[2025-9 Contract RiniBros Purchase Real Estate Exhibit A.pdf] EXHIBIT A PURCHASE AND SALE AGREEMENT OE ALE AGREEMENT THIS PURCHASE AND SALE AGREEMENT (this “Agreement”) is entered into as of the dayof 2024 (the “Effective Date”), by and between the City of North Olmsted, Ohio, an Ohio Municipal Corporation and (“Purchaser”), and RINI BROS. LLC. an Ohio Limited Liability Company (“Seller”), RECITALS WHEREAS, pursuant to the terms of this Agreement. Seller will sell and convey to Purchaser and Purchaser will purchase and pay for the Property (as defined herein). NOW, THEREFORE, for valuable consideration, including the purchase price and the mutual covenants of Purchaser and Seller set forth herein, the parties agree as follows: 1. DESCRIPTION OF PROPERTY I! Property. Seller shall sell and convey, and Purchaser shall purchase and pay for, upon the terms and subject to the conditions hereinafter set forth, a portion of the land known as PPN 233-26-067 and more fully described in Exhibit A (the “Master Parcel”), which portion shall contain approximately 1.2313 acres, or 53.635 square feet, and as depicted crosshatched in blue on Exhibit B attached hereto and incorporated herein by reference (the “Property”). 2. PURCHASE PRICE 2.1 Purchase Price. Purchaser shall pay to Seller on Closing (as hereinafier defined) a purchase price (the “Purchase Price”) for the Property which shall be the sum of Fifteen Thousand Dollars ($15,000.00) for the Property: which Purchase Price shall be payable as follows: (a) An amount equal to Fifteen Thousand Dollars ($15,000.00) (the “Larnest Money”) shall be deposited in an escrow account (the “Escrow Account”) with emerald Glen Title (“Escrow Agent” or “Title Company”) by wire transfer within live (5) days following the Effective Date. (b) The balance of the Purchase Price, subject to the prorations and adjustments described in this Agreement, shall be deposited into the Escrow Account by wire transfer of Federal funds or official bank or cashier’s check drawn on an institutional commercial bank or savings and loan association payable to the order of Escrow Agent at least one business day preceding the Closing Date (as hereinafter defined), (c) Purchaser's failure to timely deposit the Earnest Money or make any other payments required by the terms of this Agreement shall constitute an immediate Default by Purchaser of this Agreement, which, if not remedied within two (2) business days from receipt of notice by Seller of the Default. shall entitle Seller. at its option, to terminate this Agreement by written notice to Purchaser and to pursue immediate remedies against Purchaser pursuant to terms of this Agreement. 3. CONVEYANCE OF TITLE AND OTHER DOCUMENTS 3.1 Lot Split. Seller and Purchaser shall, at Purchaser's cost and expense, create a lot split subdivision plat of the Master Parcel. subdividing the Property out of the Master Parcel (the “Plat™), shall have such lot Plat approved by the applicable governmental authorities. and shall record the Plat to create the Property. 3.2 Property. Seller shall convey, or cause to be conveyed, fee simple insurable title to the Property to Purchaser by a good and sufficient limited warranty deed (the "Deed™), reasonably acceptable to Purchaser and Seller, conveying title thereto to Purchaser, free and clear of liens and encumbrances, except zoning and building ordinances, real estate and all ad valorem taxes and assessments both general and special not currently due and payable. liens and encumbrances caused by Purchaser, those liens, claims and encumbrances and matters of record not objected to by Purchaser within the Inspection Period (as hereinafter defined) or objected to but subsequently waived by Purchaser, and matters disclosed on the Survey (as hereinafier defined), all of the foregoing collectively referred to herein as the “Permitted Encumbrances.” 4, TITLE INSURANCE AND SURVEY 4.1 Title Insurance. Within thirty (30) days after the date hereof, Purchaser may cause the Title Company to examine title to the Property and prepare a written commitment (the “Title Commitment”) for an owner's policy of title insurance in standard form insuring tile to the Property to Purchaser in the amount of the Purchase Price (the “Title Policy”). 4.2 Survey. Prior to the Closing Date, Purchaser may cause, at its expense, a survey of the Property (the “Survey”) to be prepared. 5. CLOSING AND ADJUSTMENTS 5.1 l'scrow Agent; Closing Date. The closing of the transaction contemplated hereby (the “Closing™) shall be effected through an escrow established with the Escrow Agent. All documents necessary for the completion of this transaction shall be deposited with the Escrow Agentonor before _ or such later date as mutually agreeable to the parties (the “Closing Date”). All funds necessary for the completion of the Closing shall be deposited with the Escrow Agent so as to permit the Closing to occur, and funds to be disbursed from the escrow to Seller. on the Closing Date. ‘This Agreement, together with the Escrow Agent's usual conditions of acceptance. shall serve as escrow instructions: provided. however, that in the event of any conflict between the provisions of this Agreement and the Escrow Agent’s usual conditions of acceptance, the provisions of this Agreement shall govern. 5.2 Closing Deliveries, (a) Seller shall deposit into escrow the following documents and instruments on or prior to the Closing Date, duly executed and acknowledged where appropriate: (1) the Deed: (2) evidence of compliance by Seller to the provisions of Section 5.3 1445 of the Internal Revenue Code of 1986, as amended: (3) such documentation as Is reasonably and customarily required by the Tithe Company to issue the Title Policy in the form required by this Agreement; and (4) such other documents as may be reasonably required to consummate the transaction contemplated hereby. On or prior to the Closing Date, Purchaser shall deposit into escrow the following. duly executed and acknowledged where appropriate: (1) the sum required pursuant to Section 2.1(b), (2) the conveyance fee and transfer tax or declaration forms required by law, (3) evidence satisfactory to Seller and the Tithe Company of Purchaser's authority with respect to Purchaser’s execution, delivery and performance of the terms, covenants and conditions of this Agreement, (4) such documentation as is reasonably and customarily required by the Title Company to issue the Title Policy in the form required by this Agreement: and (5) such other documents as may be reasonably required to consummate the transaction contemplated hereby. Prorations/Lixpenses. Provided all documents and funds have been deposited in escrow with the Escrow Agent or delivered at Closing as required by this Agreement and the Title Company is in a position upon the filing of the Deed for record to issue the Title Policy as may be provided for in Section 4.1, the Closing shall be completed as follows afier making the adjustments and prorations required by this Section 5.3: (a) (b) (c) Seller shall pay: (1) any costs, expenses and/or prorations specifically to be paid by Seller as provided herein. Purchaser shall pay: (1) the escrow fee, if any; (11) the cost of recording the Deed; (ii) the title commitment. premium for the issuance of the Title Policy and any endorsements thereto, and the cost of all charges and expenses associated with the issuance of title insurance to any lender to Purchaser; and (iv) all costs associated with Purchaser's Inspections (as hereinafter defined) of the Property: (v) All costs associated with the Plat and subdivision of the Property from the Master Parcel; and (vi) any other costs, expenses and/or prorations to be paid by Purchaser as provided herein. All real estate taxes and assessments both general and special shall be prorated between the parties as of the Closing based on the current bill (or. if not available, the last available tax duplicate) and reflected on a settlement statement prepared by the Escrow Agent. Such proration shall be final, (d) The Escrow Agent shall record the Deed in the real estate records of the Fiscal Officer's office. 5.4 Possession. Seller shall deliver possession of the Property in its present condition, subject to normal wear and tear. 5.5 Title Defects. During the Inspection Period (as defined herein). Purchaser shall have the right to object to any matters set forth in the Title Commitment and the Survey. Purchaser shall give Seller written notice (the “Objection Notice”) of any such matter set forth in the Title Commitment or Survey to which Purchaser objects (cach a “Title Defect”) prior to the expiration of the Inspection Period. Any matter not objected to by Purchaser within such Inspection Period (or which Purchaser waives following the Objection Notice) shall be deemed to be approved by Purchaser and included as a Permitted Encumbrance. If Purchaser delivers to Seller an Objection Notice specifying a Title Defect within the Inspection Period. Seller shall, within ten (10) days alter the receipt of the Objection Notice, notify Purchaser in writing (the “Seller's Notice”) which of such Title Defects shall be cured by Seller prior to or at Closing: provided, however that Seller shall only be obligated to cure any such Title Defect which either was caused by Seller’s actions after execution of this Agreement or is a lien or encumbrance that can be removed by the payment ofa sum certain (unless caused by Purchaser). Within five (5) days after receipt of the Seller's Notice, Purchaser, as its sole and exclusive remedy, shall notify Seller in writing of Purchaser's election to cither (i) accept title to the Property subject to the Title Detects Seller is not obligated (or has not otherwise elected) to cure, without an abatement or reduction of the Purchase Price in accordance with the terms of this Agreement, or (ii) terminate this Agreement. If Purchaser elects to terminate this Agreement, all documents deposited into escrow shall be returned to the party who delivered or deposited the same, the Earnest Moncey shall be paid to Purchaser, and thereupon the parties shall be released from any further obligations hereunder each to the other, except that Purchaser shall pay all the expenses of the Escrow Agent and the Title Company, if any. If Purchaser does not elect to terminate, or fails to make a written election, within the five (5) day period following Seller's Notice, Purchaser shall be deemed to have elected to accept title to the Property, subject to all Title Defeets which shall thereafter be deemed Permitted Encumbrances, without an abatement or reduction of the Purchase Price and the Earnest Moncey shall become nonrefundable. 6. RISK OF LOSS 6.1 Risk of Loss. Risk of loss to the Property or any part thereof shall remain on Seller until the Closing. 7. REPRESENTATIONS AND WARRANTIES 7.1 Seller's Representations. Seller represents, warrants and agrees as follows: (a) To Seller's actual knowledge, the Properly is subject to no options or agreements regarding the transfer of title to the Property and Seller has received no written notice of any legal or governmental action. litigation, or pending or threatened 7.2 (a) (b) claim that would impair the Property or Seller's ability to perform the transactions contemplated by this Agreement. Seller has reecived no written notice of taking. condemnation. betterment or assessment. actual or proposed, with respect to the Property. Purchaser’s Representations. Purchaser represents, warrants and agrees as lollows: Purchaser has the lawful right, power, authority and capacity to purchase the Property in accordance with the terms. provisions and conditions of this Agreement. There are no actions, suits or proceedings pending against. by or affecting Purchaser which question the validity or enforceability of this Agreement or of any action taken by Purchaser under this Agreement. in any court or before any governmental authority, domestic or foreign. Section 7.3. Disclaimer. OTHER THAN TO THE EXTENT OF THE EXPRESS REPRESENTATIONS SET FORTH IN THIS AGREEMENT OR IN THI DOCUMENTS EXECUTED AND DELIVERED TO PURCHASER BY SELLER = AT CLOSING — (HEREIN CALLED THE | “EXPRESS REPRESENTATIONS”). SELLER DOES NOT, BY THE EXECUTION AND DELIVERY OF THIS AGREEMENT, AND SELLER SHALL NOT. BY THE EXECUTION AND DELIVERY OF ANY DOCUMENT OR INSTRUMENT EXECUTED AND DELIVERED IN CONNECTION WITH CLOSING. MAKE ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED. OF ANY KIND OR NATURE WHATSOEVER, WITH RESPECT TO THE PROPERTY, AND ALL SUCH REPRESENTATIONS AND WARRANTIES ARE HEREBY DISCLAIMED. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, OTHER THAN TO THE EXTENT OF THE EXPRESS REPRESENTATIONS, SELLER MAKES, AND SHALL MAKE. NO EXPRESS OR IMPLIED REPRESENTATION OR WARRANTY AS TO MATTERS OF TITLE, ZONING. TAX CONSEQUENCES, PHYSICAL, OR ENVIRONMENTAL CONDITION (INCLUDING. WITHOUT LIMITATION, LAWS, RULES. REGULATIONS, ORDERS AND REQUIREMENTS PERTAINING TO THE USE, HANDLING, GENERATION. TREATMENT, STORAGE OR DISPOSAL OF ANY TOXIC OR HAZARDOUS WASTE OR TOXIC, HAZARDOUS OR REGULATED SUBSTANCE), VALUATION, GOVERNMENTAL APPROVALS, GOVERNMENTAL REGULATIONS OR ANY OTHER MATTER OR THING RELATING TO OR AFFECTING THE PROPERTY (HEREINAFTER COLLECTIVELY CALLED THE “DISCLAIMED MATTERS”). PURCHASER AGREES THAT, OTHER THAN TO THE EXTENT OF THE EXPRESS REPRESENTATIONS, WITH RESPECT TO THE PROPERTY, (A) PURCHASER IAS NOT RELIED UPON AND WILL NOT RELY UPON, EFPHER DIRECTLY OR INDIRECTLY. ANY REPRESENTATION OR WARRANTY OF SELLER. (B) WILL CONDUCT SUCH INSPECTIONS AND INVESTIGATIONS OF THE PROPERTY (INCLUDING, BUT NOT LIMITED TO, THE PHYSICAL AND 8.1 (a) (b) ENVIRONMENTAL CONDITION THEREOF) AND RELY UPON SAME AND. (C) UPON CLOSING, SHALL ASSUME THE RISK THAT ADVERSE MATTERS, INCLUDING, BUT NOT LIMITED TO. THE DISCLAIMED MATTERS, MAY NOT HAVE BEEN REVEALED BY PURCIIASER’S INSPECTIONS AND INVESTIGATIONS. SUBJECT TO) THE EXPRESS REPRESENTATIONS, SELLER SHALL SELL AND CONVEY TO PURCHASER, AND PURCHASER SHALL ACCEPT, THE PROPERTY “AS IS", “WHERE IS”, AND WITH ALL FAULTS, AND, OTHER THAN THE EXPRESS REPRESENTATIONS, THERE ARE NO ORAL AGREEMENTS, WARRANTIES OR | REPRESENTATIONS, COLLATERAL TO OR AFFECTING THE PROPERTY BY SELLER OR ANY THIRD PARTY. THE TERMS AND CONDITIONS OF THIS SECTION SHALL EXPRESSLY SURVIVE THE CONSUMMATION OF THE PURCHASE AND SALE OF THE PROPERTY ON THE CLOSING DATE. THE DELIVERY OF TIE DEED AND THE PAYMENT OF THE PURCHASE PRICE. WITHOUT REGARD TO ANY LIMITATIONS UPON SURVIVAL SET FORTH IN THIS AGREEMENT. 