.0 acres 160 Michigan Avenue City Block Joint Venture 111.17-10-3 .14 acre 125 Scott Street Skydeck Corporation 117.11-2.1 .506 acre 25 Mississippi Street Buffalo Urban Renewal Agency 122.05-5-1 3.0 acres 125 Perry Street Buffalo Urban Renewal Agency 122.05-6-1.1 1.75 acres

The majority of the parcels are surface parking lots. The HSBC site is developed with a 259,256 SF office building built in 1990. The Buffalo News parcels are adjacent sites; 125 Washington is developed with a 295,320 SF office and warehouse while 33 Scott is a parking lot that serves the office/warehouse. Area Map

2 Project: BNCC, HSBC Area, Buffalo, Erie County, New York

Property Rights Appraised:

Purpose and Intended Use of the Appraisal:

The intended use of this appraisal is aid in developing a preliminary budget for the acquisitions of the properties addressed in this report and a comparative budget for alternate locations.

Definition of Market Value:

Intended Users:

The intended user of this appraisal report is the Erie County Department of Environmental & Planning.

Effective Date of Valuation:

The effective date of the valuation is October 6, 2019; the date of the limited exterior property inspections. Marketing conditions analyzed, are those in effect as of the inspection date. Opinions rendered in this report may not be valid for any future date due to the changing nature of the determinants of value. Unforeseen changes in the future economic conditions (rise or decline) or dynamic changes in any of the financial markets of US could have a material effect on the estimated value of property. Additionally, new legislation (state or federal) or modifications to existing laws that may occur after the effective date, could also impact on the estimated value of the property. No responsibility is assumed for changes in market conditions or legislation.

3 Project: BNCC, HSBC Area, Buffalo, Erie County, New York

Scope of the Assignment:

The scope of the appraisal assignment is intended to encompass the investigations, research and analysis necessary to prepare the report in accord with 1) the stated purpose and intended use of the report; and 2) the Standards of Professional Practice of the Appraisal Institute, and the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation. In regard to this assignment it involved the following:

The appraisal is intended to provide a summary of the pertinent aspects of the property and market information, sufficient to produce a credible estimate of market value.

In the course of collecting and confirming market data, no important information has been knowingly withheld with the limitations imposed i.e. no interior property inspection no property owner contact no access to leases or operating statements.

The property’s gross building areas (GBA) is based on public records.

Land area is based on a county tax maps.

The subject property is appraised free and clear of any and all environmental contaminants.

4 Project: BNCC, HSBC Area, Buffalo, Erie County, New York

Market Area Analysis:

Geographic Boundaries - The market area, given the subject’s use, is best defined by a one mile radius. This area is loosely bounded by West Chippewa Street to the north, Hamburg Street to the east, Buffalo Skyway (Route 5) to the south, and Lake Erie to the west.

Linkages – The main north/south routes to and from the market area are Main Street, Elmwood, Delaware and Michigan Avenue. Main Street extends from the city’s waterfront in the CBD and leads north east through Buffalo’s to the northern and eastern suburbs. Elmwood and Delaware Avenue also originate in the CBD and run north to Tonawanda. Michigan Avenue extends from South Park Avenue north to Main Street. The main east/west routes to and from the market area are South Park Avenue which starts in the city’s CBD and leads east to Buffalo’s south eastern suburbs and Seneca Street which also originates in the city’s CBD and runs east through Buffalo’s eastern suburbs. Interstate-190 is north of the subject with the closest access point on Washington Street just north of the subject. I-190 runs southeast through Buffalo and merges with the I-90 in Cheektowaga, and north through the City to Niagara Falls. Route 5 also provides access to the area from the south over the skyway which crosses over head through the area.

5 Project: BNCC, HSBC Area, Buffalo, Erie County, New York

Market Area Analysis: (Cont’d.)

Land Uses - Sahlen Field, home to Buffalo’s AAA Baseball Team, the Buffalo Bisons is less than a half mile north of the subject. It was completed prior to the team's 1988 season and is one of the largest parks in all of Minor League Baseball. In 2012, the ballpark featured the largest HD video board in all of minor league baseball. The new Bisons TV HD measures 80’ x 33’ and added a new level of entertainment for Bisons fans. That, with the four-tiered Bully Hill Party Deck in right field, luxurious suites throughout the club level, in-stadium restaurant and expansive tent area in centerfield, Coca-Cola Field continues to be on the cutting edge of sports entertainment venues

Canalside is at the heart of Buffalo’s waterfront revitalization and is just west of the subject. It is located in the city’s downtown corridor, at the intersection of Pearl Street and Marine Drive. Located adjacent to the Key Bank Center, Canalside is accessed through city streets including Pearl, Washington and Scott and by riding the Rapid Transit rail system on Main Street (Erie Canal Harbor Station), or from exits off the I-190 and Skyway (Route 5). Canalside hosts over 1,000 annual events. Every summer, outdoor yoga, children’s games and Thursday at Canalside concerts take place along the district’s Central Wharf. Each winter, visitors flock to the Ice at Canalside, a 35,000 square foot rink on the recreated Erie Canal that features, skating, curling, pond hockey and ice bikes.

HarborCenter, owned by the Pegula group, is a 600,000 square foot hockey-themed mixed-use development that opened in 2014. HarborCenter features a 205-room full service hotel currently operating as Buffalo Marriot HarborCenter, two NHL-size rinks with locker rooms, a training facility, 716 Food and Sport Restaurant, and several retails stores. East of the subject are the Elk Terminal apartments and the Fairmount Creamery renovated apartment and mixed use projects. Harbor Center attracts hockey players from around the world by hosting amateur and college tournaments at its two NHL sized rinks. Supporting the hockey venue and hotel is the two-story (716) Food & Sport restaurant that features over 70 televisions, including a 38-foot tall screen for the big games. 6 Project: BNCC, HSBC Area, Buffalo, Erie County, New York

Market Area Analysis: (Cont’d.)

The Seneca Buffalo Creek Casino is located east to the subject property. The casino opened in 2007 and today features 800 slot machines and 20 table games including blackjack, roulette and craps, and three restaurants including BC Café, Buffalo Savors Grill and Stixx Sports Bar. In January 2016, Seneca Nation and Seneca Gaming Corporation broke ground for a $40 million expansion of the casino. This is a two-story expansion of the existing casino, which was complete in 2017 and added approximately 28,500 square feet of space on each of the two levels.

The Larkin District (Larkinville) is located roughly 2 miles east of the subject property. Historically, this area was the location of Larkin Soap Company and other late 19th and early 20th century manufacturing enterprises. In 2003, local investment group acquired the property, which commenced a renovation of the 10 story, facility as an office complex. The “Larkin Warehouse” office is now 100% occupied. The most recent tenancy of significance is First Niagara Bank which moved its headquarters to the Larkin facility from its headquarters in Niagara County. As part of the development of the Larkin warehouse, the owners have also constructed a 900 car parking ramp and acquired numerous adjoining sites to provide tenants with surface parking in the immediate market area. Larkin Square is located in the heart of the Larkin District. Larkin Square is open to the public and is home to assorted special events including Food Truck Tuesdays, Live at Larkin Wednesday concerts and the Larkin Square Author Series. The Larkin Filling Station, a converted gas station from the 1930′s is open during the week for lunch.

Following is a summary of the demographic information for a one mile radius surrounding the subject site (source: gallery.alteryx.com.com)

Population – The 2018 population estimate in this market area is 8,827. The 2010 Census revealed a population of 8,724, and in 2000 it was 9,224 representing a -5.4% change. It is projected the population in this market area will be 8,642 in 2023, representing a change of -2.1% from 2018. The 2018 population is 50.7% male and 49.3% female. In 2018, the median age of the population in this market area is 36.5. The population density in this market area is 2,804 people per square mile in 2018.

Households – There are 3,929 estimated households in this market area in 2018. The Census revealed household counts of 3,865 in 2010 and 3,926 in 2000, representing a change of -1.5%. It is projected the number of households in this market area will be 3,887 in 2023, representing a change of -1.1% from 2018. In 2010, the average number of years in residence in this market area was 13. The average household size in this market area is 1.95 people. The average number of vehicles per household in this market area is 1.33.

7 Project: BNCC, HSBC Area, Buffalo, Erie County, New York

Market Area Analysis: (Cont’d.)

Income – In 2018, the estimated median household income in this market area is $23,818. The Census revealed median household incomes of $20,415 in 2010. It is projected the median household income in this market area will be $27,472 in 2023, which would represent a change of 15.3% from 2018. In 2018, the per capita income in this market area is $24,545. The 2018 average household income for this market area is $52,667.

Housing – The median housing value in this market area was $66,565 in 2010. The estimated median housing value in 2018 in this market area is $87,403. In 2010 there were 21.1% owner occupied housing units in this market area vs. 19.9% estimated in 2018. Also in 2010, there were 62.1% renter occupied housing units in this market area vs. 63.3% estimated in 2018.

