Desk ItemMEETING DATE: 02/18/14
ITEM NO: 6
DESK ITEM
DATE: FEBRUARY 18, 2014
TO: MAYOR AND TOWN COUNCIL
FROM: GREG LARSON, TOWN MANAGER
SUBJECT: ABANDON RIGHT-OF-WAY ON ALBRIGHT WAY AND ALBRIGHT
COURT AND RESERVE A PUBLIC UTILITY EASEMENT AND PUBLIC
SERVICE EASEMENT OVER THE AREA
A. ADOPT RESOLUTION OF THE INTENTION TO VACATE PUBLIC
RIGHT-OF-WAY EASEMENT ON ALBRIGHT WAY AND ALBRIGHT
COURT AND RESERVE A PUBLIC UTILITY EASEMENT AND PUBLIC
SERVICE EASEMENT IN THE AREA
B. SET MARCH 17, 2014 AS A PUBLIC HEARING DATE FOR THE
CONSIDERATION OF VACATION
REMARKS:
Since the distribution of the February 18, 2014 Town Council agenda, staff received requests
from Council, as responded to below:
First, the proposed action on the Consent Calendar would set a public hearing for the vacation of
the Albright Way easements for March 17.
Second, attached is the letter received from the Town's outside appraiser determining that the
Town's easements are of zero value.
Attachment 1-3 (previously received):
1. Resolution of the intention to vacate public right-of-way on Albright Way and Albright Court
and reserve a public utility easement and public service easement over the area.
2. Location Map.
3. Proposed Vacation
Attachment received with this Desk Item:
4. Appraisal letter for Albright Way
j..
PREPARED BY: Matt Morley
Director of Parks and Pubbic Works
Reviewed by: P5Assistant Town Manager (4 Town Attorney Finance
THIS PAGE
INTENTIONALLY
LEFT BLANK
Valbridge
4")PROPERTY ADVISORS
Hulberg & Associates, Inc.
December 16, 2013
VIA E-Mail Only
Greg Larson
Town Manager
Town of Los Gatos
Town Hall
110 E. Main Street
Los Gatos, CA 95030
San Francisco Bay
Area/Silicon Valley
One North Market Street
San Jose, CA 95113.1207
408-279.1520 phone
408-279.3428 fax
Josh Fronen, MAI
408-279-1520, ext. 7113
JFronen@valbridge.com
Re: Appraisal Consulting Regarding Town's Interest in Albright Way, Los Gatos, CA
Dear Mr. Larson:
Per your request, we have provided appraisal consulting services regarding the Town of Los Gatos'
interest in Albright Way. More specifically, we have addressed the valuation process for easements in
public roads. This letter summarizes our scope of work, analysis and conclusions.
Introduction
The Town of Los Gatos is our client and the intended user of this report, and the intended use is in
connection with the transfer of the Town's rights in Albright Way to the adjacent property owner (Los
Gatos Business Park LLC). The date of this analysis is November 18, 2013.
Our scope of work included having meetings and phone discussions with Town representatives and title
consultant Mr. Ed Le Roy with Pacific States Title Services. Mr. Le Roy has worked for several title
companies since the early 1960s and has held various job posts, including Chief Title Officer Title
Operations Manager. Mr. Le Roy has operated his consulting and title services company since 1994.
We have also reviewed various title and other documents, including parcel maps, provided by the Town.
We reviewed the definition for market value and considered the standard methodology for valuing
easements. Our scope of work also included preparation of this report.
Valbridge Property Advisors I Hulberg & Associates, Inc.
ATTACHMENT 4
Valbridge
PROPERTY ADVISORS
ALBRIGHT WAY, LOS GATOS
APPRAISAL CONSULTATION
Albright Way: Physical and Legal Characteristics
Albright Way is a loop road, with one way in and out of Winchester Boulevard. Albright Court is a dead
end cul-de-sac branching off Albright Way. For the proposes of this report, references to Albright Way
include Albright Court as well.
Albright Way measures 2.89 acres and is used for public vehicular and pedestrian access to and from the
Los Gatos Business Park LLC property, as well as for public service easements, public utility easements,
and ingress/egress easements. Several previous owners of the Los Gatos Business Park granted the Town
its easement rights in Albright Way between 1976 and 1982, as the business park was originally
subdivided and built up.