8. INSPECTION OF PROPERTY Purchaser’s Inspection. During the ten (10) day period following the Effective Date (the “Inspection Period”), Purchaser shall have the right, at Purchaser's sole cost and expense. to inspect the Property and to ascertain the condition of title and the physical and environmental condition of the Property, which may include a Survey. soil borings or other tests, appraisals, engineering reports, environmental studies and zoning inspections (“Inspections”). Purchaser agrees that it shall treat all information and written materials obtained or generated in connection with the performance of all inspections, tests and environmental studies conducted of the Property (the “Reports”) as confidential materials and shall not disclose any portion thereof except to the extent required by law (and if so required, Purchaser shall simultaneously provide to Seller a copy of any disclosed information), and only to Purchaser's attorneys. mortgage lender(s), officers. members and environmental consultants, and otherwise as permitted by the written consent of Seller. Purchaser shall give Seller twenty-four (24) hour notice prior to performing any such tests. Any tests shall be conducted in a manner so as not to damage the Property or disrupt or disturb Seller's business as conducted on the Property. In the event Purchaser determines the Property is not suitable for Purchaser's intended use thereof, Purchaser may, by written notice to Seller not later than 5:00 p.m. on the expiration date of the Inspection Period. terminate this Agreement, whereupon the Earnest Moncey shall be returned to Purchaser and the parties shall be released from any further obligations hereunder cach to the other, except that Purchaser shall promptly provide Seller with copies of the Reports. Purchaser shall pay all the expenses of the Escrow Agent and the Title Company. In the event that Purchaser fails to deliver to Seller such termination notice prior to the expiration of the Inspection Period, Purchaser shall be deemed to have waived its right to terminate based on the condition of the Property or the results of its Reports, and the partics shall proceed to Closing upon the terms contained herein without reduction in the Purchase Price and the Earnest Money. shall become nonrefundable. 9. PERMITS AND ZONING At any time after the fective Date, Purchaser shall seek and pursue the Permits and Zoning (both as defined herein). (A) — Using due diligence and best efforts, and at its sole expense. Purchaser shall seek to secure all permits, authorizations and approvals from federal. state. local or other governmental agency, authority, entity or otherwise, which has or claims to have jurisdiction over the Premises and Purchaser's intended uses thereof which are required or may be desired for Purchaser's intended uses (collectively, the *Permits”). (B) If the Premises is not presently zoned, platted, subdivided or split to permit the transfer, improvement and use of the Premises for Purchaser's intended uses, separate from any other property of Seller or any other tax parcel, Purchaser may take all necessary and proper steps and proceedings to obtain a change of existing zoning, platting, variance in zoning, subdivision. lot split, consolidation plat, or other order appropriate under the applicable federal. state and local statutes and ordinances. and all amendments thereto, desired for Purchaser's intended uses and improvements for the Premises and the sale of the Premises as a separate and legal tax parcel (collectively, the “Zoning”). 10. CLOSING CONDITIONS Section 10.1 Purchaser’s Conditions. Purchascer’s obligations under this Agreement are conditioned upon the satisfaction of each of the following conditions: (A) — Seller is able and willing to convey title to the Premises to Purchaser as required by this Agreement, and afier the [Effective Date, there is no material adverse change to the Premises. (B) Seller shall have delivered all items required to be delivered by it under this Agreement and shall have performed all of its obligations under this Agreement. Section 10.2 Failure of Conditions. In the event any of the conditions set forth in Sections 10.1 or 10.2 are not met, cither party may, at its option, waive the condition, or terminate this Agreement, by written notice to the other party thereupon the parties shall be released from any further obligations hereunder cach to the other. Upon termination of this Agreement, all funds (including the Earnest Money) deposited by Purchaser shall be promptly returned to Purchaser. I:ach party shall pay its own legal, experts’ and consultants’ fees and expenses. 11. DEFAULT 11.1 Purchaser"s Default. In the event that Seller is ready, willing and able to convey the Property in accordance with the terms and conditions of this Agreement. and Purchaser has not terminated this Agreement in accordance with the provisions herein, but Purchaser fails to consummate this Agreement and take title to the Property (a “Default” by Purchaser). the parties recognize and agree that the damages Seller will sustain will be difficult if not impossible to ascertain. ‘Therefore, the parties agree that, in the event of Purchaser's default. Seller shall be entitled to the Earnest Money and any interest earned thereon as a genuine pre-estimate of liquidated damages and not as a penalty for Purchaser's failure to close. In addition to the foregoing. Seller shall also be entitled to all other rights and remedies against Purchaser. Upon any Default by Purchaser, within ten (10) days from written demand by Seller, Purchaser shall. at its sole cost and expense, return all documents that Seller has provided to Purchaser. 11.2 Seller’s Default. If the purchase and sale of the Property contemplated hereby is hot consummated in accordance with the terms and provisions of this Agreement due to circumstances or conditions which constitute a default by Seller under this Agreement (a “Default” by Seller), the Earnest Money shall be refunded to Purchaser promptly upon request, and Purchaser, as its sole and exclusive remedies, may cither exercise the right to: (i) terminate this Agreement, in which event all rights and obligations of the parties under this Agreement shall expire, and this Agreement shall become null and void: or (ii) sue Seller to collect actual monetary damages: provided, however, that Purchaser shall be precluded from, and hereby waives all rights to pursue specific performance of this Agreement and in the event that Purchaser elects to seck to recover damages from Seller on account of any default by Seller under this Agreement, Seller’s liability to Purchaser for all damages, of any nature whatsoever, shall not exceed the amount of arnest Moncey deposited by Purchaser as of the date Seller reecives notice from Purchaser of a default by Seller, and Purchaser shall not claim, sue for or accept an award for more than the maximum amount of damages hereinabove set forth on account of or in connection with this Agreement or any default by Seller under this Agreement. In no event shall Purchaser have the right to recover from Seller any special or consequential damages. 11.3 Lffect of Termination. Upon any termination under Section 11.1 or 11.2 the parties shall have no further rights and obligations under this Agreement other than those rights and/or obligations that are expressly stated to survive expiration or termination of this Agreement. The terms of Sections 11.1 and 11.2 of this Agreement shall survive the Closing or termination of this Agreement. 12. MISCELLANEOUS 12.1 Binding ffect. Upon execution, this Agreement shall be binding upon, and shall inure to the benefit of, the partics hereto and the respective successors and assigns of each. 12.2. Brokers. The partics agree and acknowledge that ss acting as Seller's broker for this transaction and will be compensated by Seller pursuant to a separate agreement, and so aeting as Purchaser’s broker for this transaction and will be compensated by Purchaser pursuant to a separate agreement. Seller and Purchaser hereby agree to indemnify the other from and against all loss, cost. damage or expense arising out of or resulting from the claim of any brokers or agents in connection with this transaction which claim is based on an action or failure to act on the part of the indemnifying party. 12.3 Further Assurances. ach party agrees to cooperate with the other, and to execute and deliver. or cause to be executed and delivered. all such other instruments, and to take all such other actions as he or it may be reasonably requested to take. from time to time. in order to effect the provisions and purposes hereof. 12.4 Notice. Any notice or demand required or permitted to be given by or to cither of the parties hereto and every alleged breach of a warranty or representation contained in this Agreement shall be made in writing and shall be deemed to have been given or delivered, as the case may be, when delivered by: (a) hand delivery: (b) facsimile; (c) express overnight delivery service; or (d) certified or registered mail, return reecipt requested. and shall be deemed to have been delivered upon: (i) receipt. if hand delivered or faxed: (ii) the next business day, if delivered by express overnight delivery service: or (iii) the third business day following the day of deposit of such notice with the United States Postal Service, if sent by certified or registered mail, return reccipt requested. Notices shall be provided to the parties and addresses (or facsimile numbers. as applicable) specified below: (a) Communications concerning Seller shall be addressed to: Michael R. Gareau, Jr., Director of Law, City of North Olmsted. Ohio: (b) Communications concerning Purchaser shall be addressed to: Rini Bros. LLC Westpoint Corporate Center 924 Westpoint Parkway, Suite 150 Westlake, Ohio 44145 12.5 Conflict of Laws. This Agreement shall be governed by the laws of the State of Ohio. 12.6 No Waiver. No waiver of any breach of any agreement or provision herein contained shall be deemed a waiver of any preceding or succeeding breach thereof or of any other agreement or provision herein contained. No extension of time for performance of any obligations or acts shall be deemed an extension of the time for performance or any other obligations or acts. No failure or delay of cither party in the exercise of any right given to such party hereunder shall constitute a waiver hereof unless the time specified herein for exercise of such right has expired, nor shall any single or partial exercise of any right preclude others or further exercise thereof or of any other right. The waiver of any breach hereunder shall not be deemed to be a waiver of any other or any subsequent breach hereof. 12.7 Counterparts. This Agreement may be executed in one or more counterparts. cach of which shall be deemed to be an original. but all of which. together. shall constitute one and the same instrument. As used in this Agreement “execution of this Agreement” or “full execution of this Agreement” means the execution and delivery of this Agreement by Seller and Purchaser. 12.8 Assignment. This Agreement shall not be assigned by Purchaser to any person entity without the advance written consent of Seller, which consent may be withheld in Seller's discretion. At the time of Closing, Purchaser may. with the consent of Seller, request that a nominee take ttle to the Property. No consent to any assignment or to a conveyance to a nominee shall relieve Purchaser of an obligations arising under this Agreement. 12.9 Construing Language. The parties hereby acknowledge that cach is a sophisticated Purchaser or Seller of properties and cach is represented by counsel and has had the opportunity to review this Agreement. The covenants and agreements of the parties contained in this Agreement shall not be construed in favor of or against cither party, but shall be construed as if both parties drafted this Agreement. 12.10 Severability. If any term, covenant, condition or provision of this Agreement, or the application thereof to any person or circumstance, shall ever be held to be invalid or unenforceable, then in each such event the remainder of this Agreement or the application of such term, covenant, condition or provision to any other person or any other circumstance (other than those as to which it shall be invalid or unenforceable) shall not be thereby affected, and each term, covenant, condition and provision hereof shall remain valid and enforceable to the fullest extent permitted by law. 12.11 Time of the Essence. Time is of the essence of this Agreement. Anywhere a day certain is stated for payment or for performance of any obligation, the day certain so stated enters into and becomes a part of the consideration for this Agreement. If any date set forth in this Agreement shall fall on, or any time period set forth in this Agreement shall expire on, a day which is a Saturday, Sunday. federal or state holiday, or other non-business day, such date shall automatically be extended to, and the expiration of such time period shall automatically be extended to, the next day which is not a Saturday, Sunday, federal or state holiday or other non- business day. The final day of any time period under this Agreement or any deadline under this Agreement shall be the specified day or date, and shall include the period of time through and including such specilied day or date. 12.12 Recitals and Section Headings. The recitals first set forth on page 1 of this Agreement are incorporated herein as substantive terms of the Agreement. The headings to sections of this Agreement are set forth only for convenience and are not substantive to the Agreement. 