Employment – In 2018, there is an estimated 7,312 people over the age of 16 in this market area, of which 3,271 were in the labor force. Of these 89.4% were employed, 10.2% were unemployed, 0.4% were in the Armed Forces and 55.3% were not in the labor force. In 2018, there are 47,885 employees in this market area (daytime population age 16+) and there are 1,681 establishments. For this market area in 2018, white collar workers made up 50.7% of the population, and those employed in blue collar occupations made up 49.3%.

One Mile Demographic Trends Summary:

2000 2010 2018 2023 %Δ %Δ Census Census Estimate Projection 2000-2010 2018-2023 Population 9,224 8,724 8,827 8,642 -5.4% -2.1% Households 3,926 3,865 3,929 3,887 -1.5% -1.1% Median Income $19,013 $20,415 $23,818 $27,472 7.4% 15.3%

Population data and median income levels are of limited use in this area of the city because it is a destination attraction that serves 100’s of thousands of visitors annually.

Area Attributes Include:

• The project area is located in an event center of the city’s Central Business District (CBD) south east of the core of the CBD and east of the city’s developing Canal District. • Major existing development includes the KeyBank Arena, the Seneca Nation Buffalo Creek Casino, headquarters of the Buffalo News and the HSBC Atrium office building. • The adjacent Canal Side development includes the Pegula’s Harbor Center project and the Marriott Hotel / Phillips – Lytle center. • Access to I-190 east bound off Washington • Overall, the near term market trends in this area appear to be stable. 8 Project: BNCC, HSBC Area, Buffalo, Erie County, New York

Area Deterrents Include:

• Circuitous access to area expressways and other areas of the CBD. • Depending on use, limited access to adequate hotel options and alternate entertainment venues (theater, restaurant).

Conclusion – The subject market area is conducive to additional retail and residential mixed use development. This is due to proximity of employment opportunities as well as being situated in proximity to retail and recreational services.

Exposure Time and Marketing Time:

• Statistical informational about days on the market • Information gathered through sales verification; and • Interviews with market participants, primarily brokers

9 Project: BNCC, HSBC Area, Buffalo, Erie County, New York

Market Area Photos:

Washington Street Viewing South Scott Street Viewing East

Perry Street Viewing East Perry Street Viewing West

Scott Street Viewing West

10 Project: BNCC, HSBC Area, Buffalo, Erie County, New York

Highest and Best Use:

Introduction:

Highest and best use is defined as:

Highest and Best:

The highest and best use of each property is assumed to be its current present unless otherwise noted.

Appraisal Process:

The purpose of the appraisal is to provide a preliminary estimate the market value of the fee simple interest of the properties addressed and the loss in market value that can be anticipated in instances of a partial acquisition, as of the date of inspection. The market area analysis focused on the existing development in the area and on the future prospects for changes in supply and demand. Highest and Best Use Analysis builds on these sections to conclude the most profitable use for the subject property. The conclusion from that analysis is one of the most important in the appraisal. Given that, a selection can be made from among the alternative analytical techniques, the ones that will be most effective and appropriate in developing a value estimate.

Because of the limitations inherent in this assignment the sales comparison approach is the only method developed for each property.

The income capitalization approach is not employed because occupancy data for the appraised properties is not available.

The cost approach is also not developed because of the condition and/or age of the improvements does not warrant the use of this approach to value. Furthermore none of the properties addressed are special use improvements.

1The Dictionary of Real Estate Appraisal, sixth edition (Chicago, Illinois: Appraisal Institute, 2015), p. 109. 11

Properties Appraised

HSBC – 95 Washington Street

The Buffalo News – 125 Washington & 33 Scott Street

City Block Joint Venture – 160 Michigan Ave. & 142 Perry Street

Skydeck Corporation – 125 Scott Street

Buffalo Urban Renewal Agency – 125 Perry Street

Buffalo Urban Renewal Agency – 25 Mississippi Street

95 Washington Street

HSBC Property

13 Property: 95 Washington Street, Buffalo, Erie County, New York

Executive Summary:

Property Information:

Address: 95 Washington Street, Buffalo, New York 14203

Parcel ID (SBL#): 111.17-12-1.21

Assessment / Taxes: $21,000,000 / $409,290

Ownership: HSBC Bank USA

Property Rights Appraised: Fee simple

Site Information:

Land Area: 1,041.54’ x irregular 349,351 SF / 8.02 acres

Zoning: N-1D Downtown/Regional Hub

Shape: Irregular

Frontage: 431.59’ eastside of Washington Street, 155’ southside of Scott Street & 1,041.54’ northside of Perry Street

Utilities: All Public Utilities Available

Flood Zone: Community #360230; Panel #36029C0213H & 36029C0194H; Zone X (6/7/2019) no special flood hazard

Easements: None noted

Parking: 618 parking spaces

Wetlands: None

Environmental: No adverse conditions noted

Building Data:

Type of Property: Office building with parking lot

Year Built: 1990

Gross Building Area (GBA): 259,256; Gross Rentable Area 224,425 ± SF

Net Rentable Area: Unknown

Number of Stories: 7

Condition: Good

Land to Building Ratio: 1.35: 1

Effective Age: 10 years

Remaining Economic Life: 40 years

Highest & Best Use: Professional Office Building with parking

14 Property: 95 Washington Street, Buffalo, Erie County, New York

Executive Summary: (Cont’d.)

Acquisitions:

Land Acquired: 5.86 Acres

Improvement Acquired: 618 Parking spaces and land improvements

Building Acquired: None

Remaining Property:

Land: 2.16 Acres

Improvement: Green Space

Building: 259,256 SF Office building

Market Value Losses:

Land: $5,213,000

Improvement: $618,000

Consequential Loss: $1,946,000

Final Loss Estimation:

Estimated Market Value Loss: $7,777,000

Effective Date of Valuation & Exposure Time:

Date of Inspection: October 6, 2019 (Exterior Only)

Effective Date of Valuation: October 6, 2019

Estimated Exposure Time: 12 to 18 months

15 Property: 95 Washington Street, Buffalo, Erie County, New York

Ownership & Occupancy:

Property ownership is noted as follows:

HSBC USA N.A. c/o Karen Zhang Corp. Real Estate 2929 Walden Avenue Depew New York 14043

The property is assumed to be 100% owner occupied.

Sales History:

The property last transferred on November 1, 2014 as recorded in deeds liber 11286 page 3158. This transaction was between Erie County Industrial Development Agency as grantor to HSBC Bank USA, National Association as grantee. There was no consideration as this was a transfer of title following completion of the terms and conditions of IDA bonding obligations.

I am not aware of any transactions, contracts, including leases, offerings for sale or lease, pending contracts or options involving the subject property except as noted above.

Taxes and Assessments:

The property is referenced on the city and county tax roll as follows:

Assessment & Taxes Land $3,842,900 Improvements $17,157,100 Total Assessment $21,000,000 Equalization Rate 90.00% Equalized Assessment $23,333,333 Rates Taxes County $4.05 $85,050 Transit Mall $0.00 $0 City & School $14.61 $306,810 Sewer levy $0.83 $17,430 Total Tax Obligation $19.49 $409,290

The assessment and taxes are the prospective levies based on the city’s recent revaluation, scheduled for implementation for the 2020-21 tax year.

16 Property: 95 Washington Street, Buffalo, Erie County, New York

Tax Map Entire Property:

Aerial Entire Property:

17 Property: 95 Washington Street, Buffalo, Erie County, New York

Subject Photographs:

West & South Elevations East & South Elevations

Parking Area Viewing East Property Viewing West

18 Property: 95 Washington Street, Buffalo, Erie County, New York

Prospective Acquisition:

The prospective acquisition from this property is outlined in yellow on the following aerial diagram. This “taking” will encompass approximately 5.86 acres of land and eliminate all of the existing 618 parking spaces that currently serve the property. The red areas denote the remainder property.

Color Tax Map of Acquisition:

19 Property: 95 Washington Street, Buffalo, Erie County, New York

Effects of the Acquisition:

The acquisition reduces the overall land area from 8.02 acres to 2.16 acres. This also eliminates all parking and access to the building from the eastern elevation will be seriously compromised.

The building itself is not directly affected.

Depending on existing leases (if any) this could cause a substantial indirect or consequential loss of value to the remainder property and in any event will certainly diminish the revenue potential of the remainder both as an office building as well as losses from after hours events that typically occur at KeyBank Arena and other venues in the area at large.

These factors will substantially reduce the marketability of the property resulting in not only the value loss from the land and parking acquired but will also cause consequential damage to the remaining property.

Value and Damage Analysis:

The direct losses for the land are measured based on the land sales that have occurred in the CBD and surrounding area over the past several years.