An aerial overview of Albright Way is shown below with the roadway highlighted in yellow.
AERIAL OVERVIEW OF ALBRIGHT WAY
In terms of legal characteristics, a Pacific States Title Services report states that the Town owns easement
rights in Albright Way, and does not own the underlying fee title. These easement rights allow for public
access and utility use of the property. The analysis and conclusions presented in this report are based on
the premise that the Town does not own fee title to Albright Way, as stated in the Pacific States Title
Services Report.
The underlying fee rights in Albright Way are owned by Los Gatos Business Park LLC. We reviewed the
parcel maps for when the business park was subdivided, and we see that the previous owners offered to
"dedicate to public use all streets as shown on said map within said subdivision," as shown on the parcel
maps, and that the Town accepted the dedications for the use intended.
Valbridge Property Advisors I Hulberg & Associates, Inc.
Valbridge
PROPERTY ADVISORS
ALBRIGHT WAY, LOS GATOS
APPRAISAL CONSULTATION
Los Gatos Business Park LLC is proposing to redevelop the adjoining properties with a new office campus.
According to the Town, redevelopment of the business park would require that 3.9 acres be set aside for
utilities and emergency vehicle access easements, which is more than the area occupied by Albright Way.
Definitions and Methodology
For this analysis, we have been asked by the Town to provide information on the valuation process and
considerations in estimating the market value of the Town's easement rights in Albright Way, as
previously outlined. The valuation process is guided by specific definitions for easements and market
value. These definitions are provided below and on the following page.
According to the Dictionary of Real Estate Appraisal, an "easement" is "the right to use another's land for a
stated purpose." In the case of Albright Way, the Town of Los Gatos has the right to use the roadway for
non-exclusive, public street purposes. The fee ownership of Albright Way remains with Los Gatos
Business Park LLC.
That is, the Town of Los Gatos owns an easement in Albright Way for the purpose of non-exclusive public
street purposes. If the Town quit claims its easement rights in Albright Way, there would no longer be
any rights for non-exclusive public street purposes. The easement area would no longer be encumbered
and the owner could use the property as allowed by zoning codes, but would likely need to relocate other
easements for utilities that are already existing in the right-of-way.
The question remains, however, whether the Town could sell its rights. A potential buyer of the Town's
rights would closely consider the rights that would be conveyed in a purchase of the easement. The rights
that would be conveyed are exactly those rights as described above, for non-exclusive, public street
purposes. Public purposes are typically social benefits to a community, and do not necessarily provide
any financial benefit to private parties. This would especially be true in the case of the subject easement,
as there is no financial benefit of public roadways. Furthermore, a buyer of the subject easement would
be required to maintain the roadway and assume liability of it. These could represent significant costs
without any benefit.
The market value for an easement is typically valued as a percentage of underlying fee rights, depending on
the specific rights conveyed by the easement. Surface rights, for example, are typically valued as a high
percentage of the fee rights since such an easement would "capture" much of the fee bundle of rights.
Subsurface easements rights, in contrast, would typically command a lower percentage of the fee land value,
as there would, in theory, be many rights remaining to the surface user or fee land owner. Considering the
specific rights being conveyed, then, the market value of the easement can be determined.
In the case of the subject, the specific rights would only include the rights of use associated with a pubic
roadway to a buyer that is not under any duress or specific motivation. The motivation of a buyer is
described in the definition of market value, as shown on the following page.
Valbridge Property Advisors I Hulberg & Associates, Inc.
(11)Valbridge
PROPERTY ADVISORS
ALBRIGHT WAY, LOS GATOS
APPRAISAL CONSULTATION
According to the Dictionary of Real Estate Appraisal, "market value" is defined as follows:
The most probable price that the specified property interest should sell for in a competitive market
after a reasonable exposure time, as of a specified date, in cash, or in terms equivalent to cash,
under all conditions requisite to a fair sale, with the buyer and seller each acting prudently,
knowledgeably, for self-interest, and assuming that neither is under duress.