12.13) Entire Agreement. This Agreement, together with cach Exhibit and Schedule attached hereto and referenced herein, represents the entire Agreement between Seller and Purchaser with respect to the subject matter hereof and may be amended, modified or changed only pursuant to a written instrument executed on behalf of both Purchaser and Seller. This Agreement shall not be recorded by cither party. REMAINDER OF PAGE INTENTIONALLY LEFT BLANK IN WITNESS WITEREOF, this Agreement has been executed and delivered as of the I:ffective Date. SELLER: RINI BROS. LLC. By: Name: Charles A. Rini Jr. Title: ~Managing Member PURCITASER: City of North Olmsted By: Name: Nicole Dailey Jones Title: Mayor EXHIBIT A Description Of Master Parcel Address: 29000-29016 LORAIN RD, NORTIT OLMSTED, OL, 44070. PPN: 233-26-067 EXHIBIT B Depiction of Property KKK Hencien 6 STEARNS, ROAD (R/W VARIES) worse Nervevnder Fuca!) PFOR. SO ee HC FOB 74 AU YR Se moa “CB NOSS9 AW CMedg} 47 Parody Nk ae m a Cea RUMANIA PARCEL FONG GF SAMUS weer’, | : Sold BST tant ent . _ = e 1 HAMPTON DRIVE k/W) “oe AIR, AL HUMBLE SAN > Pk A Me / CUR AIM PLS yey x a . eM ot \ APP. iN wi Na SOMME 1 , : aia ‘ Hie wh tt in ' i = “evn + | = ' | : ‘ ree Th Om WM | « vn" t ! wht fu Mae | a “wonarty i Vm we ; 4 ed A th See be rye F ; ¢ ee cmt - Hy 4 Nf } i i Seo 0 Rete -- vitae wean iii ; cr S8" sO nc Reeves i 0 om j : j; : s ” ar | Nat een ve re i ; at ya ot A ge wR RENE | Ppa AD Ment utr) Bie dl. | ’ f 40 , j k * ae | orrven AHN AP WOOO Appraisal Report on A 1.2313 acre parcel along Crocker-Stearns Road north of Lorain Road, North Olmsted, Cuyahoga County, Ohio Owner: Rini Brothers, LLC For City of North Olmsted c/o Steve Holowicki Economic and Community Development Coordinator 5200 Dover Center Road North Olmsted, Ohio 44070 By Emily L. Braman, MAI, SRA, AI-GRS C. P. Braman & Co., Inc. 1023 Kenilworth Avenue Cleveland, Ohio 44113 (216) 831-8180 Fax: (216) 831-8207 Date of Value October 15, 2024 C. P. Braman & Co., Inc. Real Estate Appraisals & Consulting 1023 Kenilworth Avenue Cleveland, OH 44113 (216) 225-9383 cell October 25, 2024 City of North Olmsted c/o Steve Holowicki Economic and Community Development Coordinator 5200 Dover Center Road North Olmsted, Ohio 44070 In Re: A 1.2313 acre parcel along Crocker-Stearns Road north of Lorain Road, North Olmsted, Ohio Permanent Parcel Numbers: 1.2313 acre northern part of 233-26-067 Owner: Rini Brothers, LLC Dear Mr. Holowicki: Pursuant to your request, I have prepared an appraisal of the captioned property as defined in the attached report. It is my conclusion that as of October 15, 2024, the fee simple interest in the subject property would have a Fair Market Value of: Fifteen Thousand Dollars ($15,000) This letter constitutes only a statement of final value and should not be considered independently. ‘The attached report explains the analysis of market data and the development of the final estimate of value. The purpose of this appraisal is to estimate the market value of the subject property as of October 15, 2024. The intended use of the report is for possible acquisition of of the subject property, to combine it with the adjacent former Forest School property for development. The intended users of this report are the officials of the City of North Olmsted. |, the undersigned, after having personally inspected this property, do hereby certify that, to the best of my knowledge and belief, the statements contained in this appraisal and upon which the opinions expressed herein are based, are correct, subject to the limiting conditions herein set forth. The appraisal has been made in conformity with the professional standards of the Appraisal Institute and the Uniform Standards of Professional Appraisal Practice (USPAP) as promulgated by the Appraisal Standards Board of the Appraisal Foundation. Employment in and compensation for making this report are in no way contingent upon the value reported and I certify that I have no financial interest in the subject property. If you have any questions, do not hesitate to contact me. Sincerely, Co Emily L. Braman, MAI, SRA, AI-GRS State Certified General Real Estate Appraiser Certification Number 381955 ELB/Ids [SRA \ AI-GRS _\, Table of Contents Summary of Important Facts and Conclusions ......ccccceecesessssssssesesssscsececsesececseetesseseescseseereeessacs Ala Map oo. eeceececccccesceessseseesesecseesesseseesacsaccensssscesessesscnsssessecsessessessseaesaecaecsecsesateaesseesecseseesesseeats Aerial View of Subject woe ccccccecssessscseessseseesenenessenenssesseesesssesesesesassesesassseacassesecesseseeeseesses Special Assumptions and Limiting Conditions .......cccccccscscsscsesseseescsseseessecsesscssescccscsevsessesees General Assumptions and Limiting Conditions 0... ccccccccscsscseseeseescseesesecssssesscsscseessssescsessesees Certification of the Appraiser 1... ccccccseeceseeseesteesesesesesesesesesesesesssscsssesesesesesecacacssscseseatsensanes Photographs of Subject Property ....ccccccccccsssssssssssesecsssscseescsecsesecsesesecsesseseesssecsesscsesscsuvsssveseeses Reporting Option ccc ccesesseeeseeessenseseesstsessessseveecaesecsecsesscsssacsessesesstssssessssesseesssesscsevscauseceres Identify the Client and any Users ...cccccccccccsecesesesseeesessesecscsccsessesessesessessssessesssassceecscsavsesecsees Intended Use of the Appraisal oo... cccccceccescessesesssesseseesesecsesecsesscseescsecsesecsecsesssacssssssueevsesucaces Identity of the Real Estate Involved in the Appraisal ....c.ccccccccseccseesssscsecserscsscssesessescseeseseess Real Property Interest Being Appraised ......ccccececsseesessesessssscsecseescsecscsecsesesecseecsecstesesssesesevees Purpose of the Appraisal oo... ccceesesseseseeeseeeneeseseeesseseeenececseeeessesesessssesessssessssssesacssseesessssees Definition of Market Value oo... iccecccecssceeeseeseeeesessenssseeseseesesseeecsesscsecsessssevscaecsesecseescscsusseeas Dates of Appraisal and Report ...... cc ccccccessesceesseeseeseeeeseescsecsssessessceecsssscsesscsessesasscessseeseeecseseeeees Appraisal Problem and Scope .....ceccccssessssesseseesesecsseseescsscacssssesesseeesseescsscsesssacsessssesaeseveseetssess Exposure Time oo... ccescccccsesesseesesesseseeseseeseeesesecsessesseescsecsesessessesssecsececsecstssssessessssesecsecscusacssess ACCOMPAMIMENE 2.2... sec eeeecseseesesseeceseessesseseesesateseesseaessecsecsecsecsessesssescesecsecsecsscsscsecssesssserscerenaves Area, City and Neighborhood AnalySis .....ccccccesssscseesesscsesssssssecsesscsecscsecsssscsessssecsesecseestseeaseces Sale History of the Subject Property ...c.ccccccecsesccscssessssessescseesessctecseescsesscsesstescsesscsscsecsvseevseass Existing Use and Reflected Use in the Appraisal ......ccccccccccscecscescsscssescscessesssecscsscsesseesestseeees Site Plan Sketch Reflecting Property.....cccccccccsscsecscsscescseesesessssssscsscsecssecseessescsesscsesseeseseseseeees Site DeSCriPtiOn ooo. eceeceesscesessesseseeseesesseseesecssessssesseecsevsecstesscssssesssesssssessessecseesscssscesenssessneees Legal and Political Constraints 00... cecccesssecsessesesessessesseecscsccscsecsevsesessssecseesssecsesscsessssessessescenes Highest and Best Use w..cccccccceeesesessesssecseseesesecsessescsessesessessevscsesssecsesecseesssecsesscsussesessceeecees Cost Approach oo.cccccccccsesesesescscsecnsesssessseeessnevsesscaceaeescsecsssessessssessssecssessesstesssecsesssseessateesenesea Sales Comparison Approach .o..cccceccsscssesesssecsssensnesseeeessseseecsssessesesscaesesacssseacsesecssessesevssssscenees Income Capitalization Approach oo... cc ccccccssseeecsenseeeceeseeesescsessessesessscecsecsessseseseeseeesseeesseessa Correlation and Value Conclusion ......cceccccsssesteeseeeseeesseeseseesssessecsessssecsesecsecssssesssessesecstsaseceuens ADDENDA & EXHIBITS Location Map Land Sales North Olmsted Zoning Map Plat Provided Qualifications mABWN Summary of Important Facts and Conclusions Address: Property Type: Intended Use: Intended User: Owner of Record: Permanent Parcel Numbers: Land Area: Zoning: Highest & Best Use As If Vacant: Date of the Report: Date of Value: Value Indications: A 1.2313 acre parcel along Crocker-Stearns Road north of Lorain Road, North Olmsted, Cuyahoga County, Ohio Vacant land The intended use of the report is for possible acquisition of of the subject property, to combine it with the adjacent former Forest School property for development. The intended users of this report are officials of the City of North Olmsted Rini Brothers, LLC 1.2313 acre northern part of 233-26-067 1.2313 acres B One Family Residence Residential development in combination with the adjacent parcels October 25, 2024 October 15, 2024 Indicated Value from Sales Comparison Approach $15,000 Indicated Value from Income Approach N/A Indicated Value from Cost Approach N/A Correlated Fair Market Value Conclusion: $15,000 mere ve ae C. P. BRAMAN & CO., INC. - Real Estate Appraisals & Consulting www. cpbco.com “ The Cheesecake Factory VY i z } t Lakewood Country Glub 8 iv Schwartz Rd Schwartz Rd Riogelsherger Rd Bigs f : j } Hilliard Lakes Golf Club oo Mp, jen I club @ Vi aN \ z Filth 3 Bunns Lake Mulla Rd 5 Wildlife Area Reservation ‘Bradley 2 _ Woods Hilliard ivd Dover Center Ra Westwood Ava Great Northern Mall North Olmsted ie cian Rocky River & Mori, Rite Beil Reservation Godar point 4 Gas Olmsted Falls C. P. BRAMAN & CO., INC. - Real Estate Appraisals & Consulting www. cpbco.com Aerial View of Subject eo) yes aes | yen; LDS C. P. BRAMAN & CO., INC. - Real Estate Appraisals & Consulting www. cpbco.com Special Assumptions and Limiting Conditions Extraordinary Assumptions: Extraordinary assumptions are defined as: “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. Uncertain information might include physical, legal, or economic characteristics of the subject property, such as market conditions or trends, or about the integrity of data used in an analysis”'. An extraordinary assumption may be used in an assignment only if: - It is required to properly develop credible opinions and conclusions; - the appraiser has a reasonable basis for the extraordinary assumption; - use of the extraordinary assumption results in a credible analysis; and - the appraiser complies with the disclosure requirements set forth in USPAP for extraordinary assumptions This appraisal is not subject to any extraordinary assumption. Hypothetical Conditions: Hypothetical conditions are defined as: 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. Iypothetical Conditions are contrary to known facts about physical, legal, or economic characteristics of the subject property; or about conditions external to the property, such as market conditions or trends; or about the integrity of data used in an analysis.” A hypothetical condition may be used in an assignment only If; - Use of the hypothetical condition is clearly required for legal purposes, for purposes of reasonable analysis, or for purposes of comparison; - use of the hypothetical condition results in a credible analysis; and - the appraiser complies with the disclosure requirements set forth in USPAP for hypothetical conditions: This appraisal is not subject to anys hypothetical conditions. ‘Appraisal Institute, The Dictionary of Real Estate Appraisal, Seventh Edition (Chicago: Appraisal Institute, 2022) pages 68 “Appraisal Institute, The Dictionary of Real Estate Appraisal, Seventh Idition (Chicago: Appraisal Institute, 2022) page 92 wacfiedeldadl } C. P. BRAMAN & CO., INC. - Real Estate Appraisals & Consulting www. cpbco.com General Assumptions and Limiting Conditions The appraisal of the subject property is subject to the following limiting conditions: Title is assumed to be marketable, and no responsibility has been assumed for matters that are legal in nature, nor has any opinion on title been rendered, this appraisal assuming marketable title. Liens and encumbrances, if any, have been disregarded and the property appraised as if free of indebtedness. The property is under responsible ownership and competent management and is available for its highest and best use. The appraiser assumes no responsibility for title services and furnishing of title policies that may be required, nor for survey or title conditions that have not been disclosed to the appraiser. There are no existing judgments or pending or threatened litigation that could affect the value of the property. Information identified in the appraisal as having been furnished by others is believed to be reliable, but no responsibility has been assumed for its accuracy. The appraiser shall not be held responsible for errors and omissions, nor for revisions to this appraisal, resulting from information that was withheld or unavailable to the appraiser, nor form erroneous information supplied to the appraiser by others. The appraiser reserves the right to revise this appraisal, under separate service contract, for the disclosure of information that was not provided or was not available to the appraiser as of the date of this report. Possession of the appraisal report does not carry with it the right to publication, nor may it be used for any purpose by anyone but the recipient without the consent of the appraiser. The valuation conclusions in this appraisal may not be used in conjunction with any other appraisal or appraisals. Neither all nor any part of the contents of this report shall be conveyed to the public through advertising, public relations, sales, news media, or other media without the prior written consent and approval of the authors, particularly as to valuation conclusions, the identity of the appraisers or firm with which connected, or any reference to the Appraisal Institute. Employment in and compensation for making this report are in no way contingent upon the value reported. Liability of C. P. Braman & Co., Inc. and its employees is limited to the fee collected for preparation of the appraisal. There is no accountability or liability to any third party. The appraiser will not be required to give testimony, respond to any subpoena or attend any hearing or appear in court by reason of this appraisal unless prior or special arrangements have been, and at additional fees. No responsibility is assumed for failure to disclose damages to the property not readily visible through normal visual inspection. The appraiser assumes that there are no hidden or unapparent conditions of the property, subsoil, or structures, which would render it more or less valuable. The appraiser assumes no responsibility for such conditions, or for engineering that might be required to discover such factors. While the general conditions of the property were observed, no guarantee can be made concerning the individual components of the structures including but not limited to the heating system, plumbing, electrical services, roof, possible termite damage or building foundation. No facts affecting the value of this property have been knowingly overlooked or withheld. Factual data have been compiled by the appraiser from sources deemed reliable, but no responsibility has been assumed for their accuracy een een | C. P. BRAMAN & CO., INC. - Real state Appraisals & Consulting www. cpbco.com General Assumptions and Limiting Conditions, Continued We accept no responsibility for considerations requiring expertise in other fields. Such considerations include but are not limited to, legal descriptions and other legal matters such as title, compensability, case law, legal title, etc., geologic considerations, civil, mechanical, electrical, structural and other engineering and environmental matters. The client is urged to retain an expert in these ficlds, if desired. The land and building areas referenced in this appraisal are based upon available information, including information obtained from the County Fiscal Officer’s public records. No responsibility is assumed by the appraiser for the accuracy of these records including the land and building areas and the dimensions referenced in the appraisal. ‘The appraiser is also not responsible for the preparation of any site or building surveys. Any plans prepared for the project which are referenced in this appraisal are not the responsibility of the appraiser. Assessment of the potential costs and effects on market value pertaining to compliance or non-compliance with the Americans with Disabilities Act (ADA) is beyond the