Sale No. Location Sale Date Sale Price Area Unit Prices w/ Demo Square Feet Acres Square Feet Acre Remarks 1 933 Michigan Ave. Mar-13$500,00014,5930.335$34.26$1,492,537parking lot 2 234-238 Main Jun-17$1,250,00021,6490.497$57.74$2,515,091parking lot 3 905 Elmwood May-15$1,550,00025,2650.580$61.35$2,672,414 new development 4 1159 Main St. Apr-14$1,767,00054,4501.250$32.45$1,413,600 future development 5 75 Main St. Mar-13$2,199,82881,0221.860$27.15$1,182,703 new development 6 234 Delaware Aug-12$4,500,00084,9421.950$52.98$2,307,692 new development 7 677 Washington StreetNov-18$3,103,00087,1202.000$35.62$1,551,500 new development 8 169 W. Utica Jul-16$1,800,00049,2231.130$36.57$1,592,920 new development 9 470 Pearl Street Jan-16$1,850,00046,1741.060$40.07$1,745,283 surface parking lot 10 127, 189-191 Buffalo River Aug-19$3,800,000306,662 7.040 $12.39 $539,773 Average77,1101.77$39.06$1,701,351 Median51,8361.190$36.09$1,572,210

These sales, after considering adjustments for property rights, conditions of sale, financing and physical variables including location indicate a value of $18.00 per square foot.

Applied to the land being considered for the acquisition (255,262 SF) indicates a loss of $4,595,000.

In addition there is a value associated with the paving and related parking lot improvements estimated at a deprecated value in place at $1,000 per space or $618,000.

Therefore the direct effects of the acquisition are estimated at $5,213,000.

20 Property: 95 Washington Street, Buffalo, Erie County, New York

Effects of the Acquisition: (Cont’d.)

The indirect or consequential losses are developed as follows.

Sale No. Location Sale Date Sale Price Land Building Building $$ Area Size Square Foot LBR Parking Built 1 140 (144) Genesee St. Feb-16 $43,594,760 1.02 140,000 $311.39 1.31 882 2015 2 138 Delaware Jun-19 $16,900,000 0.55 131,760 $128.26 0.18 67 1994 3 130 S. Elmwood Sep-18 $89,000,000 3.68 288,014 $309.01 0.56 600 2004 4 20 Waterfront Circle Feb-14 $7,200,000 1.72 138,000 $52.17 0.54 not owned 1980 5 40 LaRiviere Aug-14 $6,875,000 0.95 103,680 $66.31 0.40 not owned 1980

Average 1.58 160,291 $173.43 Median 1.02 138,000 $128.26

Subject 95 Washington Oct-19 8.02 259,256 1.35 618 1990

These are the most relevant sales available for analyzing the subject property as improved. Sales 1 and 3 are leased fee purchases where the occupancy was 100% in the case of sale 1 approximately 90% in the case of sale 3. Sale 2 on the other hand was approximately 50% vacant at the time of sale and sales 4 and 5 do not own the parking areas that they use and their use is not exclusive.

Assuming fee simple ownership and a market level occupancy of approximately 85% with parking included for all tenants, the property should command a value in the market at $115.00 SF of GBA.

This also considers the property’s potential for supplemental revenue for event parking after business hours.

Therefore the as is property value estimate is developed as follows:

259,256 SF @ $115.00 SF = $29,814,000 (rounded)

Considering the effects of the loss of all parking and its attendant impacts on the remainder property, value without the parking is estimated as follows:

259,256 SF @ $100.00 SF = $22,037,000 (rounded)

Therefore, the total compensable loss is indicated to be $7,777,000.

This loss is allocated as follows:

Land Acquired: $5,213,000 Improvements Acquired: $ 618,000 Consequential Losses: $1,946,000

There will be additional incidental costs associated with the prospective acquisition including legal fees, surveys, title reports and possible relocation costs in the event tenants are displaced or leases are voided as a result of the acquisition.

21 Property: 95 Washington Street, Buffalo, Erie County, New York

Effects of the Acquisition: (Cont’d.)

Assessment Reduction:

The loss of assessed value is all but impossible to estimate with any degree of reliability in a partial acquisition without a very detailed analysis of the existing leasing potential of the property and actual income/expenses. Therefore, the loss is estimated based on the reduction in market value. This analysis indicates a value reduction of 35.3%. On this basis the property assessment can be expected to be reduced by $7,413,000 ($21,000,000 x 35.3%). The attendant tax reduction should approximate $144,000.

It is emphasized this reduction is from the assessment roll. The tax levy would remain the same, and the $144,000 would be spread over the remainder of the city and/or county properties and the total taxes collected would be unchanged.

125 Washington Street & 33 Scott Street

The Buffalo News Properties

23 Property: 125 Washington & 33 Scott Streets, Buffalo, Erie County, New York

Executive Summary:

Property Information:

Address: 33 Scott Street, Buffalo, 125 Washington Street, Buffalo, New York 14203 New York 14203

Parcel ID (SBL#): 111.17-12-1.11 111.17-8-3

Assessment / Taxes: $1,973,800 / $38,469 $6,800,000 / $132,532

Ownership: The Buffalo News, Inc

Property Rights Appraised: Fee simple

Site Information:

Land Area: 887.46’ x 131.78’ 292.97’ x irregular 116,950 SF / 2.685 acres 154,638 SF / 3.55 acres

Zoning: N-1D Downtown/Regional Hub

Shape: Rectangular Irregular

Frontage: 887.46’ southside of Scott 292.97’ eastside of Washington, St. 680’ northside of Scott St.

Utilities: All Public Utilities Available

Flood Zone: Community #360230; Panel #36029C0213H & 36029C0194H; Zone X (6/7/2019) no special flood hazard

Easements: None noted Sewer under building

Parking: 334 parking spaces None

Wetlands: None None

Environmental: No adverse conditions noted

Building Data:

Type of Property: Parking lot Office/Warehouse/Distribution

Year Built: N/A 1965

Gross Building Area (GBA): N/A 302,620

Net Rentable Area: N/A Owner occupied

Number of Stories: N/A 5

Condition: N/A Good

Land to Building Ratio: N/A 0.90 : 1

Effective Age: N/A 25

Remaining Economic Life: N/A 30

Highest & Best Use:

Office warehouse with parking

24 Property: 125 Washington & 33 Scott Streets, Buffalo, Erie County, New York

Executive Summary: (Cont’d.)

Acquisitions: 33 Scott Street 125 Washington Street

Land Acquired: 2.20 Acres None

Improvement Acquired: 284 Parking spaces & None land improvements

Building Acquired: None None

Remaining Property:

Land: 0.485 Acre 3.55 acres

Improvement: 50 Parking spaces and land improvements

Building: 302,620 SF Office/Warehouse/Distribution building

Market Value Losses:

Land: $1,725,000

Improvement: $284,000

Consequential Loss: $1,017,000

Final Loss Estimation:

Estimated Market Value Loss: $3,026,000

Effective Date of Valuation & Exposure Time:

Date of Inspection: October 6, 2019 (Exterior Only)

Effective Date of Valuation: October 6, 2019

Estimated Exposure Time: 12 to 18 months

25 Property: 125 Washington & 33 Scott Streets, Buffalo, Erie County, New York

Ownership & Occupancy:

Property ownership is noted as follows:

The Buffalo News Inc. Plant Manager 1 News Plaza Buffalo New York 14203

The property is assumed to be 100% owner occupied.

Sales History:

The property last transferred on December 30, 2009 as recorded in deeds liber 11175 page 8777. This transaction was between OBH Inc. as grantor to The Buffalo News Inc. as grantee. This was a Quit Claim deed for a $1.00 consideration as this was a transfer between related entities.

I am not aware of any transactions, contracts, including leases, offerings for sale or lease, pending contracts or options involving the subject property except as noted above.

Taxes and Assessments:

The property is referenced on the city and county tax roll as follows:

Assessment & Taxes SBL111.17-8-3111.17-12-1.11 Address 125 Washington33 Scott St. Land $1,701,000 $1,284,100 Improvements $5,099,000 $689,700 Total Assessment $6,800,000 $1,973,800 Equalization Rate 90.00% Equalized Assessment $7,555,556 $2,193,111 County Tax $4.05$27,540 $7,994 Transit Mall $0.00$0 $0 City & School $14.61$99,348 $28,837 Sewer $0.83$5,644 $1,638 Combined Tax Rate per K $19.49$132,532 $38,469 Total True Tax Obligation $171,001

The assessment and taxes are the prospective levies based on the city’s recent revaluation, scheduled for implementation for the 2020-21 tax year.