scope of this appraisal. The presence of architectural and communications barriers that are structural in nature that would restrict access by disabled individuals may adversely affect the property’s value, marketability, or utility. For the purposes of this appraisal, the property is assumed to be in full compliance with current ADA guidelines. The distribution, if any, of the total valuation between land and the improvements thereon applies only under the existing program of utilization and conditions stated in this report. The separate valuation for land and building must not be used in conjunction with any other appraisal and are invalid if so used. No part of this appraisal report shall be used separately and out of context. This appraiser is not qualified to make a complete inspection of any well or septic system, consequently, it was beyond the scope of this report and no statements can be made concerning the adequacy or condition of these or other systems. Unless otherwise stated in this report, the existence of hazardous material, which may or may not be present on the property, was not observed by the appraiser. The appraiser has no knowledge of the existence of such materials on or in the property. The appraiser, however, is not qualified to detect such substances. The presence of substances such as asbestos, urea-formaldehyde foam insulation, or other potentially hazardous materials may affect the value of the property. The value estimate is predicated on the assumption that there is no such material on or in the property that would cause a loss in value. No responsibility is assumed for any such conditions, or for any expertise or engineering knowledge required to discover them. The client is urged to retain an expert in this field, if desired. The subject is assumed to be environmentally clean and marketable. ‘The existence of significant undevelopable wetland areas was not observed by the appraiser, unless specifically described herein. The appraiser, however, is not qualified to define such areas. No responsibility is assumed for any such areas, or for any expertise required to delineate them. Subsurface rights (minerals, natural gas, and oil) were not considered in this assignment unless specified otherwise within the report. We have assumed that the property is not subject to surface entry for the exploration or removal of such materials, unless noted otherwise in the report. All engineering data is assumed to be correct. Sketches, plot plans and illustrated material in this report are furnished as an aid in visualizing the property; no surveys have been made, and as a result, no responsibility is assumed by this appraiser for such information. wm ntiadaldel ue | C. P. BRAMAN & CO., INC. - Real Estate Appraisals & Consulting www. cpbco.com General Assumptions and Limiting Conditions, Continued Any income and expense estimates contained in the appraisal report are used only for the purpose of estimating value and do not constitute predictions of future operating results. No consideration has been given to personal property located on the premises or the cost of moving ore relocating such personal property’ only the real property has been valued. The analyses contained in the report necessarily incorporate numerous estimates and assumptions regarding property performance, general and local business and economic conditions, the absence of material changes in the competitive environment and other matters. Some estimate or assumptions, however, inevitably will not materialize, and unanticipated events and circumstances may occur; therefore, actual results achieved during the period covered by our analysis will vary from our estimates, and the variations may be material. C. P. Braman & Co., Inc. and our appraisers are not responsible for these and other future occurrences that could not have reasonably been foreseen on the effective date of this assignment. The conclusions stated in our appraisal apply only as of the effective date of the appraisal, and no representation is made as to the effect of subsequent events. No changes in any federal, state or local laws, regulations or codes are anticipated. Any appraisal is inherently subjective and represents our opinion as to the value of the property appraised as of the appraisal date, as subject to these limiting conditions and assumptions, extraordinary assumptions, and hypothetical conditions as described in this report. Acceptance of and/or usc of this report constitutes acceptance of the above conditions. mre va . C. P. BRAMAN & CO.,, INC. - Real Estate Appraisals & Consulting www. cpbco.com Certification of the Appraiser I certify that, to the best of my knowledge and belief: The statements of fact contained in this report are true and correct. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, unbiased professional analyses, opinions, and conclusions as a disinterested and unbiased third party. | have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. I have performed no other services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. My engagement in this assignment was not contingent upon developing or reporting predetermined results. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Uniform Standards of Professional Appraisal! Practice as well as applicable state appraisal regulations. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Code of Professional Fthics and Standards of Professional Appraisal Practice of the Appraisal Institute. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. I have made a personal inspection of the property that is the subject of this report. No one provided significant appraisal assistance to the person signing this certification. atthe. C. P. BRAMAN & CO., INC. - Real Estate Appraisals & Consulting www. cpbco.com Certification of the Appraiser, Continued | have experience in appraising properties similar to the subject and am in compliance with the Competency Rule of USPAP. As of the date of this report I, Emily Braman, MAI, SRA, Al-GRS have completed the requirements of the continuing education program for Designated Members of the Appraisal Institute October 25, 2024 Emily L. Braman, MAI, SRA, AI-GRS Real Estate Appraiser State Of Ohio General Certification #381955 ere Vian C. P. BRAMAN & CO., INC. - Real Estate Appraisals & Consulting www. cpbco.com Photographs of the Subject Property (all photos were taken by Emily Braman on October 15, 2024) C. P. BRAMAN & CO., INC. - Real Estate Appraisals & Consulting www. cpbco.com Reporting Option This is an Appraisal Report which is intended to comply with the reporting requirements set forth under Standard Rule 2-2(a) of 2024 of the Uniform of Standards of Professional Appraisal Practice for an Appraisal Report. As such, it presents complete discussions of the data, reasoning, and analyzes that were used in the appraisal process to develop the appraiser's opinion of value. Identify the Client and Users The client is The City of North Olmsted. The intended users of this report are the Officials of the City of North Olmsted. Note that all of the conclusions and opinions in this appraisal are subject to the Special and General Assumptions and Limiting Conditions that are an integral part of this report. No opinions or conclusions are valid unless this report is considered in its entirety and only if used for its intended use by the client and its intended users. No parties are authorized to rely upon this report, or any part thereof, for any other purpose whatsoever. Intended Use of the Appraisal The intended use of the report is for possible acquisition of the subject property to combine it with the adjacent parcels for development. Identity of the Real Estate Involved In The Appraisal This appraisal report and the estimates of value contained herein encompass the real estate defined as “the physical land and appurtenances affixed to the land>” including permanent structures, fixtures and site improvements. All items of personal property have been excluded from analysis in this appraisal report. The subject property is a rear parcel located along Crocker-Stearns Road north of Lorain Road, in North Olmsted, Cuyahoga County, Ohio. It is known as the northern part of the Cuyahoga County Fiscal Officer’s Permanent Parcel Number 233-26-067. The property is a 1.2313 acre parcel of land that is not improved. The property is zoned for residential use. * Appraisal Institute, The Appraisal of Real Estate Fifteenth Edition (Chicago: 2020) page 16 C. P. BRAMAN & CO., INC. - Real Estate Appraisals & Consulting www. cpbco.com Real Property Interest Being Appraised The real property interest being appraised is the fee simple estate in the whole property. Fee Simple Estate is defined as: “Absolute ownership unencumbered by any other interest or estate; subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power and escheat.4” Purpose of the Appraisal The purpose of this appraisal is to estimate the market value of the subject property. The intended use of the report is for possible acquisition of the subject property. * Appraisal Institute, ‘The Dictionary of Real Estate Appraisal, Seventh Edition (Chicago: Appraisal Institute, 2022) page 73 12 C. P, BRAMAN & CO., INC, - Real Estate Appraisals & Consulting www. cpbco.com Definition of Market Value ‘The most widely accepted components of market value are incorporated in the following definition: "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 cach acting prudently, knowledgeably, and for self-interest, and assuming that neither is under undue duress.° Market value is described in the Uniform Standards of Professional Appraisal (USPAP) as follows: A type of valuc, stated as an opinion, that presumes the transfer of a property (i.e. a right of ownership or a bundle of such rights), as of a certain date, under specific conditions set forth in the definition of the term identified by the appraiser and as applicable in an appraisal.° 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: I. buyer and seller are typically motivated; 2. both parties are well informed or well advised and each acting in what he considers his own best interest; 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. The valuation analysis of this report is predicated upon cash, or terms equivalent to typical institutional debt financing as the basis of the market value estimate. The current "as is" market value as established in this report represents an estimate of the market value of the property in the condition observed upon inspection and as it physically and legally exists without hypothetical conditions, assumptions, or qualifications as of the effective appraisal date. Dates of the Appraisal and the Appraisal Report The Date of the Appraisal is October 15, 2024 The Date of the Report is October 25, 2024 5 Appraisal Institute, The Dictionary of Real [state Appraisal, Sixth Edition (Appraisal Institute, Chicago, 1. 2022) Page 118. 6 USPAP (2020-2021) ed. 13 C. P. BRAMAN & CO., INC. - Real Estate Appraisals & Consulting www. cpbco.com Appraisal Problem and Scope of the Appraisal The appraisal problem is to value the propert for possible acquisition by the City of North Olmsted. The city intends to combine the proprerty with the adjacent former Forest School site and transfer the assembled property to a developer. In arriving at the value of the property, the appraiser: E:mily Braman has made a personal inspection of the subject property and the comparable sales. Emily Braman has compiled data upon which the value conclusions are based. Data have been compiled from public records, published market studies, and interviews with knowledgeable parties and in-house appraisal files. Sales of comparable properties in the area of the subject were verified from county records, buyer, seller, broker, attorney and/or appraiser and have been reviewed and analyzed and viewed by this firm. The valuation of the property encompassed the three traditional approaches to value including the Cost, Sales Comparison and Income Capitalization Approaches. The Cost Approach is applicable when the value of the land, the cost to replace the buildings, the amount of depreciation which has accrued and the value of the site improvements are independently measurable, and when the sum of these components is believed to reflect market value. The cost approach is not applicable when appraising unimproved land or obsolete improvements. ‘The Income Capitalization Approach is applicable for income producing properties when adequate and accurate income and expense information is available. It is not applicable for properties that have no readily discernible income properties. The Sales Comparison Approach is applicable when there is adequate and accurate market data involving similar or comparable properties. The sales comparison approach may be used to value improved properties, vacant land, or land being considered as though vacant, when an adequate supply of comparable sales is available. : 14 C. P. BRAMAN & CO., INC. - Real Estate Appraisals & Consulting www. cpbco.com Exposure Time The concept of exposure time is defined as “An opinion, based on supporting market data, of the length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal.”’ The fact that exposure time is always presumed to occur prior to the effective date of the appraisal can be substantiated by related facts in the appraisal process such as supply/demand conditions as of the effective date of the appraisal and the analysis of historical sales information. Given the current demand and supply relationships, the typical exposure time for a property similar to the subject, given its location would generally range in the area of 18-24 months or more assuming a reasonable, orderly approach to its sale and a stable economic environment. The property is not independely developable so the marketing time would be extensive. This estimate would encompass approximately 15 to 18 months in direct marketing of the property by a well-qualified brokerage company with additional time to secure the financing commitment and for the subsequent closing. Property Inspection Inspection by: Emily L. Braman, MAIL, SRA, AI-GRS Date of the Inspection: October 15, 2024 7 Appraisal Institute, The Dictionary of Real Estate Appraisal, Seventh Edition (Chicago. Appraisal Institute, 2022) page 68 15 C.P. BRAMAN & CO., INC. - Real Estate Appraisals & Consulting www. cpbco.com Area, City and Neighborhood Analysis Regional Data The subject property is situated in the City of North Olmsted in Cuyahoga County, Ohio. North Olmsted is part of the Cleveland-Elyria MSA which covers five counties and had a population of 2.088 million people in 2020, up slightly from previous estimates, with a median age of 41.3. The median household income was $52,489. The economy of the Cleveland-Elyria MSA employs 992,000 people. The MSA ranks 34" largest nationally and the northeast Ohio area, part of the Cleveland~Akron—Canton Combined Statistical Area ranks 19" largest nationally with a population of 3.5 million people. Cuyahoga County, housing the City of Cleveland, had a population 1,264,817 in 2020, down 1.2% from the previous decrease of 8.5% over the previous decade. The population of the surrounding suburban areas was more stable with a small overall loss but growth in some new outlying areas, while the older central core area decreased. The Cleveland-Akron-Canton Combined Statistical Area is commonly referred to as Northeast Ohio and covers 19 counties with about 4.5 million people with a labor force of about 2.2 million and an economic GDP of $195 billion. According to the 2020 figures of the Census Bureau, the City of Cleveland had a population of 372,624 persons. This represents a 6% decrease from 2010 which was 17.1% lower than the 2000 census of 478,403. This is characteristic, however, of most major northern industrial cities in the United States. As pointed out, the population of the surrounding suburban areas was more stable with a small overall loss but growth in some new outlying areas, while the older central core area decreased. More than half the population of the United States resides within 500 miles of the State of Ohio. This is a very centrally located area with respect to population and, hence, markets as it is almost equidistant between New York and Chicago. New York is 576 miles to the east and Chicago is 339 miles to the west. The area supports an extensive system of interstate highways and freeways. Interstates 480, 271, 71, 77 and 90 are all fairly convenient and provide good access to the central portion of the City of Cleveland and its surrounding suburbs. Greater Cleveland developed as a heavy manufacturing center because of its strategic location with respect to both raw materials and the population centers. In the past, however, some manufacturing industries have left the area in favor of a more temperate climate and lower-cost non-union facilities. | 16 C. P. BRAMAN & CO., INC. - Real Estate Appraisals & Consulting www. cpbco.com Area, City and Neighborhood Analysis, Continued According to Colliers, the Cleveland industrial market has leveled off. In 2020 and 2021 the market absorbed over 5,000,000 square feet. Most of the absorption resulted from new construction as industrial businesses increasingly seck more efficient, modern and more functional buildings. A new 695,383 s.f. Amazon fulfillment center in Akron is now one of seven Amazon locations in northeast Ohio with two ; Til a row 2019 201 more in the pipeline. The industrial segment seems to net ao MD be the least affected by the pandemic. Absorption in 2022 dropped to around 1,000,000 square feet, however vacancy has remained around 4%, 2023 absorption was 1.4 million square feet. Overall, the industrial market in northeast Ohio is primarily made up of general industrial assets with 173.9 million square feet of inventory, warehouse distribution facilities with 90.4 million square feet is second and research and development/flex buildings third with 22 million square feet. Le Manne Wet Abvorption = Vacarny Kate Most of the absorption resulted from new construction as industrial businesses increasingly seek more efficient, modern and more functional buildings. A new 695,383 square foot Amazon fulfillment center in Akron is now one of seven Amazon locations in northeast Ohio with two more in the pipeline’ Weaknesses in supply chain strategies were exposed by the pandemic, including reliance on offshore sourcing, lack of redundancies and the downside of just-in-time inventory. This has resulted in new interest in “just-in-case” inventories, and “reshoring” strategies to bring manufacturing back to the U.S The logistics industry has also benefited from the pandemic with huge growth in online sales. Global logistics real estate company Prologis, reports that accelerated E-commerce adoption requires investment in distribution capabilities. They report that each 1% shift of demand to online sources requires 46 million ae feet of net demand in the US. Prologis Research estimates that 400 MSF or more of total additional U.S. logistics real estate demand will be created in the next two to three years as companies adjust to higher e-commerce volumes and higher inventory levels.’ Existing logistics markets such as Cleveland and Akron will likely benefit from these changes going forward. While Cleveland's industrial market has remained balanced over recent years, Costar reports slowing leasing activity and negative net absorption over recent months pushing vacancy slightly higher in 2024. Vacancy still sits near an all-time low at 3.5% compared to the national benchmark of 6.3%. Limited availability of modern industrial space is weighing on leasing activity in Cleveland. The availability rate in Cleveland sits near 4.9% compared to the national benchmark of 8.8%. construction starts, and space underway in Cleveland totals 2.3 million SF, representing 0.6% of inventory, which is well below peer markets in the region as well as the national average of 2.0%, * https://www.prologis.com/logistics-industry-research/covid- 19-special-report-5-supply-chain-shifis-poised-generate * https://www.prologis.com/logistics-industry-research/covid-19-special-report-5S-supply-chain-shifts-poised-generate C. P. BRAMAN & CO., INC. - Real Estate Appraisals & Consulting www. cpbco.com Area, City and Neighborhood Analysis, Continued In line with national trends, elevated interest rates have delayed construction starts, and space underway in Cleveland totals 2.3 million square feet, representing 0.6% of inventory, which is well below peer markets in the region as well as the national average of 2.0%. The pace of deliverics will slow notably over the near term as construction activity slows, which will likely support tight market conditions even as net absorption remains muted. Development activity is expected to resume as soon as interest rates are reduced. The following corporations northeast Ohio corporations are on the 2021 Fortune 1000 list!®: #32 Marathon Petroleum, Findlay #74 Progressive, Mayfield Village #162 Sherwin Williams, Cleveland #223 Parker Hannifin, Cleveland #246 Goodyear Tire & Rubber — Akron #294 First Energy, Akron #378 JM Smucker, Orrville #396 Key Corp, Cleveland #489 RPM International, Medina #501 Cleveland Cliffs #516 TransDigm Group, Cleveland #540 TravelCenters of Am., Westlake #628 Diebold Nixdorf, North Canton #669 Timkin, North Canton #667 Medical Mutual, Cleveland #681 PolyOne, Avon Lake #701 Applied Industrial Technologies, Cleveland #702 Avient, Avon Lake #782 Hyster-Yale Materials Handling, Inc., Cleveland #791 Joann, Hudson #809 Lincoln Electric Holdings, Cleveland #834 Cooper Tire & Rubber, Findlay #954 Nordson, Westlake Other large companies in the area that have recently dropped off the Fortune 1000 list include Lubrizol and American Greetings. ‘'camNeo reports an overall increase in employment in the northeast Ohio area. Other areas that grew include headquarters, increasing 100% or 30,000 jobs and professional, scientific and technical services, which increased 20,000 jobs or 21%. At the end of 2023 unemployment in the Cleveland-Elyria MSA was 3.9% down from the end of 2019 which 4.5%. The region is a hub of medical innovation. The Cleveland Clinic, Case Western Reserve University and University Hospitals of Cleveland are major employers in the region with many research and development startup firms spinning off from their research. CNN Money reported that the 1,600-acre Health-Tech Corridor acts as Cleveland’s biomedical nerve center, housing three major health-care institutions besides the Cleveland Clinic, four higher education institutions, more than 130 biomedical and other technology companies and eight incubators that lease space and provide consulting and other business development services. This is where the Cleveland Clinic and other partner organizations, such as incubator BioEnterprise, interact with researchers, clinical caregivers, academics and business executives. State- funded groups like Team NEO were launched to help attract new business to the region. Since Cleveland Heartlab opened in the Health-Tech Corridor’s first building, eight additional buildings have opened for tenants. The top 20 employers in Northeast Ohio show this change away from manufacturing into healthcare and service industries. '! " https://fortune.com/fortune500/202 I/search/?hqstate=OH |! bttp://money.cnn.com/2014/08/08/news/economy/ozy-cleveland/ C. P. BRAMAN & CO., INC. - Real Estate Appraisals & Consulting www. cpbco.com Area, City and Neighborhood Analysis, Continued Top Employers in Greater Cleveland Region’? Employer L-mployees Employer Employees Cleveland Clinic 44,843 Kent State University 4,956 University Hospitals 21,714 Sherwin-Williams Co. 4,940 Group Management Services 15,942 Akron Children’s Hospital 4,880 US Government 14,957 Swagelok Co. 4,67] Progressive Corp. 10,370 Case Western Reserve University 4,534 Giant Eagle Inc. 8,300 Aultman Health Foundation 4,134 State of Ohio 8,096 Cuyahoga County 7,414 City of Cleveland 6,828 MetroHealth System 6,547 Cleveland Metro School District 6,517 Summa Health 5,788 KeyCorp 5,498 FirstEnergy Corp. 5,056 Creative class job growth in Cleveland between 2015 and 2022 is projected to exceed the projected national average of 12.5 percent.'? According to the Downtown Cleveland Alliance, Cleveland is home to 105,000 jobs and is the largest job hub in Ohio with University Circle separately ranking at 4“ with 68,132 jobs. Cleveland’s economy generated $139 billion, positioning the city as the 28" largest economy in the nation. Cleveland State University, Levin College of Urban Affairs ranks Cleveland as #7 in the U.S. with the highest percentage of our workforce aged 25-44 with an advanced degree. Current downtown office construction projects include the $400 million Sherwin Williams headquarters project. Cross Country Mortgage is has a new $46 million 168,000 square foot headquarters building under construction downtown. Cleveland is #1 nationally for office to residential conversions. Planned entries to the market include The Bell and Ten60 Bolivar. The City Club Apartments represent the latest infill development on a surface parking lot. Together, these projects will add approximately 850 units to the market. The Residences at the Guardian added 15 for-sale condominiums, which converted office space to condos, sold 12 of their 15 units 2023 for prices in the $350 per s.f. range. Other recent projects included, the Centennial project which received a $15 million HUD loan for 864 affordable housing units in the vacant office building, along with a hotel and ground floor retail uses. 45 Ericview is a $102 million office conversion to 368 residential units. City Club Apartments is a $100 million, 300 unit project. 55 Public Square is a $59 million office conversion project of 221 units.. Other projects include the Fidelity Hotel, and Flats East Bank Phase 3. Bedrock Detroit has proposed a 15-to- 20-year vision developing 35 acres of public and private land with for over 3.5 million square feet of new development and adaptive reuse projects. This includes the addition of 2,000 residential units, 850,000 square feet of office space, new parking, 12+ acres of public space and opportunities for future hospitality, retail and entertainment venues on the downtown riverfront, including a new Tower City marketplace. Other developments in the Flats area of Cleveland include the 25 acre Thunderbird development on the Scranton Peninsula and a development of a 25 acre asphalt plant and former rail yard in Tremont. . Reported by Crain’s Cleveland Business as of 6/30/18 5 http:/Avww.downtowncleveland.com/media/249074/q2_2015-final.pdf 19 C. P. BRAMAN & CO., INC. - Real Estate Appraisals & Consulting www. cpbco.com Area, City and Neighborhood Analysis, Continued At the end of 2023, the office vacancy rate, according to Newmark, was 23.4% with average asking rental rates at $19.99 per square feet. Pre-pandemic, office vacancy was the lowest since 2001, at 15.8%, with average rental rates around $18 per square foot. Since 2013, over 6 million square feet of office product in the CBD has been converted or plans have been proposed for re-purposing, according to Newmark Knight Frank. According to the Downtown Cleveland Alliance, second quarter 2023 office lease rates were $25.97 per s.f. for Class A space with occupancy at 85%. The resurgence of activity is visible in downtown’s office market, where the second quarter brought Class A occupancy up to 87.1%. Commitments from employers like Transition Studios, AML RightSource, and Cross Country Mortgage, who broke ground on a new headquarters in downtown’s Superior Arts District in June, have contributed to stabilizing downtown’s office market.'