26 Property: 125 Washington & 33 Scott Streets, Buffalo, Erie County, New York

Tax Map:

Aerial:

27 Property: 125 Washington & 33 Scott Streets, Buffalo, Erie County, New York

Subject Photographs:

West & South Elevations 33 Scott Street Viewing Easterly 125 Washington

33 Scott Street Viewing Westerly Scott Street Viewing West

28 Property: 125 Washington & 33 Scott Streets, Buffalo, Erie County, New York

Prospective Acquisition:

The prospective acquisition from this property is outlined in yellow on the following aerial diagram. This “taking” will encompass approximately 2.66 acres of land and eliminate 284 of the existing 334 parking spaces that currently serve the property adjacent Buffalo News building. The red areas denote the remainder properties, the Buffalo News office warehouse complex and the remainder parking lot.

Color Tax Map of Acquisition:

29 Property: 125 Washington & 33 Scott Streets, Buffalo, Erie County, New York

Effects of the Acquisition:

The acquisition reduces the overall land area that forms the overall economic unit from 6.235 acres to 4.035 acres. This also eliminates the majority of the parking (284 spaces) leaving only 50 spaces and no staging area for delivery and distribution trucks.

Expressed on a ratio basis the land to building ratio (LBR) is reduced from .90 SF of land to each SF of building to .58 SF of land for each SF of building.

Market parameters for a typical office warehouse are in 1.5 to 2.5 range to provide adequate parking and trucking needs.

The parking ratio is reduced from 1 space for each 906 of building area to 1 space per 6,049 SF of GBA.

In the subject’s case the warehouse and shipping are located on the south side of the building opposite the parking lot which is a convenient set up since The News has almost exclusive use of the intervening Scott Street right of way. The loss of the parking lot will create a back log of truck idling on the street waiting in a rotation to drop and ship. Any large scale development of the acquired property will add to the backlog on the street during events.

Furthermore, the News operation or any other office warehouse operation for that matter, has no alternative options to replace or mitigate the losses.

The building can be expected to be severely affected by the parking area loss.

These factors will substantially reduce the marketability of the property resulting in, not only the value loss from the land and parking acquired, but will also cause consequential damage to the remaining property.

Value and Damage Analysis:

The direct losses for the land are measured based on the land sales that have occurred in the CBD and surrounding area over the past several years.

Sale No. Location Sale Date Sale Price Area Unit Prices w/ Demo Square Feet Acres Square Feet Acre Remarks 1 933 Michigan Ave. Mar-13 $500,000 14,593 0.335 $34.26 $1,492,537 parking lot 2 234-238 Main Jun-17 $1,250,000 21,649 0.497 $57.74 $2,515,091 parking lot 3 905 Elmwood May-15 $1,550,000 25,265 0.580 $61.35 $2,672,414 new development 4 1159 Main St. Apr-14 $1,767,000 54,450 1.250 $32.45 $1,413,600 future development 5 75 Main St. Mar-13 $2,199,828 81,022 1.860 $27.15 $1,182,703 new development 6 234 Delaware Aug-12 $4,500,000 84,942 1.950 $52.98 $2,307,692 new development 7 677 Washington Street Nov-18 $3,103,000 87,120 2.000 $35.62 $1,551,500 new development 8 169 W. Utica Jul-16 $1,800,000 49,223 1.130 $36.57 $1,592,920 new development 9 470 Pearl Street Jan-16 $1,850,000 46,174 1.060 $40.07 $1,745,283 surface parking lot 10 127, 189-191 Buffalo River Aug-19 $3,800,000 306,662 7.040 $12.39 $539,773 Average 77,110 1.77 $39.06 $1,701,351 Median 51,836 1.190 $36.09 $1,572,210

30 Property: 125 Washington & 33 Scott Streets, Buffalo, Erie County, New York

Effects of the Acquisition: (Cont’d.)

These sales, after considering adjustments for property rights, conditions of sale, financing and physical variables including location, indicate a value of $18.00 per square foot.

Applied to the land being considered for the acquisition 95,832 SF (2.2 acres) indicates a loss of $1,725,000.

In addition there is a value associated with the paving and related parking lot improvements that will be lost, estimated at a deprecated value in place at $1,000 per space (284 spaces) or $284,000.

Therefore the direct effects of the acquisition are estimated at $2,009,000.

The indirect or consequential losses are developed based on an analysis of office and warehouse sales.

Location Land Building Building $$ Whse Sale No. Office Warehiuse Sale Date Sale Price Area Size Square Foot LBR Office Height's Remarks 1 500 Bailey Apr-16 $8,000,000 7.02 202,744 $39.46 1.51 7.4% 44 built 1999; leased fee 2 50 Thielman Dr. Nov-14 $5,030,000 13.71 151,000 $33.31 3.96 10.0% 22 built1994 3 101 Oak 117 Eagle Oct-18 $3,920,000 2.01 67,325 $58.23 1.3 31.6% 16 built 1982 4 1145 Main at Dodge & Ellicott Nov-16 $3,750,000 4.30 125,570 $29.86 1.49 24.3% 16' Former Osmose Campus 5 2769 Broadway Dec-18 $2,900,000 8.76 112,000 $25.89 3.41 1.8% 21-24' built 1969 6 3366 Walden Ave. Mar-17 $4,600,000 8.37 166,000 $27.71 2.20 12.8% 28' built 1973 7 4055 Casilio Pkwy. Apr-16 $2,700,000 6.17 83,000 $32.53 3.24 9.4% 30 Built 1994 8 4087 Walden Ave. Dec-17 $4,125,000 11.77 122,140 $33.77 4.20 9.9% 16-24' built 1995 9 300 Lang Blvd. May-19 $4,100,000 22.40 119,215 $34.39 7.64 72.0% 10-21' built 1979 10 55 Msgr. Valente Drive Sep-16 $2,825,200 6.36 65,247 $43.30 4.27 6.2% 22' built 1993 11 801 Exchange St. Apr-16 $4,095,000 8.16 77,000 $53.18 4.62 26.0% 24' built 1996 12 790-840 Aero Dr. Jul-16 $9,200,000 10.20 161,900 $56.83 2.74 10.0% 18-29' Built 2001, leased fee 13 3805 Walden Ave. Oct-18 $4,400,000 5.95 104,557 $42.08 2.49 8.2% 22-24' built 1995 14 100 Centre Dr. Dec-17 $3,295,600 16.50 154,544 $21.32 4.65 7.7% 12-18' built 1988

Average 9.41 122,303 $37.99 3.409 16.9% Median 8.27 120,678 $34.08 3.325 10.0%

Subject 959 Washington - office 167,810 0.885 54.7% warehouse 138,936 24', 40' & 70"

Value and Damage Analysis:

These are the most relevant sales available for analyzing the subject property as improved. The sales are, like the subject, office warehouse but the subject has a much higher percentage of office. The sales, on the other hand, are unified sites with superior LBRs and superior functional utility.

Parts of the subject office and warehouse have inherent limited functional utility. Past use of the property’s printing operations may be a concern because printing inks used in the mass printing operations.

Assuming fee simple ownership and that the improvements are in at least average condition and all areas are usable, the property should command a value in the market at $40.00 of GBA including all land areas.

This also considers the property’s potential for supplemental revenue for event parking after business hours.

31 Property: 125 Washington & 33 Scott Streets, Buffalo, Erie County, New York

Effects of the Acquisition: (Cont’d.)

Therefore the as is property value estimate is developed as follows:

302,620 SF @ $40.00 SF = $12,105,000 (rounded)

Considering the effects of the loss of all parking and its attendant impacts on the remainder property, value without the parking is estimated as follows:

302,620 SF @ $30.00 SF = $9,079,000 (rounded)

Therefore, the total compensable loss is indicated to be $3,026,000.

This loss is allocated as follows:

Land Acquired: $1,725,000 Improvements Acquired: $ 284,000 Consequential Losses: $1,017,000

There is an additional risk factor that the Buffalo News may no longer be able to operate from this location. Given that this would likely be considered a “business” loss and not a real property loss, it would not likely be considered “compensable” under New York law.

Assessment Reduction:

Assuming the acquisition proceeds this will eliminate the assessment for the majority of the Scott Street parcel (284 parking spaces) leaving only 50 spaces. Based on parking spaces, the assessment loss will approximate $1,678,000. Additionally there will be a loss to the property at 125 Washington estimated at 10% of its assessed value based on the consequential loss to market value; resulting in additional assessment loss of $680,000. The attendant tax loss will approximate $46,000.