* The following table summarizes downtown Cleveland data. Historical Construction Deliveries, Net Absorption, and Vacancy 15.0% ‘ID 1 10.0% j 0.0% 2004 2005 2006 2007 2008 2000 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 po tamu Construction Deliveries (SF) tum Net Absorption (SF) ~~ Total Vacancy (%) = = Long-Term Avg. Vacancy Trendline (20-Yr) Apartment occupancy rates are at 85% despite the pandemic and multiple new residential projects. The average downtown rental rate increased from $1.37 to $1.55 per square foot in 2018 and has remained at $1.52.' In 2018, Downtown Cleveland Alliance engaged Urban Partners to study the demand for additional housing. The study confirmed demand for an additional 6,800 housing units between 2018- 2030 bringing Downtown Cleveland’s population to 30,000 by 2030. In the second quarter of 2022, there were 20,500 residents downtown. Multifamily development has expanded beyond downtown with new construction in University Circle and the Detroit Shoreway and Ohio City neighborhoods. DOWNTOWN HOUSING MARKET Q4 2012 Q3 2018'% Q2 2021!" Q1 2022'8 O4 2022 RENTAL Total Units: 4,705 7,160 9.054 9,178 9172 Occupancy: 96.2% 91.7% 85% 91% 93% PSF rental: $1.14 $1.52 $1.52 $1.72 $1.7 '" https://static | squarespace.com/static/5£5a7d95d8b553 | fbd80bdf'5/t/6 1379 fde833e8 £7 12a7a2494/163 1035359508/202 14-Q2+REPORTv2.pdf 'S http://www.downtowncleveland.com/media/249074/q2_2015-final.pdf '® hutps://www.downtowncleveland.com/DCA/media/DCA_Media/2018-03-REPORT. pdf " ms //static | squarespace.com/static/Sf5a7d95d8b553 | fod80bdf5/t/6 1379 fde833e8f7 12a7a2494/1631035359508/20214+Q2+REPORT v2. pdf ® www.downtowncleveland.com DCA 2022 Midyear Report 20 C. P. BRAMAN & CO., INC. - Real Estate Appraisals & Consulting www. cpbco.com Area, City and Neighborhood Analysis, Continued Unlike overall market trends, vacancy in the Downtown Cleveland submarket is stabilizing after significant fluctuations since the onset of the pandemic. According to Costar, net absorption outpaced deliveries in the first three quarters of 2023, pushing vacancy down more than 1% _ since late 2022. Vacancy in the submarkct is still well above the overall market, however, with vacancy in Downtown Cleveland at 13.0% compared to the market average of 8.8%. Vacancy will likely remain above the market level through the forecast as an increase in construction starts will result in another wave of deliveries hitting the market in 2025. Although construction activity is at a multi-year low in Downtown Cleveland, around 1,300 units are underway in Downtown, representing 8.7% of existing inventory compared to the market average of just 2.1%. There have been six newer hotels developed in downtown Cleveland in the past decade. In 2014, there were 4,000 hotel rooms downtown with 900 additional rooms opened before the Republican National Convention in 2016, increasing Downtown’s total number of hotel rooms to more than 4,800. New hotels opened in 2016 include the 600 room Hilton Hotel, the Kimpton Schofield and Drury Plaza Hotels. Hotels in the planning stages include a 175 room boutique hotel near the Rock and Roll Hall of Fame and a 279 room hotel in the former Huntington Building. There were 4,530 total hotel rooms in 19 hotels with an average RevPAR of $101.44 before the pandemic, by the fourth quarter of 2023 occupancy was up from about 25% in 2020 to 74% with an ADR of $182 and a RevPAR of $107.82. The industry expects these statistics to keep improving. The $80 million Renaissance Hotel renovation rebranded and reopened as Hotel Cleveland in 2024. Sherwin Williams has announced that their headquarters will remain in Cleveland, bring approximately 2,500 new jobs to the downtown area. ‘The Cleveland Clinic is a major employer in the area and there is some spin off economic development as a result of the clinic and partnerships with Case Western Reserve University and University Hospitals. The Medical Mart, Convention Center and a new Casino were all developed in the past decade. This combined with the successful East 4" Street entertainment district has brought new residents to downtown in the past decade. New development at Playhouse Square and East 4th Street have benefitted from the Health Iine as well. The Midtown Tech Park, on Euclid Avenue, is a recent spec building which is home to JumpStart, Inc., a venture capital firm and now Cleveland Heart Lab. The opening of the Opportunity Corridor has brought new development to the Cedar and East 105" area including Innovation Square. Downtown Cleveland has made the shift from an industrial city to a thriving economy based on the healthcare industry, advanced manufacturing and biotech companies. Downtown Cleveland has made the shift from an industrial city to a thriving economy based on the healthcare industry, advanced manufacturing and biotech companies. The outlook for the city is good. : 21 C. P. BRAMAN & CO., INC. - Real lstate Appraisals & Consulting www. cpbco.com Area, City and Neighborhood Analysis, Continued City Data North Olmsted is surrounded by Westlake to the north, Fairview Park to the east, Olmsted Township to the south and Lorain County to the west. It is well located, being traversed along the southern border by 1-480 and with access to the Ohio Turnpike just west of the City limits. I-90 is located to the north in Westlake, and I-71 is located to the east. The Cleveland Hopkins International Airport is located 10-15 minutes east of North Olmsted. " erocher Pork a @) 5 ee Wy f i ‘ ; ‘ Ma [ i af Sema oo ae Jlenere ation North Olmsted is a mixture of post-war housing stock and newer commercial development. Lorain Road is an active commercial market with Great Northern Mall and Plaza as well as satellite commercial development including many big box stores, strip centers, restaurants, hotels, offices and other retail activity. Overall, North Olmsted is a stable community with a great deal of commercial and office development, for which the overall outlook is good. Sale History of the Subject Property The property has not sold in the past 5 years. Existing Use and Reflected Use In The Appraisal The subject property is not improved. 22 C, P. BRAMAN & CO., INC. - Real Estate Appraisals & Consulting www. cpbco.com Site Plan Sketch Rini Brothers, LLC Property A 1.2313 acre parcel along Crocker-Stearns Road north of Lorain Road, North Olmsted, Ohio 1.2313 acres Note: Map not to scale. lor exhibit purposes only, Green area 1.2313 Is 928014795 r] ae ) fy i 23 C. P. BRAMAN & CO., INC. - Real Estate Appraisals & Consulting www. cpbco.com Site Description Location: Accessibility: Net Area: Shape/Dimensions: On Site Utilities: Site Improvements: Flood Zone: The subject property is a 1.2313 acre parcel along Crocker-Stearns Road north of Lorain Road in North Olmsted, Cuyahoga County, Ohio. The property is currently accessible from the norther part of the property located the northesast corner of Crocker-Stearns Road and Lorain Road. The property has frontage along Crocker-Stearns Road, but there is currently a noise barrier wall along that frontage. 1.2313 acres The subject property is an elongated irregular parcel that ranges from 42.94 to 101.07 feet wide. It is 910.87 feet long. All city utilities are available along Crocker-Stearns Road. The property is not improved. There is a noise barrier wall in the existing right of way along the frontage. FEMA Flood Zone X, area of minimal flood hazard. The flood map for the selected area is number 39035C0137E, effective on 12/3/2010 wacfiadal dad oe : C. P. BRAMAN & CO., INC. - Real Estate Appraisals & Consulting www. cpbco.com Site Description, Continued Topography: The topography of the site is level to rolling i Easements/ Encroachments/ Restrictions: There are no easements or deed reservations of which the appraiser is aware that would significantly impact on use or marketability of the property. As a limiting condition, no responsibility shall be assumed by the appraiser for title and property conditions resulting from legal and title data from the property that may be incomplete, erroneous, or omitted. No encroachments were noted. There are no known deed restrictions or reservations running with the property. Permanent Parcel No.: 1.2313 acre northern part of 233-26-067 Property leased? Yes[ | No[x ]. 25 C. P. BRAMAN & CO., INC. - Real Estate Appraisals & Consulting www. cpbco.com Legal and Political Constraints Zoning: B - One Family District. — Single family homes are permitted in this district with a minium lot size of 10,850 square feet and a minimum depth of 135 feet. LEGEND A- ONE FAMILY RESIDENCE B - ONE FAMILY RESIDENCE i \ a C - ONE FAMILY RESIDENCE | lin; of 4 it 7 oo =a CT 1135.06 SETBACKS. Inany One and Two Family Residence District, a dwelling shall have the following minimum setbacks: A. Front Yards. The minimum distance a dwelling shall be setback from the front lot line is fifty (50) feet. B. Side Yards. The minimum width of the side yard shall be on one (1) side not less than five (5) feet and the sum of the two (2) sides shall be not less than twenty (20) feet, unless the dwelling is designed to have an attached garage, in which case the sum of the two (2) sides shall not be less than fifteen (15) feet. In no case shall the distance between adjacent dwellings be less than fifteen (15) feet. A drive may be placed in a side yard providing such side yard is no less than fifteen (15) feet in width. The width of a side yard shall be determined at the point of the least distance from any part of the dwelling to the adjacent side lot line measured perpendicular to the side lot line. C. Side Yards on Corner Lots. For a corner lot, the minimum setback on the side street shall be twenty-five (25) feet. D. Rear Yards. The minimum depth of the rear yard shall be fifty (50) feet. The depth of a rear yard shall be determined at the point of least distance from any part of the dwelling to the adjacent rear lot line of the lot measured perpendicular to the rear lot line. (Ord. 2020-145. Passed 4-20-21.) 26 C. P. BRAMAN & CO., INC. - Real Estate Appraisals & Consulting www. cpbco.com A One Family Residence B One Family Residence Legal and Political Constraints, Continued Does property conform to zoning code? The property is not deep enough to create buildable lots on the Crocker-Stearns Road frontage, the code requires 135 deep lots and the property ranges from 40° to 100 feet deep. Assessment and ‘Taxes: The subject property is part of a larger property that has the following assessed value as determined by the Cuyahoga County Fiscal Officer for tax year 2023. This value represents 35% of fair market value in the State of Ohio. Assessed Values Market Values Land Value $510,370 Land Value $1,458,200 Building Value $346,920 Building Value $991,200 Total Value $857,290 Total Value $2,449,400 This reflects a fair market value of $2,449,400 for the entire improved 5.05 acre property, which is improved with a retail pharmacy and a quick service restaraunt. The net effective tax rate for commercial properties in North Olmsted is $113.289331 per $1,000 of assessed valuation or 3.97% of market value. The residential tax rate is $90.15 per $1,000 of assessed valuation or 2.86%, this property is currently being taxed at the commercial rate. wacfidtadlldalh ue : C. P. BRAMAN & CO., INC. - Real Estate Appraisals & Consulting www. cpbco.com Highest and Best Use Is the same as present use [ ] Is different from present use [ x | Present use of the property: vacant land Definition: The concept of highest and best use as defined by the Appraisal Institute the Dictionary of Real Estate Appraisal is as follows: "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."!° For the purposes of this report, consideration was given to the existing development, neighborhood characteristics, physical condition of the improvements, economic forces and zoning trends. The Highest and Best Use analysis is conducted in two basic steps. First, the site is analyzed as if vacant and available for development. After the highest and best use of the site has been estimated, the property is analyzed considering the existing improvements. The Highest and Best Use As Vacant is defined as “Among all reasonable, alternative uses, the use that yields the highest present land value, after payments are made for labor, capital, and coordination. The use ofa property based on the assumption that the parcel of land is vacant or can be made vacant by demolishing any improvements.”°” The subject property is a narrow 1.2313 acre parcel of land zoned for residential use. Legally Permissible Uses: ‘he property is a narrow strip of land along Crocker-Stearns Road, zoned for . residential use. The zoning allows residential lots with a minimum lot size of 10,350 square feet or a density 4.2 lots per acre. The zoning requires a depth of 135 fect for a single family lot. ‘he property is not deep enough to create buildable lots on the Crocker-Stearns Road frontage, the zoning code requires 135 deep lots and the property ranges from 40’ to 100 feet deep. It could be developed in combination with the former Forest School property to the east. Physically Possible Uses: The property is a narrow strip of land along Stearns Road that ranges from 42.94 feet deep on the south to 101.07 feet deep on the north, the property widens at the northern end and the majority of the property is 40-70 feet wide with only the northern +/-200 feet being more than 80 feet deep. Of the legal uses discussed above, the property could be developed in combination with the adjacent former Forest School site to the east. Financially Feasible Uses: Vhe third test of highest and best use is what uses are financially feasible for the property. The property could be developed in combination with the adjacent former Forest School site to the east. This is the only parcel that is adjacent to the property as Stearns Road runs along the entire western property line and there is a developed single family residential lot to the north that would not benefit from this parcel. The Forest School site has access via the terminus of Hampton Drive which ends at the northern portion of the site. There are 5 lots on Berkshire drive that could be acquired for a second point of egresss, so this site is not critical to the development of the Forest school site. The subject could not be developed independently but could be combined with the former Forest School site for development. ‘This is the only financially feasible use of the subject property. Maximally Productive Uses: The highest and best use of the property, is for residential development in combination with the adjacent former Forest School site. '? Appraisal Institute, The Dictionary of Real Estate Appraisal, Seventh Edition (Chicago: Appraisal Institute, 2022) page 88 °° Appraisal Institute, The Dictionary of Real Estate Appraisal, Fifth Edition (Chicago: Appraisal Institute, 2010) page 93 28 C. P, BRAMAN & CO., INC. - Real Estate Appraisals & Consulting www. cpbco.com Cost Approach to Value In the Cost Approach, the value of a property is derived by adding the appraiser’s opinion of the value of the land to an estimated current cost of constructing a reproduction or replacement for the improvements and then subtracting the amount of depreciation (i.e., deterioration and obsolescence) in the structures from all causes. This approach is particularly uscful in valuing new or nearly new improvements and properties that are not frequently exchanged in the market.?! The Cost Approach is defined as, "A set of procedures through which a value indication is derived for the fee simple estate by estimating the cost new as of the effective date of the appraisal to construct a reproduction or (or replacement for) the existing structure, including an entrepreneurial incentive; deducting depreciation from the total cost; and adding the estimated land value. The contributory value of any site improvements that have not already been considered in the total cost can be added on a depreciated-cost basis. Adjustments may then be made to the indicated value of the fee simple estate in the subject property to reflect the value of the property interest being appraised.””” The procedure involved in arriving at an indication of value via a Cost Approach analysis is briefly explained as follows: I. The underlying site is valued as if vacant and available for development in its highest and best use. 2. The reproduction cost of the building is estimated as of the date of valuation. 3. The overall accrued depreciation of the buildings is estimated, reflecting all depreciation and obsolescence factors, both curable and incurable. 