142 Perry Street & 160 Michigan Avenue

City Block Joint Venture Properties

33 Property: 142 Perry Street & 160 Michigan Avenue, Buffalo, Erie County, New York

Executive Summary:

Property Information:

Address: 160 Michigan Avenue, Buffalo, 142 Perry Street, Buffalo, New New York 14204 York, 14203

Parcel ID (SBL#): 111.17-10-3 111.17-10-1.11

Assessment / Taxes (Prospective): $100,000 / $1,949 $2,170,000 / $42,293

Ownership: City Block Joint Venture

Property Rights Appraised: Fee Simple

Site Information:

Land Area: 50’ x 120’(rectangular) 6,000 364.47’ x irregular (irregular) SF (.14 acre) 130,680 SF (3.0 acres)

Zoning: N-1D Downtown Regional Hub

Shape: Rectangular Irregular

Frontage: 50’ westside of Michigan Ave., 364.47’ northside of Perry St, 381.88’ westside of Michigan, 265.84’ southside of Scott St

Utilities: All Public Utilities Available

Flood Zone: Community #360230; Panel #36029C0213H; Zone X (6/7/2019) no special flood hazard

Easements: Former Clark & Skinner Canal

Parking: 18 parking spaces 490 parking spaces

Wetlands: None

Environmental: No adverse conditions noted

Building Data:

Type of Property: Parking lot Parking lot

Year Built: N/A N/A

Gross Building Area (GBA): N/A N/A

Highest & Best Use: Parking

34 Property: 142 Perry Street & 160 Michigan Avenue, Buffalo, Erie County, New York

Executive Summary: (Cont’d.)

Acquisitions:

Land Acquired: 3.14 Acres

Improvement Acquired: 508 Parking spaces and land improvements

Building Acquired: None

Remaining Property:

Land: None

Improvement: None

Building: NA

Market Value Losses:

Land: $2,462,000

Improvement: $508,000

Consequential Loss: None

Final Loss Estimation:

Estimated Market Value Loss: $2,970,000

Effective Date of Valuation & Exposure Time:

Date of Inspection: October 6, 2019

Effective Date of Valuation: October 6, 2019

Estimated Exposure Time: 12 to 18 months

35 Property: 142 Perry Street & 160 Michigan Avenue, Buffalo, Erie County, New York

Ownership & Occupancy:

Property ownership is noted as follows:

City Block Joint Venture & Buffalo City Center Joint Venture 333 Ganson Street Buffalo New York 14203

The properties are currently jointly used as surface parking lots, occupancy is assumed to be subject to short term month to month parking agreements.

Sales History:

The properties last transferred as summarized below:

Grantee Property Sale Date Consideration Liber Page City Block Joint 142 Perry Street 3/22/2002 $800,000 11003 page 428 Venture Buffalo City Center 160 Michigan Ave. 2/28/2007 $1 11128 page 5556 Joint Venture

I am not aware of any transactions, contracts, including leases, offerings for sale or lease, pending contracts or options involving the subject property except as noted above.

Taxes and Assessments:

The property is referenced on the city and county tax roll as follows:

Assessment & Taxes SBL 111.17-10 - 1.11111.17-10-3.0 Address 142 Perry Street160 Michigan Land $1,437,500 $67,100 Improvements $732,500 $32,900 Total Assessment $2,170,000 $100,000 Equalization Rate 90.00% Equalized Assessment $2,411,111 $111,111 County Tax $4.05$8,789 $405 Transit Mall $0.00$0 $0 City & School $14.61$31,704 $1,461 Sewer $0.83$1,801 $83 Combined Tax Rate per K $19.49$42,293 $1,949 Total True Tax Obligation $44,242

The assessment and taxes are the prospective levies based on the city’s recent revaluation, scheduled for implementation for the 2020-21 tax year. Both assessments will be eliminated if the properties are acquired for a public use.

36 Property: 142 Perry Street & 160 Michigan Avenue, Buffalo, Erie County, New York

Tax Map:

Aerial:

37 Property: 142 Perry Street & 160 Michigan Avenue, Buffalo, Erie County, New York

Subject Photographs:

142 Perry Viewing Northeast 142 Perry Viewing Northwest

160 Michigan Viewing West 142 Perry Viewing Southwest

38 Property: 142 Perry Street & 160 Michigan Avenue, Buffalo, Erie County, New York

Prospective Acquisition:

The prospective acquisition of these properties is outlined in yellow on the following aerial diagram. These “taking” will encompass both parcels in their entirety encompassing a total area of 3.14 acres and eliminates approximately 508 parking spaces.

Effects of the Acquisition:

The acquisition will eliminate both parcels.

Value and Damage Analysis:

The direct losses for the land are measured based on the land sales that have occurred in the CBD and surrounding area over the past several years.

Sale No. Location Sale Date Sale Price Area Unit Prices w/ Demo Square Feet Acres Square Feet Acre Remarks 1 933 Michigan Ave. Mar-13 $500,000 14,593 0.335 $34.26 $1,492,537 parking lot 2 234-238 Main Jun-17 $1,250,000 21,649 0.497 $57.74 $2,515,091 parking lot 3 905 Elmwood May-15 $1,550,000 25,265 0.580 $61.35 $2,672,414 new development 4 1159 Main St. Apr-14 $1,767,000 54,450 1.250 $32.45 $1,413,600 future development 5 75 Main St. Mar-13 $2,199,828 81,022 1.860 $27.15 $1,182,703 new development 6 234 Delaware Aug-12 $4,500,000 84,942 1.950 $52.98 $2,307,692 new development 7 677 Washington Street Nov-18 $3,103,000 87,120 2.000 $35.62 $1,551,500 new development 8 169 W. Utica Jul-16 $1,800,000 49,223 1.130 $36.57 $1,592,920 new development 9 470 Pearl Street Jan-16 $1,850,000 46,174 1.060 $40.07 $1,745,283 surface parking lot 10 127, 189-191 Buffalo River Aug-19 $3,800,000 306,662 7.040 $12.39 $539,773 Average 77,110 1.77 $39.06 $1,701,351 Median 51,836 1.190 $36.09 $1,572,210

These sales, after considering adjustments for property rights, conditions of sale, financing and physical variables including location indicate a value of $18.00 per square foot.

Applied to the land being considered for the acquisition 136,778 SF (3.14 acres) indicates a loss of $2,462,000.

In addition there is a value associated with the paving and related parking lot improvements that will be lost estimated at a deprecated value in place at $1,000 per space (508 spaces) or $508,000.

Therefore the estimated value of the acquisition is estimated at $2,970,000.

125 Scott Street

Skydeck Corporation

40 Property: 125 Scott Street, Buffalo, Erie County, New York

Executive Summary:

Property Information:

Address: 125 Scott Street, Buffalo, New York, 14204

Parcel ID (SBL#): 111.17-11-2.1

Assessment / Taxes: $361,000 / $7,036

Ownership: Skydeck Corporation

Property Rights Appraised: Fee simple

Site Information:

Land Area: 95.88’ x 230’ (rectangular) 22,052 SF (.506 acre)

Zoning: N-1D Downtown/Regional Hub

Shape: Rectangular

Frontage: 95.88’ southside of Scott Street

Utilities: All Public Utilities Available

Flood Zone: Community #360230; Panel #36029C0213H; Zone X (6/7/2019) no special flood hazard

Easements: Former Clark & Skinner Canal

Parking: 75 parking spaces

Wetlands: None

Environmental: No adverse conditions noted

Building Data:

Type of Property: Parking lot

Year Built: N/A

Gross Building Area (GBA): N/A

Highest & Best Use: Parking lot

41 Property: 125 Scott Street, Buffalo, Erie County, New York

Executive Summary: (Cont’d.)

Acquisitions:

Land Acquired: .506 Acre

Improvement Acquired: 75 Parking spaces and land improvements

Building Acquired: None

Remaining Property:

Land: None

Improvement: None

Building: NA

Market Value Losses:

Land: $331,000

Improvement: $75,000

Consequential Loss: None

Final Loss Estimation:

Estimated Market Value Loss: $406,000

Effective Date of Valuation & Exposure Time:

Date of Inspection: October 6, 2019

Effective Date of Valuation: October 6, 2019

Estimated Exposure Time: 12 to 18 months

42 Property: 125 Scott Street, Buffalo, Erie County, New York

Ownership & Occupancy:

Property ownership is noted as follows:

Skydeck Corporation 257 Franklin Street Buffalo New York 14202

The property is currently used as a surface parking lot, occupancy is assumed to be subject to short term month to month parking agreements. The west section may be subject to a permanent easement for a former canal that runs through the property north to south.

Sales History:

The properties last transferred as summarized below:

Property Sale Date Consideration Liber Page 142 Perry Street 9/29/2009 $300,000 11170 page 4960

I am not aware of any transactions, contracts, including leases, offerings for sale or lease, pending contracts or options involving the subject property except as noted above.

Taxes and Assessments:

The property is referenced on the city and county tax roll as follows:

Assessment & TaxesSBL111.17-11-2.1 Address 125 Scott Street Land $239,600 Improvements $121,400 Total Assessment $361,000 Equalization Rate 90.00% Equalized Assessment $401,111 County Tax $4.05 $1,462 Transit Mall $0.00 $0 City & School $14.61$5,274 Sewer $0.83 $300 Combined Tax Rate per K $19.49$7,036 Total True Tax Obligation $7,036

43 Property: 125 Scott Street, Buffalo, Erie County, New York

Tax Map:

Aerial:

44 Property: 125 Scott Street, Buffalo, Erie County, New York

Subject Photographs:

45 Property: 125 Scott Street, Buffalo, Erie County, New York

Prospective Acquisition:

Value and Damage Analysis:

The direct losses for the land are measured based on the land sales that have occurred in the CBD and surrounding area over the past several years.

Sale No. Location Sale Date Sale Price Area Unit Prices w/ Demo Square Feet Acres Square Feet Acre Remarks 1 933 Michigan Ave. Mar-13 $500,000 14,593 0.335 $34.26 $1,492,537 parking lot 2 234-238 Main Jun-17 $1,250,000 21,649 0.497 $57.74 $2,515,091 parking lot 3 905 Elmwood May-15 $1,550,000 25,265 0.580 $61.35 $2,672,414 new development 4 1159 Main St. Apr-14 $1,767,000 54,450 1.250 $32.45 $1,413,600 future development 5 75 Main St. Mar-13 $2,199,828 81,022 1.860 $27.15 $1,182,703 new development 6 234 Delaware Aug-12 $4,500,000 84,942 1.950 $52.98 $2,307,692 new development 7 677 Washington Street Nov-18 $3,103,000 87,120 2.000 $35.62 $1,551,500 new development 8 169 W. Utica Jul-16 $1,800,000 49,223 1.130 $36.57 $1,592,920 new development 9 470 Pearl Street Jan-16 $1,850,000 46,174 1.060 $40.07 $1,745,283 surface parking lot 10 127, 189-191 Buffalo River Aug-19 $3,800,000 306,662 7.040 $12.39 $539,773 Average 77,110 1.77 $39.06 $1,701,351 Median 51,836 1.190 $36.09 $1,572,210

Applied to the land being considered for the acquisition 22,052 SF (.506 acre) indicates a loss of $331,000.

In addition there is a value associated with the paving and related parking lot improvements that will be lost estimated at a deprecated value in place at $1,000 per space (75 spaces) or $75,000.

Therefore the total estimated value of the acquisition is estimated at $406,000.

125 Perry Street & 25 Mississippi Street

Buffalo Urban Renewal Agency (BURA)

47 Property: 125 Scott & 25 Mississippi Streets, Buffalo, Erie County, New York

Executive Summary:

Property Information:

Address: 25 Mississippi Street, Buffalo, 125 Perry Street, Buffalo, New New York 14203 York, 14203

Parcel ID (SBL#): 122.05-5-1 122.05-6-1.1

Assessment / Taxes (Prospective): $2,200,000 / $42,878 $1,283,000 / $25,006

Ownership: Buffalo Urban Renewal Agency

Property Rights Appraised: Fee Simple

Site Information:

Land Area: 195’ x 671’ (rectangular) 113.68’ x 672.33’ / 130,845 SF (3 acres) 76,430 SF (1.75 acres)

Zoning: N-1C Mixed Use Core

Shape: Rectangular Rectangular

Frontage: 195’ southside of Perry St., 113.68’ southside of Perry St, 671’ eastside of Mississippi St., 672.33’ eastside of Baltimore, 195’ northside of South Park, 113.68’ northside of S. Park, 671’ westside of Baltimore St. 672.33’ westside of Columbia

Utilities: All Public Utilities Available

Flood Zone: Community #360230; Panel #36029C0326H; Zone X (6/7/2019) no special flood hazard

Easements: None noted

Parking: 458 parking spaces 334 parking spaces

Wetlands: None

Environmental: No adverse conditions noted

Highest & Best Use: Parking

48 Property: 125 Scott & 25 Mississippi Streets, Buffalo, Erie County, New York

Executive Summary: (Cont’d.)

Acquisitions: 25 Mississippi Street 125 Perry Street

Land Acquired: 3..0 Acres 1.75 acres

Improvement Acquired: 458 spaces 334 spaces

Building Acquired: None None

Remaining Property:

Land: None None

Improvement: None None

Building: NA NA

Market Value Losses:

Land: $2,091,000 $1,220,000

Improvement: $ 458,000 $334,000

Consequential Loss: None None

Final Loss Estimation:

Estimated Market Value Loss: $2,549,000 $1,554,000

Effective Date of Valuation & Exposure Time:

Date of Inspection: October 6, 2019

Effective Date of Valuation: October 6, 2019

Estimated Exposure Time: 12 to 18 months

49 Property: 125 Scott & 25 Mississippi Streets, Buffalo, Erie County, New York

Ownership & Occupancy:

Property ownership is noted as follows:

Buffalo Urban Renewal Agency c/o Scott Billman Esq. 920 City Hall Buffalo New York 14202

The properties are currently used as surface parking lots, occupancy is assumed to be subject to short term month to month parking agreements.

Sales History:

The properties last transferred on 5/18/1995 for $1,400,000 as recorded in deeds liber 10886 at page 2305.

I am not aware of any transactions, contracts, including leases, offerings for sale or lease, pending contracts or options involving the subject property except as noted above.

Taxes and Assessments:

The property is referenced on the city and county tax roll as follows:

Assessment & Taxes SBL122.05-5-1122.05-6-1.1 Address 25 Mississippi125 Perry Street Land $1,439,300 $848,200 Improvements $760,700 $434,800 Total Assessment $2,200,000 $1,283,000 Equalization Rate 90.00% Equalized Assessment $2,444,444 $1,425,556 County Tax $4.05$8,910 $5,196 Transit Mall $0.00$0 $0 City & School $14.61$32,142 $18,745 Sewer $0.83$1,826 $1,065 Combined Tax Rate per K $19.49$42,878 $25,006 Total True Tax Obligation $67,884

The assessment and taxes are the prospective levies based on the city’s recent revaluation, scheduled for implementation for the 2020-21 tax year. Each assessment will be eliminated in the event of a public purpose project.

However, as publicly owned parcel they are tax exempt except for the sewer levy.

50 Property: 125 Scott & 25 Mississippi Streets, Buffalo, Erie County, New York

Tax Map:

Aerial:

51 Property: 125 Scott & 25 Mississippi Streets, Buffalo, Erie County, New York

Subject Photographs:

25 Mississippi Viewing Southeast 25 Mississippi Viewing Northeast

25 Mississippi Viewing North Northwest 125 Perry Street Viewing Southwest

125 Perry Street Viewing South Southeast

52 Property: 125 Scott & 25 Mississippi Streets, Buffalo, Erie County, New York

Prospective Acquisition:

The prospective acquisition of these properties are outlined in yellow on the following aerial diagram. These “taking” will encompass both parcels in their entirety encompassing a total area of 3.0 acres and 458 parking spaces in the case of 25 Mississippi Street and 1.755 acres and 334 spaces for 125 Perry Street.

Effects of the Acquisition:

The acquisitions encompass the entirety of each property.

53 Property: 125 Scott & 25 Mississippi Streets, Buffalo, Erie County, New York

Value and Damage Analysis:

The direct losses for the land are measured based on the land sales that have occurred in the CBD and surrounding area over the past several years.

Sale No. Location Sale Date Sale Price Area Unit Prices w/ Demo Square Feet Acres Square Feet Acre Remarks 1933 Michigan Ave. Mar-13$500,00014,5930.335$34.26$1,492,537parking lot 2234-238 Main Jun-17$1,250,00021,6490.497$57.74$2,515,091parking lot 3905 Elmwood May-15$1,550,00025,2650.580$61.35$2,672,414new development 41159 Main St. Apr-14$1,767,00054,4501.250$32.45$1,413,600future development 575 Main St. Mar-13$2,199,82881,0221.860$27.15$1,182,703new development 6234 Delaware Aug-12$4,500,00084,9421.950$52.98$2,307,692new development 7677 Washington StreetNov-18$3,103,00087,1202.000$35.62$1,551,500new development 8169 W. Utica Jul-16$1,800,00049,2231.130$36.57$1,592,920new development 9470 Pearl Street Jan-16$1,850,00046,1741.060$40.07$1,745,283surface parking lot 10127, 189-191 Buffalo RiverAug-19$3,800,000306,662 7.040 $12.39 $539,773 Average77,1101.77$39.06$1,701,351 Median51,8361.190$36.09$1,572,210

These sales, after considering adjustments for property rights, conditions of sale, financing and physical variables including location indicate a value of $16.00 per square foot or $697,000 per acre.

Additionally there is the value for the paving estimated at $1,000 per space.

25 Mississippi Street 3 acres @ $697,000 / acre = $2,091,000 458 parking spaces @ $1,000 /space = $458,000 Total estimated value $2,549,000

125 Perry Street 1.75 acres @ $697,000 / acre = $1,220,000 334 parking spaces @ $1,000 /space = $334,000 Total estimated value $1,554,000

Regarding the property tax assessments, each parcel is tax exempt therefore the impact on the tax roll is minimal.