4, The depreciated contributory value of the supporting site improvements is estimated; 5. The various elements of value as listed above are summarized to yield an indication of value via the Cost Approach as follows: Value of the site plus the reproduction cost less accrued depreciation, plus the depreciated contributory value of the site improvements. The cost approach is not applicable in the appraisal of the subject property because it is not improved. 2! Appraisal Institute, ‘The Appraisal of Real Estate, Fifteenth Edition (Chicago: Appraisal Institute, 2020) page 36 » Appraisal Institute, The Dictionary of Real state Appraisal, Seventh Hdition (Chicago: Appraisal Institute, 2022) page 43. : 29 C. P. BRAMAN & CO.,, INC. - Real l'state Appraisals & Consulting www. cpbco.com Sales Comparison Approach The Sales Comparison Approach is defined as, “The process of deriving a value indication for the subject property by comparing sales of similar properties to the property being appraised, identifying appropriate units of comparison, and making adjustments to the sale prices (or unit prices, as appropriate) of the comparable properties based on relevant, market-derived elements of comparison. The sales comparison approach may be used to value improved properties, vacant land, or land being considered as though vacant when an adequate supply of comparable sales is available?’ The principle of substitution is the basis of the Sales Comparison Approach as it is based on the proposition that when several similar or commensurate commodities, goods, or services are available, the one with the lowest price will attract the greatest demand and widest distribution.*”’ The principle of substitution holds that the value of property tends to be set by the cost of acquiring a substitute or alternative property of similar utility and desirability within a reasonable amount of time?> The Sales Comparison Approach is generally applied in the following steps: l. Research the market to obtain information about transactions, listings and other offerings of properties similar to the subject property. 2. Verify the accuracy of the information by considering the transactions reflect arm's length market considerations. An appraiser verifies information by consulting knowledgeable source, usually one of the participants in the transaction. 3. Select the relevant units of comparison in the market (e.g., acre, square foot, multiplier, and develop a comparative analysis for each unit. 4. Compare the subject and comparable sales according to the elements of comparison and adjust the sale price of each comparable as appropriate. 5. Reconcile the multiple value indications that result from the comparable into a single value indication or valuation range. These sales have been adjusted in the areas of property rights, financing, conditions of sale, market conditions, and physical characteristics. The first four of these adjustments are taken in sequence before the application of physical areas of adjustment, they are discussed as follows: Real Property rights: Adjustments in this category reflect differences in the interest conveyed and include adjustment for any leasehold interests. All of the sales considered were transfers of fee simple interests and have not been adjusted. Financing ‘Terms: Adjustments in this category reflect any below or above market financing of the comparable properties, and the effect of such financing on property value. All of the sales considered were sold for cash or with conventional financing, and no adjustments were required for financing. Conditions of Sale: Adjustments in this category reflect any unusual differences in purchase motivation. Examples of conditions, which may require adjustment, are distress sales, foreclosures, forced sales, or sales to adjacent owners. All of the properties considered were sold in arm's length transactions. Sale Three was purchased by the adjacent owner and has been negatively adjusted to reflect the premium paid for an adjacent parcel. ® Appraisal Institute, The Dictionary of Real Estate Appraisal, Seventh Edition (Chicago: Appraisal Institute, 2022) page 170. * Appraisal Institute, The Dictionary of Real Estate Appraisal, Seventh [dition (Chicago: Appraisal Institute, 2022) page 184. °° Appraisal Institute, The Appraisal of Real Estate, Fifteenth dition (Chicago: Appraisal Institute, 2020) page 365. 30 C. P. BRAMAN & CO., INC. - Real Estate Appraisals & Consulting www. cpbco.com Sales Comparison Approach, Continued Market Conditions: No adjustments have been taken for market conditions. The market for residential land for development has slowed over the past few years due to rising interest rates. There is not much demand for unbuildable land and so it is not suseptiable to typical market swings. The following sales have been considered in the valuation of the subject property and are detailed in the Addenda section of this report. ‘They are considered to be the best sales available. _ Sale Four _ Sale One Sale Two _ Sale Three 17 Hunters Ridge Root Rd. (near 4088 north side of Address 27452 Sprague Rd. Lane Root Rd.) Shenandoah Drive City Olmsted Twp. Olmsted Twp. North Olmsted N Royalton Sale Date 3/1/22 4/25/24 5/2/23 7/7/21 Sale Price $110,000 $10,000 $4,500 $55,000 Size (acres) 9.0458 0.9430 0.2342 3.5360 Price/unit ; $12,160 _ __ $10,604 - __ $19,218 _ $15,554 These sales range from $10,604 to $19,218 per acre before adjustment for physical characteristics. The subject is a long narrow unbuildable parcel. It has been compared to other parcels of unbuilable or difficult to build on residential land. These adjustments have been taken as follows: Sale One is a large parcel on Sprague Road in Olmsted Township, this flag lot has a pond near the frontage and a stream that would have to be culverted to develop a single residence at the rear. This parcel has been positively adjusted for size, because larger parcels tend to sell for less per unit than smaller parcels, all other things being equal. It has also been negatively adjusted for use because it is buildable with a single homesite. Sale Two is an unbuildable lot in a residential subdivision that was purchased by the Homeowner’s Association. It is encumbered by a gas well and the mineral rights did not transfer with the surface. This sale has not been adjusted in comparison with the subject. Sale Three is a narrow residential lot in North Olmsted that was purchased by the adjacent owner. It is too narrow to be independtly developable and it is encumbered by driveway easements to the two adjacent residences. It has been negatively adjusted for size. Sale Four is a rear parcel with access from the end of Shanandoah Drive in North Royalton that ultimately developed with a single residence. It had topographic challenges, only one point of access and was too shallow to develop with additional homes. ‘This sale has not been adjusted. 31 C. P. BRAMAN & CO., INC. - Real Estate Appraisals & Consulting www. cpbco.com Sales Comparison Approach, Continued These adjustments have been quantified as follows: Strip of land adjacent to Stearns Road North Olmsted 10/15/24 1.2313 Sale Adjustments Current Total Physical Characteristics Adjustments Strip of land adjacent to Stearns Road 1.2313. Unbuildable residential due to shape Address City Sale Date Sale Price Size (acres) Price unit Property Rights Financing Conditions of Sale Market conditions Adjusted Unit Price Location Size (acres) Use zoning Total Adjustments Adjusted Unit Price _ Adjusted Unit Value Sale One 27452 Sprague Rd. Olmsted Twp 3/1/22 $110,000 9.0458 $12,160 Similar 0% $12,160 Similar 0% $12,160 Similar 0% $12,160 Similar 0.0% $12,160 Similar 0% Larger 20% Residential | lot due to topography 25% -5% $11,552 _ $12,000 Land Valuation Sale Two 17 Hunters Ridge Lane Olmsted Twp. 4/25/24 $10,000 0.9430 $10,604 Similar 0% $10,604 Similar 0% $10,604 Similar 0% $10,604 Similar 0.0% $10,604 Similar 0% Similar 0% Unbuildable residential due to gas well, mineral rights ownership 0% 0% $10,604 Sale Three Root Rd. (near 4088 Root Rd.) North Olmsted 5/2/23 $4,500 0.2342 $19,218 Similar 0% $19,218 Similar 0% $19,218 Adjacent owner -25% $14,413 Similar 0.0% $14,413 Similar 0% Smaller -20% Unbuildable residential due to width and easements 0% -20% $11,531 Sale Four north side of Shenandoah Drive N Royalton IPA $55,000 3.5360 $15,554 Similar 0% $15,554 Similar 0% $15,554 Similar 0% $15,554 Similar 0.0% $15,554 Similar 0% Similar 0% Rear residential without access 0% 0% $15,554 After adjustment, the indications range from $10,604 per acre to $15,554 per acre with an average of $11,229 and a median of $11,312 per acre. Giving consideration to all of the sales, I have correlated the indications to a unit value of $12,000 per acre for the subject land. Thus: 1.2313 acres @ $12,000 per acre = (say) $15,000 32 C. P. BRAMAN & CO., INC. - Real Estate Appraisals & Consulting www. cpbco.com Income Capitalization Approach To Value The Income Capitalization Approach to value consists of methods, techniques, and mathematical procedures that an appraiser uses to analyze a property’s capacity to generate benefits (i.e., usually the monetary benefits of periodic income and reversion from a future sale) and convert these benefits into an indication of present value.”° This conversion can be accomplished in two ways. One year’s income expectancy can be capitalized at a market derived capitalization rate or at a capitalization rate that reflects a specified income pattern, return on investment, and change in the value of the investment. Alternatively, the annual cash flows for the holding period and the reversion can be discounted at a specified yield rate. The application of the Income Capitalization Approach to the subject is done in three basic steps, including: 1) Projection of the gross income; 2) Projection of typical expenses to obtain the net income; 3) Capitalization of the net income into an indication of value. The Income Approach is not applicable in the appraisal of the subject property because the subject is not improved °6 Appraisal Institute, The Appraisal of Real Lstate, Fifteenth Edition (Chicago: Appraisal Institute, 2020) page 426. 33 C. P. BRAMAN & CO., INC. - Real Estate Appraisals & Consulting www. cpbco.com Correlation and Conclusion of Value The final determination of fair market value is achieved by analyzing the three approaches to value and comparing the relative strengths and weakness of each. The indications derived from the three approaches to value in this appraisal are as follows: Indicated Value from Sales Comparison Approach $15,000 Indicated Value from Income Approach N/A Indicated Value from Cost Approach N/A The Sales Comparison Approach is the primary approach that a prospective purchaser would consider when purchasing a property of this type. This type of user would not give consideration to the Cost or Income Approaches to Value. Therefore, giving consideration to the Sales Comparison Approach to Value, as it is the only applicable approach, | have correlated the indications to a Fair Market Value of $15,000, as of October 15, 2024. : 34 C. P. BRAMAN & CO., INC. - Real Estate Appraisals & Consulting www. cpbco.com Addenda and Exhibits C. P,. BRAMAN & CO., INC. - Real state Appraisals & Consulting www. cpbco.com 35 Location Map AVON PO! Te Avon tae a Sheffield Lake ) (6 Je Bay Village WEST DOVER AVON CENTER “a Elyria, ‘ Mi aleburg ‘Heights i) Dax. | me columbia ay Ae a Se ‘North Broadview Eaton Estates _ Station a Re Suongeyille «Royalton Heights Pa ine -Beebetown i Bennetts a if =i Corners west CENTER| 03) Valley City — at Ba as as \ @ Zea. on Richi da 36 C. P. BRAMAN & CO., INC. - Real Estate Appraisals & Consulting www. cpbco.com VACANT LAND SALE County: Location Address: Grantor: Grantee: Date of Sale: Condition of Sale: Sale Verified With: Motivation of Parties: Use at time of sale: Highest and Best use: Total land acres Total Land s.f. Land shape Dimensions: Utilities: Improvements: Unit Price Cuyahoga 27452 Sprague Road Olmsted Twp. City/Village/Twp.: Auditor Parcel No.: School District: Samuel F. Riolo, Trustee of the Salvatore Riolo Trust Alan Kena and Lisa Kena 3/1/22 Anm's Length Transaction Sale Price: Type of Financing: Cuyahoga County Public Records Willing Buyer and Seller Vacant Land Residential Development Gross 9.0974 396,283 Verified By: Encumbrances: Flood Plain Data: Net Topography: 9.0458 394,033 Irregular, interior lot 75' frontage on Sprague Rd x. 1185' max. North * Sketch not drawn to scale depth gas and well None at time of sale Per sf. $0.28 Per Acre $12,160 Photograph facing: North on Sprague Road Document Number: Type of Instrument: Sale Inspected Date: Legal Description: Sale Number: Olmsted Twp. 265-17-013 Olmsted Falls CSD $110,000 Cash purchase C. P. Braman & Co. Inc. Flood Zone X - Area of Minimal Flood Hazard The elevation is rolling and the lot is partially cleared and wooded. It has a pond and a stream, wetlands, and it is located within the Rocky River West Branch and Willow Creck Watersheds. R-40 Single Family 202203010786 Survivorship Deed 10/17/24 C. P. BRAMAN & CO., INC. - Real Estate Appraisals & Consulting www. cpbco.com 37 VACANT LAND SALE County: Cuyahoga City/Village/Twp.: Olmsted Twp. Location Address: 17 Hunters Ridge Lane Auditor Parcel No.: 264-04-066 Olmsted Twp. School District: Olmsted Falls CSD Grantor: Caldwell Construction & Design LLC Grantee: Hunters Ridge Homeowners Association, Inc. Date of Sale: 4/25/24 Sale Price: $10,000 Condition of Sale: Arm's Length Transaction Type of Financing: Cash purchase Sale Verified With: County public records and Listing agent Edward Ayala, dayala83@outlook.com Motivation of Parties: Willing Buyer and Seller Verified By: C. P. Braman & Co. Inc. Mineral Rights owned by third party Flood Zone X - Area of Minimal Flood Hazard Gross Net Topography: Level and wooded Total land acres 0.9430 0.9430 Zoning: R-15, Single Famil Total Land s.f. 41,077 41,077 North “ Sketch not drawn to scale Land shape Irregular, interior lot Vacant land Use at time of sale: Encumbrances: Flood Plain Data: Highest and Best use: Residential Development Approx. 