54 Project: BNCC, HSBC Area, Buffalo, Erie County, New York

RECONCILIATION AND SUMMARY of CONCLUSION:

The following table summarizes the effects of the project and property value losses.

Land Value Value of Consequential Property Land acquired / acres Parking losses Total value Losses Improvements Losses HSBC Property 5.86 618 $5,213,000 $618,000 $1,946,000 $7,777,000 Buffalo News 2.20 284 $1,725,000 $284,000 $1,017,000 $3,026,000 142 Perry & 160 Michigan 3.14 508 $2,462,000 $508,000 NA $2,970,000 125 Scott Street 0.506 75 $331,000 $75,000 NA $406,000 25 Mississippi Street 3.00 458 $2,091,000 $458,000 NA $2,549,000 125 Perry Street 1.75 334 $1,220,000 $334,000 NA $1,554,000 Aggregated Values 16.46 2,277 $13,042,000 $2,277,000 $2,963,000 $18,282,000

In addition to the losses and values noted above there is an aggregate loss to the city and county tax roll estimated at $12,402,000. This excludes the city owned BURA parcels that are currently tax exempt.

These assessment losses equate to tax revenue of approximately $244,169 that will be redistributed over the city’s remaining tax roll.

Finally, in the event of condemnation, added costs will increase dramatically.

Addendum

Definitions of Significant Terms

Qualifications of Gregory C. Klauk

Definitions of Significant Terms:

Appraisal Report - a written report prepared under Standards Rule 2-2a of the Uniform Standards of Professional Appraisal Practice (2016-2017 ed.).

Restricted Appraisal Report - a written report prepared under Standards Rule 2-2b of the Uniform Standards of Professional Appraisal Practice (2016-2017 ed.).

Definitions of Significant Terms: (Cont’d.)

Leased Fee Interest - The ownership interest held by the lessor, which includes the right to receive the contract rent specified in the lease plus the reversionary right when the lease expires.10

Leasehold Interest - The right held by the lessee to use and occupy real estate for a stated term and under the conditions specified in the lease.11

Abut - To share a common boundary with another property.12

Abutter or Adjoiner - A property that is physically contiguous to the surplus parcel. (NYS DOT)

Definitions of Significant Terms: (Cont’d.)

Condemnation - The act or process of enforcing the right of eminent domain.20

Disposition Value - The most probable price that a specified interest in real property should bring under the following conditions:

17Ibid., pg. 22 18Ibid., pg. 33 19Ibid., pg. 43 20Ibid., pg. 45 21Ibid., pg. 50 22Ibid., pg. 59 23Ibid., pg. 67

Definitions of Significant Terms: (Cont’d.)

Easement - The right to use another’s land for a stated purpose.24

Easement by Prescription - The right to use another's land, which is established by exercising this right openly, hostilely, and continuously over a statutory period of time.26

Interim Use - The temporary use to which a site or improved property is put until a different use becomes maximally productive.28

Jurisdictional Exception - an assignment condition established by applicable law or regulation, which precludes an appraiser from complying with a part of USPAP (USPAP, 2016-2017 ed.).29

24Ibid., pg. 71 25Ibid., pg. 71 26Ibid., pg. 71 27Ibid., pg. 109 28Ibid., pg. 120 29Ibid., pg. 123

Definitions of Significant Terms: (Cont’d.)

Land Value-To-Building Value Ratio - The proportion of land value to building value. Ideally, comparable properties would have a similar land value-to-building value ratio.30

Monopsony - A market in which there is only one buyer for a good or service.32

Perpetual (Permanent) Easement: An easement that lasts forever.33

Range of Value - In final reconciliation, the range in which the final market value opinion of a property may fall; usually stated as a variable amount between a high and low value limit.36

Remnant - A remainder that has negligible economic utility or value due to its size, shape, or other detrimental characteristics.37

30Ibid., pg. 127 31Ibid., pg. 138 32Ibid., pg. 149 33Ibid., pg. 170 34Ibid., pg. 172 35Ibid., pg. 172 36Ibid., pg. 185 37Ibid., pg. 196

Definitions of Significant Terms: (Cont’d.)

Stand Alone Parcel - A surplus parcel that can be independently developed. (NYS DOT)

Value As Is: (As Is Market Value) - The estimate of the market value of real property in its current physical condition use, and zoning as the appraisal date. 41

Hydrology - The science dealing with properties, distribution and circulation of water".44

Definitions of Significant Terms: (Cont’d.)

46Environmental Conservation Law, Article 24, Freshwater Wetlands, 24-0107 Definitions, Pg.3

Definitions of Significant Terms: (Cont’d.)

CONDITION RATINGS:

Definitions of Significant Terms: (Cont’d.)

QUALITY RATINGS:

Licensure/Designations/Certifications: • Licensed New York State Real Estate Salesperson • New York State Certified General Real Estate General Appraiser #46-0250; 10/8/16-10/7/17

Fee Consultant For:

New York State • Facilities Development Corporation • Department of Corrections • Housing FarmsFinance Home Agency Administ (HFA)ration • Department of Transportation • State of NY Mortgage Agency (SONYMA) • Department of Environmental Conservation • Thruway Housing Authority & Urban Development • Department of Parks & Recreation • New York State Power Authority • Department of MRDD • Empire State Development Corporation

Gregory C. Klauk Page 2

Gregory C. Klauk Page 3

Gregory C. Klauk Page 4

CONNECTICUT CONVENTION CENTER Hartford / Connecticut

The convention center is pivotal to a 30 acre offers striking, sweeping views. Planning mixed-use development, Adriaen’s Landing, and design are highly integrated, with a part of a larger, comprehensive re-energizing cascading lobby paralleling the terraced plan for Hartford and the Connecticut River access plaza. An elevated promenade weds valley. the convention center to a headquarters hotel, a major overhead walkway, and a tvsdesign created the project as the revitalized riverfront park. most dominant signature for the capital city, glowing like a large lantern at the As the largest convention and exhibit center intersection of two major interstate between New York and Boston, the design highways. Generous use of glass on the makes a definitive East Coast statement. north concourse provides a tremendous expression of light to passersby and offers attendees a 180-degree view of downtown and the river. All critical circulation space CLIENT Capital City Economic Development Authority

PROJECT AREA AND FEATURES 550,000 sf convention center 150,000 sf exhibit hall 40,000 sf ballroom 35,000 sf of meeting space

DESIGN LEAD tvsdesign

ASSOCIATE ARCHITECT Amenta/Emma Architects P.C.

MEMPHIS CONVENTION CENTER MASTER PLAN AND EXPANSION STUDY Memphis / Tennessee

With the aging and land-locked Memphis for further development and testing: a Cook Convention Center nearing the end of site adjacent to the existing center and a its useful lifespan, the goal of the Memphis site along Beale Street in the center of the Cook Convention Center site selection tourist/entertainment district. study was to evaluate all the available site opportunities in the city for a new state of Concept designs were developed for both the art convention center. options to show the layout of the center and its massing and design potential. The The team studied multiple site options and resulting report identified the cost, logistics ranked them based on a clear set of criteria and schedule for both options and became established by the stakeholders. Each site the starting point for a more focused was evaluated to see if the program and discussion on the future of conventions in future expansion would fit. At the end of Memphis. this process, two sites were shortlisted CLIENT Memphis/Cook County Convention Center

PROJECT AREA AND FEATURES 550,000 sf total 500,000 sf below-ground parking 50 meeting rooms

DESIGN LEAD tvsdesign

ASSOCIATE ARCHITECT Moody Nolan

BEFORE

AFTER

MUSIC CITY CENTER Nashville / Tennessee

Located along Fifth Street, just a few blocks and placing potential commercial or cultural from the historic Ryman Auditorium and venues with lively public concourses along numerous other music and cultural venues, main pedestrian and vehicular corridors. the Music City Center, opened in May 2013, The planned extension of Korean Veterans will bring new life to the South of Broadway Boulevard has also taken place to enhance (SOBRO) neighborhood of Nashville. cross-city connectivity along KVB.

The design team of tvsdesign/Tuck-Hinton The plan for the Music City Center is Architects/Moody Nolan, Inc. Architects designed to serve as a catalyst for new studied the underutilized area of SOBRO and business by respecting the surrounding gave careful consideration to the placement neighborhood and turning a welcoming face of the facility’s many functional elements to the community. It strives to connect the that will affect the surrounding area. The rich music history of Nashville to a new home design turns a positive face to surrounding for expositions, meetings and tourism. neighborhoods by concealing service areas CLIENT Nashville Metropolitan Development and Housing Agency

PROJECT AREA AND FEATURES 1,200,000 sf 370,000 sf exhibit halls 60,000 sf ballrooms 120,000 sf meeting rooms 1,800 space parking garage LEED NC Gold Certified

TEAM tvsdesign/Tuck-Hinton Architects/Moody Nolan, Inc. Architects

>> “I applaud the project management team and its crew for finishing construction of the Music City Center ahead of their deadline. It is no small feat to finish construction on time, but to do so for a project of this scale is truly remarkable.” - Karl Dean Former Mayor

RALEIGH CONVENTION CENTER Raleigh / North Carolina

Livable Streets is an ambitious five part plan would ordinarily cover two city blocks onto to recreate downtown Raleigh as a vibrant a single site. This was achieved by locating business, entertainment and residential the exhibit hall and loading docks below center. The centerpiece of the plan is the grade. Lobbies, ballroom, concourses and creation of a dazzling new convention center prefunction spaces animate the pedestrian that will replace an outdated facility that experience. A public plaza creates a dramatic for 30 years has blocked the capitol’s main arrival court between the lobby and the new historic axis. The new master plan for the hotel. center will give Fayetteville Street a second chance to become, once again, a pedestrian The center is designed to double in size in a friendly, livable street. future expansion. The artful use of materials and the unique massing strategy make this To make the project work within the new large civic building engaging and memorable pedestrian friendly vision of Raleigh, creative - expressive of Raleigh’s distinctive solutions were required to fit a building that hospitality. CLIENT City of Raleigh

PROJECT AREA AND FEATURES 507,000 sf convention center 150,000 sf exhibit hall 32,000 sf ballroom 30,000 sf meeting space LEED NC Silver

DESIGN LEAD tvsdesign

ASSOCIATE ARCHITECT O’Brien/Atkins Associates Clearscapes

AUGUSTA CIVIC CENTER EXPANSION

AND RENOVATION

...... Augusta / Georgia . . . .

......

Located along the Savannah River, the The transparent connecting concourse Augusta Convention Center is in the heart between the exhibit hall and the old building of a downtown where historic preservation recalls the wood ceiling expression found is a valued quality. The incorporation of in many of Augusta’s historic warehouse the historic Harrison Building as part of buildings, while providing a soft urban the convention center project enhances connection to the city’s rejuvenated the urban fabric - with its complementary streetscape. materials and scale; the old building connects the new convention center to its The new 37,500 sf exhibit hall is the focal surroundings. point of this expansion to the existing convention center and Augusta Marriott The new exhibit hall and public circulation which will maintain normal operations during spaces are reminiscent of the loft-like construction. To unify the new construction aesthetic of the Harrison Building in its and existing facility, 10,000 sf of connecting articulation of brick, steel and wood detailing. public and back of house circulation will be renovated.

......

...... CLIENT . . . .

City of Augusta

...... PROJECT AREA . . . .

AND FEATURES

110,000 sf total construction

97,000 sf new construction ...... 12,000 sf renovation . . . . 37,500 sf exhibit hall 6,000 sf banquet kitchen New Level 1 and Level 2 prefunction spaces Renovation of public and back of house circulation and existing banquet kitchen ...... PENNSYLVANIA CONVENTION CENTER PHASE II Philadelphia / Pennsylvania

With the goal of integrating this large The expansion of the center onto Broad expansion into the urban context, tvsdesign Street will generate similar development worked with the City Planning Commission, to the revitalization caused by the original Department of Streets, Redevelopment building while setting a contemporary, Authority, Industrial Development forward-looking design theme to define the Corporation and City and State Historic center’s new presence on Broad Street. The Commissions to help create the site needed internal organization of the buildings creates within the heart of Center City to expand a grand public concourse that will, when the existing center. The solution presents a viewed through a transparent facade, knit bold and dramatic new North Broad Street the activities of the building with those along facade, while reinforcing the city’s important the street. Materials - granite, limestone, Avenue of the Arts initiative. glass, and steel - which tvsdesign gracefully combined in the original National AIA Award winning design, will be used in similar but new ways creating a unified complex of proper civic stature. CLIENT Pennsylvania Convention Center Authority NEW PROJECT AREA AND FEATURES 1,000,000 gsf 261,000 sf exhibit halls 81,000 sf meeting rooms 60,000 sf ballroom

EXISTING ASSOCIATED ARCHITECTS Vitetta Group, Inc. Kelly Miaello

>> The expansion interfaced with the existing active center along its entire west end affecting all functions of the building; exhibit hall and loading, meeting rooms,concourses, support and service functions. Temporary partitions were placed within the existing building to separate center use from construction. Restrictions were placed on construction noise during events near the interface. Event locations were shifted relative to construction activities also. Final tying together of certain construction elements with existing building components were scheduled on down days in the center’s event schedule.

THE BENTON CONVENTION

CENTER EXPANSION

......

...... AND RENOVATION

......

...... Winston-Salem / North Carolina

......

The Benton Center needed to reposition with 5th Street. The interiors feature barn- itself in a hyper-competitive regional market. wood paneling and a warm colors evocative The redesign builds on the latest trends in of the historic tobacco barns. the meeting industry to reimagine its public space, provide a new front-door experience The project scope includes building-wide and better engage the center in Winston- code upgrades, new prefunction space, Salem’s urban experience. reconfigured meeting rooms, fully renovated public space and reconfigured ballrooms. The street-facing new concourse pays The administrative offices were moved to an homage to the unique local industrial existing under-used mezzanine to opening vernacular with a sawtooth roof, glazed up the main downtown corner for much clerestories and timber framed construction. needed prefunction space. The new concourse fills in a sunken garden to help the building, for the first time, engage

......

...... CLIENT . . . .

City of Winston-Salem

...... PROJECT AREA . . . .

AND FEATURES

165,000 sf renovation

13,000 sf addition ...... ASSOCIATED ARCHITECT . . . . Architectural Design Associates Don Eyberg Architects

BEFORE

AFTER ...... CHARLESTON COLISEUM & CONVENTION CENTER EXPANSION AND RENOVATION Charleston / West Virginia

Inspired by the nearby Kanawha River and interior palette draws its inspiration from its historic role as a social organizing link the various mineral and other extractive within the rugged landscape that defines resources which are the lifeblood of the the region, the project’s design features state. three large glass-enclosed lobby nodes, corresponding to each of the building’s A new 15,000 sf entry lobby along Clendenin major program elements. These iconic Street provides a much needed front door spaces instill a navigational clarity to for the existing arena and establishes an the complex and help to define a unique active link to urban retail at the adjacent Charleston event campus. Charleston Town Center. A new lobby entry on the south side of the building The formal language of the design draws redefines the main vehicular drop-off for on the uniqueness of the local geography, the convention center, while at the west end and specifically the cut rock faces that line of the campus, the new 20,000 sf ballroom the excavated throughways which connect extends the building footprint to the edge of various population centers in the state. The the Elk River. CLIENT City of Charleston

PROJECT AREA AND FEATURES 284,000 sf total construction 148,000 sf new construction 136,000 sf renovation

Includes: 20,000 sf new ballroom 11,000 sf new meeting rooms 8,400 sf new kitchen 15,000 sf new arena lobby LEED Certified

ASSOCIATED ARCHITECTS ZMM

>> BEFORE “There was pressure to do something about the Civic Center. It was functional but, aesthetically, it looked more like a regional jail than a convention center.” - Danny Jones Mayor, City of Charleston

AFTER

SAVANNAH CONVENTION CENTER Savannah / Georgia

The Savannah Convention Center is located arriving from the north and east. New on Hutchinson Island across the river from registration lobbies serving the expanded the Downtown Savannah Landmark Historic exhibition space will be located adjacent District. The existing facility opened in 2000 to the entry plazas. The new ballroom will with 100,000 sf of exhibit space, 13 meeting be placed on the third floor directly above rooms, a 25,000 sf ballroom, 367 seat the northernmost new exhibit hall. It will auditorium and four boardrooms. have prefunction space along the north and east side. A large roof terrace providing The SCC is experiencing growth in the views to the city will be adjacent to the east convention market. To facilitate this growth prefunction. The new meeting rooms will and continue to be competitive in the be located on levels one and two along the market, they are expanding their facility by new extension of the east concourse. The doubling the size of the existing center. new parking garage has five levels and will be placed directly above the exhibit loading New entry plazas and arrival zones with area. monumental facades will greet visitors CLIENT Savannah International Trade and Convention Center

PROJECT AREA AND FEATURES 100,000 sf of exhibit space (in two divisions) 42,000 sf ballroom 23,000 sf meeting rooms (14 total) 950 space parking garage

ASSOCIATED ARCHITECTS Hansen Architects

>> “There was pressure to do something about the Civic Center. It was functional but, aesthetically, it looked more like a regional jail than a convention center.” - Danny Jones Mayor, City of Charleston