106' frontage on Hunters Ridge Dimensions: Lane by 267' max depth Utilities: All city Improvements: None at time of sale Per s.f Per Acre Unit Price $0.24 $10,604 Photograph facing: Facing south on Hunters Ridge Lane Document Number: 202404250364 Type of Instrument: Sale Inspected Date: Legal Description: 10/17/24 17 HUNTERS RIDGE SUBD NO 2 BLKB Sale Number: C. P. BRAMAN & CO., INC. - Real Estate Appraisals & Consulting www. cpbco.com 38 VACANT LAND SALE County: Cuyahoga City/Village/Twp.: North Olmsted Auditor Parcel No.: 232-30-074 School District: North Olmsted CSD Location Address: Root Road. (near 4088 Root Rd.) North Olmsted Grantor: Nakita Brock Darling Grantee: Jeffrey Fait Date of Sale: 5/2/23 Sale Price: $4,500 Condition of Sale: Ann's Length Transaction Type of Financing: Cash purchase Sale Verified With: Cuyahoga County Public Records Motivation of Parties: | Adjacent owner Verified By: C. P. Braman & Co. Inc. Use at time of sale: Vacant land Encumbrances: Shared Driveway Easement Highest and Best use: Residential Development Flood Plain Data: Flood Zone X - Area of Minimal Flood Hazard Gross Net Topography: Level Total land acres 0.2766 0.2342 Zoning: A-One Family Residence Total Land s.f. 12,050 10,200 North 4 Sketch not drawn to scale i 5 Land shape Rectangular, interior lot 2573000) Dimensions: 60' frontage by 170' deep a Utilities: All city EIB Asphalt driveway that connects to adjacent Arip TS canensts parcels to the south and north. Per s.f. Per Acre Unit Price $0.44 $19,218 Photograph facing: West on Root Road 202305020288 10/17/24 17 NP 1342.42 SEC 39 C. P. BRAMAN & CO., INC. - Real Estate Appraisals & Consulting www. cpbco.com VACANT LAND SALE County: Location Address: School District: Grantor: Grantee: Date of Sale: Condition of Sale: Sale Verified With: Motivation of Parties: Sale Inspected Date: Date Verified: Flood Plain Data: Highest and Best use: Total Area: Unit Price: Zoning: Utilities: Type of Improvements Dimensions: Shape: Remarks: Photograph facing” CUYAHOGA City/Village/Twp.: NORTH ROYALTON North side of Shenandoah Drive (at the end), North Royalton, Ohio 44133 North Royalton CSD Legal Description: PARCEL 3 AFN 202105280347 Jason Vallier Jordan T. & Amy R. Woodard 1/7/2021 Type of Financing: Cash to Seller Arm’s length transaction Sale Price: $55,000 Cuyahoga County Fiscal and Recorders records Development Emily L. Braman Verified By: 2/17/2022 Encumbrances: N/A 2/17/2022 Level at the grade of roadway Flood Zone X Topography: Area of Minimal Flood Hazard Residential Development Use at time of sale: Vacant land Sketch not drawn to scale 3.536 ac. or 154,028 s.f. (net) North * $15,554/acre or $0.36/s.f. R1 A Residential All city available None at time of sale 60’ of frontage on Shenandoah Drive by 186 ‘ deep Rectangular in shape Access to parcel from Shenandoah Drive North at the end of Shenandoah Drive Document Number: 202107070632 Type of Instrument: Survivorship Deed Auditor Parcel: 482-03-084 Sale Number: C. P. BRAMAN & CO., INC. - Real Estate Appraisals & Consulting www. cpbco.com Zoning Map NORTH OLMSTED 41 C. P. BRAMAN & CO., INC. - Real Estate Appraisals & Consulting www. cpbco.com Plat Provided NEMEC WO he ft seers mmet &, Se hace De wt 39 tone Hee 16 BCI CONTA RAL NO Cree ey WeAENZE me (a B/W) "i Ayer ace matt M OP TRE XT a Ne WO ee a ee rr ra "3 PAW ato Lew 9.00, bowen WERE ACINWIEEL Fes Hd HE 290 1D MO HOC KOT HG GNSEUIARN PUT OF I Dae NPE VE A teres MALE 08 OR AD CET MO FAL PCM ROE cds Gerar me cue hishd ‘mow EAD ee FAUT CT Oe) secniet ooh hal OE te PRD FO PEW AF A OH HOEINING FH CET OF NORD CUNT, SLABS WEE A Me OEM Tw ha We OTR 3 mo, Bs cai Lo EO NSOLIDATI 49 hc maes rh We ame 1 A x6 aavonia vent Sens nu no 109 Py BIR DOG wiRINI Ne KE We, Ome 1d 1 S-CIRMLIANY 0 me dhe pm = H ALAND = WF SORIANO = He Td ida eectned cess oncieaceciedl tind id SaEAION TM CR, HS 4 We woo we Fem HM DOH API Toh » 1D = inte Pd rempten the LLEF ~ AE laindiieeY BA MOL KT 90 IDB NO REN IN BBD LCEAESIN RR OF OE DL PRabaayactionyendicd 1a = prema Na» Anfrmcenecnond CHAGRIN VALLEY ara) ‘wee t903 tat A BR lemmuveonimeeeeare ee ee 5 ENGINEERING, LID. a @ Deowe Ingheen Weefigary Sonor EIT ML swan SE 42 C. P. BRAMAN & CO., INC. - Real Estate Appraisals & Consulting www. cpbco.com Qualifications of Emily L. Braman, MAI, SRA, AI-GRS Experience with the following types of Appraisal Problems: Litigation involving zoning, eminent domain and ad valorem tax values. Estate tax planning, including partial interest valuation. Partial taking and easement valuation including aerial and avigation easements, sewer, utility, slope and channel easements, temporary construction easements, conservation and scenic preservation easements. Calculation of damages due to proximity issues, loss of parking, and other factors. Impact studies on property values for electronic billboards, correctional facilities, roadway proximity, historic fagade easements, zoning issues, sewer asscssment equalization and cellular towers. Professional Designations, Membership & Affiliations: Appraisal Institute, MAI Designation, Appraisal Institute, SRA Designation, Appraisal Institute, AI-GRS Designation State of Ohio Certified General Real Estate Appraiser Certification No. 381955 since September 1991. ODOT Pre-qualified for Real Estate Appraisal, Appraisal Review and Value Analysis since 1999, Education: Shaker Heights High School The University of Michigan - 1987 - BGS - Concentration in Real Estate & Psychology Appraisal Coursework: An Introduction to Appraising Real Property ~ 1987 SREA: Applied Residential Property Valuation — 1988, AIREA 1B-A,!B-B Capitalization Theory and Techniques, Parts A & B — 1988, Appraisal Institute: Report Writing and Case Studies 2013, Advanced Applications and Case Studies - 2013, Advanced Market Analysis and Highest and Best Use — 2014, Capstone 2015, Review Theory- General-2017 Other Qualifications: Qualified as an expert witness in the Ohio Board of lax Appeals, the Cuyahoga & Portage County Boards of Revision, Cuyahoga County Court of Common Pleas, the Cuyahoga, Lake, Lorain, Medina & Summit County Probate Courts. Rule 71.1 Commissioner to the United States District Court, Northern District of Ohio, Columbia Gas Transmission LLC vs. Booth et al — 2017 Small Business/Women Owned Business Certifications: EDGE Certified with the State of Ohio through 4/13/2025. WBE Certified with the State of Ohio through 4/13/2025. Certified as a Female Business Enterprise (FBE), a Cleveland Small Business (CSB) and a Local Producer Enterprise (LPE) by the City of Cleveland, CMHA and Greater Cleveland Regional Transit Authority. Certified as a Small Business Enterprise (SBE) by Cuyahoga County and the North East Ohio Regional Sewer District Property Types Appraised: Residential, commercial, industrial and special purpose properties including schools, hospitals, churches, railroads, municipal facilities, bike trails, power line easements, bridges, cemeteries, subdivisions, office buildings, shopping centers, manufacturing buildings, junkyards, warehouses, lakefront properties, vacant land and others. Work Experience: Emily Braman has been appraising properties in northeast Ohio for over 30 years. She has been sole owner of Charles P. Braman & Co., Inc. since 2001. Volunteerism: Appraisal Institute- National Nominating Committee 2023 Appraisal Institute —- Region V Representative 2022-2024 Past President - Ohio Chapter Appraisal Institute 2022, President - Ohio Chapter Appraisal Institute 202 | First Vice President - Ohio Chapter Appraisal Institute 2020, Second Vice President - Ohio Chapter Appraisal Institute 2019, Secretary — Ohio Chapter Appraisal Institute 2018, Board of Directors - Appraisal Institute - Northern Ohio Chapter - 2001-2003, Candidate Liaison - Northern Ohio Chapter, Appraisal Institute - 1994,1995 Shaker Hts. Middle School Parent Teacher Organization Co-President 2014-2015 and 2020-2021 wa cfiadaldedl on : C, P. BRAMAN & CO., INC. - Real Estate Appraisals & Consulting www. cpbco.com Qualifications of Emily L. Braman, MAI, SRA, AI-GRS Representative Clients: Attorneys including: Benesch, Berns, Ockner & Greenberger, LLC, Brindza, McIntyre & Seed LLP, Calfee, Halter & Griswold, LLP, Coakly Lammert Co. ILPA,, Kadish Hinkle & Weibel, Mansour, Gavin, Gerlack & Manos, IPA, Gallagher Sharp, Franz, Ward, LLP, Hahn, Loeser & Parks LILP, Kenneth J. Fisher, Co., LPA, McCarthy Lebit, Crystal & Liffman Co. LPA, Schneider, Smeltz, Spieth Bell, LLP, Singerman, Mills, Desberg & Kauntz, LPA, Taft Stettinius & Hollister LLP, Sleggs, Danzinger & Gill, LPA, Siegel Jennings Co., LPA, Thrasher, Dismore & Dolan LPA, Thomas Kondzer, LIP. Ulmer & Bern LPA, Walter Haverfield, LLP, Weston Hurd, Wiles & Richards, 1.PA and others. ODOT pre- qualified acquisition consultants including C.T. Consultants, Cuini & Assoc., DLZ, Inc., Finkbeiner, Pettis & Strout, Adachi, GPD, HNTB, Inc., KMJM Land Services, Krock Esser Engineering, ME Companies, M/S Consultants, Inc., O. R. Colan & Assoc., Palmer Engineering, PSI, RE Warner Co., ‘Transystems Real Estate, URS Corp., Wade Trim. Various municipalities including Ashtabula, Cuyahoga, Geauga, Lake, Mahoning, Medina, Portage, Stark, Summit and Trumbull Counties and the Cities of Akron, Alliance, Bay Village, Beachwood, Bedford, Bedford Heights, Broadview Heights, Brook Park, Cleveland, Cleveland Heights, Eastlake, Elyria, Euclid, Garfield Heights, Highland Hills, Hudson, Independence, Kent, Lakewood, Maple Heights, Mayfield Village, Mentor, Mentor on the Lake, Middleburg Heights, Middlefield, Northfield, North Olmsted, North Royalton, Olmsted Twp., Orange, Painesville, Parma, Pepper Pike, Perry, Richmond Heights, Richfield, Rocky River, Sandusky, Seven Hills, Shaker Heights, Solon, South Euclid, Strongsville, Stow, Twinsburg, University Heights, Valley View, Willoughby, Willoughby Hills, Wickliffe, Willowick and Woodmere. Various Boards of Education including Bay Village, Beachwood, Brecksville- Broadview Heights, Chagrin Falls, Cardinal Local, Canfield, Cleveland, Cleveland Hts.-University Heights., Euclid, Firelands, Garfield Heights, Kent, Lakewood, Mentor, Newbury, North Olmsted, Olmsted Falls, Orange, Parma, Ravenna, Rocky River, South Euclid, Shaker Heights, Solon, and Wickliffe. Various individuals, corporations, and governmental entities including Allegro Realty Advisors, Bellaire Puritas Development Corp., Catholic Diocese of Cleveland, Catholic Charities Facilities Corp., ‘The Cleveland Clinic, Cleveland Metroparks, Cleveland Public Power, Chagrin Valley Land Conservancy, CSX, Cuyahoga Community College, Dominion East Ohio, EDEN, Inc., Greater Cleveland Regional Transit Authority, Ileritage Development, Jacobs Real Estate Services, Lake Health Systems, Lake Metroparks, Lombardo Investments, National Benevolent Association, National Park Service, Northeast Ohio Regional Sewer District, Ohio Department of Transportation, Ohio Turnpike Commission, Park View Federal, Pride One Omni, Pioneer Savings and Loan, the Private Trust Company, Self Service Mint Storage, Ltd., Shore Bank, Strnisha Development, Western Reserve Fine Arts Assoc., and the YWCA, Continuing Education: Al Seminars: — Residential Housing in Cleveland — 1996, Lease Abstracting and Analysis — 1999, Supporting Sales Comparison Adjustments ~ 1999, Attacking & Defending the Appraisal in Litigation - 2000 & 2008, When Good Houses Go Bad ~ 2001, Partial Interests -Divided & Undivided —2001, Residential Review Seminar -- 2003, Subdivision Analysis — 2003, Appraisal Consulting — 2004, Dynamics of Office Building Valuation ~ 2004, Scope of Work — 2005, 2012, Uniform Standards of Appraisal Practice for Federal Land Acquisition — 2006, Quality Assurance in Residential Appraisals -2007, Feasibility Analysis ~ 2007, Essentials What Every Appraiser Should Know — 2008, Appraisal Challenges - Declining Markets & Sales Concessions — 2009, Appraisal of Local Retail Propertics - 2009, Valuing Commercial Green Buildings — 2010, Business Practices and Ethics — 2011, Playhouse Square and the Central Business District 2011, Real Estate Appraisal Operations ~ 2011, Demonstration Report Seminar-2014, Appraising Convenience Stores ~ 2015, Analysing Operating Expenses - 2017, Subdivision Valuation ~ 2017, Small Hotel/Motel Valuation—~ 2019, Fundamentals of The Uniform Appraisal Standards for Federal Land Acquisitions -2020, OCAI Annual Economic Seminars 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023 National USPAP Update Course - 2005, 2006, 2008, 2010, 2012, 2014, 2016, 2018, 2020, 2022, 2024 44 C.P. BRAMAN & CO.,, INC. - Real Estate Appraisals & Consulting www. cpbco.com --- [2025-9 Contract RiniBros Purchase Real Estate.pdf] CITY OF NORTH OLMSTED ORDINANCE NO. 2025 - 9 BY: Mayor Jones AN ORDINANCE AUTHORIZING THE MAYOR TO ENTER INTO AN AGREEMENT WITH RINI BROS., LLC TO PURCHASE 1.2313 ACRES OF A PARCEL OF REAL PROPERTY COMMONLY KNOWN AS PERMANENT PARCEL NUMBER 233-26-067. WHEREAS, the City of North Olmsted is authorized to enter into an agreement to sell the property formerly known as Forest Elementary School to a developer selected in the Request for Proposal (“RFP”) process for the Forest Elementary School Redevelopment Project (“Project”); and WHEREAS, as set forth in the RFP document, the Project requires access to Stearns Road from the former Forest Elementary School Property; and WHEREAS, a portion of Permanent Parcel Number 233-26-067 lies between the former Forest Elementary School property and access to Stearns Road; and WHEREAS, the City acquired an appraisal for the portion of Permanent Parcel Number 233-26-067 necessary for access to Stearns Road from the Forest Elementary School Property and owned by RINI Bros., LLC; and WHEREAS, RINI Bros., LLC offers to sell and the City of North Olmsted proposes to purchase approximately 1.2313 acres of PPN 233-26-067, in consideration of payment in the amount of Fifteen Thousand Dollars ($15,000.00); WHEREAS, it is the desire of Council to authorize the Mayor to enter into an Agreement with RINI Bros. LLC to purchase approximately 1.2313 acres of PPN 233-26-067, for Fifteen Thousand Dollars ($15,000.00). NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF NORTH OLMSTED, COUNTY OF CUYAHOGA, AND STATE OF OHIO: SECTION 1: That the Mayor and Director of Law be and are hereby authorized to negotiate and enter into an agreement with RINI Bros. LLC for the purchase of approximately 1.2313 acres of PPN 233-26-067, in consideration of payment in the amount of Fifteen Thousand Dollars ($15,000.00), based on and consistent with the Agreement and supporting documents attached hereto as Exhibit A. The Agreement with RINI Bros., LLC shall be in the form and substance as set forth on Exhibit A, with such changes in form and substance that are not substantially adverse to the City and which are approved by the Director of Law. The character of the agreement as not being substantially adverse to the City shall be evidenced conclusively by the execution of the agreement by the Mayor and the approval of the contract by the Director of Law. 2 SECTION 2: That this Ordinance shall take effect and be in force from and after the earliest period allowed by law upon its passage and approval by the Mayor. PASSED: ________________________ First Reading: _______________ Second Reading: _______________ Third Reading: _______________ Committee: __________________ ATTEST: _____________________________ __________________________ BEATRICE TAYLOR LOUIS J. BROSSARD Clerk of Council President of Council APPROVED: _____________________ APPROVED AS TO LEGAL FORM: _______________________________ /s/ Michael R. Gareau, Jr._________ MAYOR NICOLE DAILEY JONES MICHAEL R. GAREAU, JR. Director of Law