Implicit in the definition of market value is the sale of the property to a third party buyer and not any
particular buyer (Los Gatos Business Park LLC, for example). The value to a particular buyer may be
referred to as an investment value or contributory value, which are not market values, and are beyond the
scope of this assignment. If the Town abandons its easement rights in Albright Way, there are likely few, if
any, third -party buyers that would knowledgeably, for self-interest, want to purchase property for the sole
use of a public road. The subject easement, therefore, likely has no market value to third -party buyers.
Summary of Analysis and Conclusion
The Town owns easement rights for public street usage in Albright Way, per a Pacific State Title Services
report. Since the easement rights specifically permit only public roadway use (with the obligation to
maintain it), it is likely that few, if any, third -party buyers exist that would knowledgeably, for self-interest,
want to purchase those rights. In other words, the value of those rights in the open market would likely
be $0.
Respectfully submitted,
Valbridge Property Advisors 1 Hulberg and Associates, Inc.
Senior Appraiser
California License #AG028548
License Expires 12-18-2015
YYonne-J. Broisus, MAI
Director
California License #AG019587
License Expires 01-29-2016
Valbridge Property Advisors I Hulberg & Associates, Inc.
0L'Valbridge
PROPERTY ADVISORS
ALBRIGHT WAY, LOS GATOS
GENERAL ASSUMPTIONS & LIMITING CONDITIONS
General Assumptions & Limiting Conditions
This appraisal is subject to the following limiting conditions:
1. The legal description — if furnished to us — is assumed to be correct.
2. No responsibility is assumed for legal matters, questions of survey or title, soil or subsoil
conditions, engineering, availability or capacity of utilities, or other similar technical matters. The
appraisal does not constitute a survey of the property appraised. All existing liens and
encumbrances have been disregarded and the property is appraised as though free and clear,
under responsible ownership and competent management unless otherwise noted.
3. Unless otherwise noted, the appraisal will value the property as though free of contamination.
Valbridge Property Advisors I Hulberg & Associates, Inc. will conduct no hazardous materials or
contamination inspection of any kind. It is recommended that the client hire an expert if the
presence of hazardous materials or contamination poses any concern.
4. The stamps and/or consideration placed on deeds used to indicate sales are in correct
relationship to the actual dollar amount of the transaction.
5. Unless otherwise noted, it is assumed there are no encroachments, zoning violations or
restrictions existing in the subject property.
6. The appraiser is not required to give testimony or attendance in court by reason of this appraisal,
unless previous arrangements have been made.
7. Unless expressly specified in the engagement letter, the fee for this appraisal does not include the
attendance or giving of testimony by Appraiser at any court, regulatory, or other proceedings, or
any conferences or other work in preparation for such proceeding. If any partner or employee of
Valbridge Property Advisors I Hulberg & Associates, Inc. is asked or required to appear and/or
testify at any deposition, trial, or other proceeding about the preparation, conclusions or any
other aspect of this assignment, client shall compensate Appraiser for the time spent by the
partner or employee in appearing and/or testifying and in preparing to testify according to the
Appraiser's then current hourly rate plus reimbursement of expenses.
8. The values for land and/or improvements, as contained in this report, are constituent parts of the
total value reported and neither is (or are) to be used in making a summation appraisal of a
combination of values created by another appraiser. Either is invalidated if so used.
9. The dates of value to which the opinions expressed in this report apply are set forth in this report.
We assume no responsibility for economic or physical factors occurring at some point at a later
date, which may affect the opinions stated herein. The forecasts, projections, or operating
estimates contained herein are based on current market conditions and anticipated short-term
supply and demand factors and are subject to change with future conditions.
10. The sketches, maps, plats and exhibits in this report are included to assist the reader in visualizing
the property. The appraiser has made no survey of the property and assumed no responsibility in
connection with such matters.
Valbridge Property Advisors I Hulberg & Associates, Inc.
PROPERTY ADVISORS
41111
Valbridge
ALBRIGHT WAY, LOS GATOS
GENERAL ASSUMPTIONS & LIMITING CONDITIONS
11. The information, estimates and opinions, which were obtained from sources outside of this office,
are considered reliable. However, no liability for them can be assumed by the appraiser.
12. Possession of this report, or a copy thereof, does not carry with it the right of publication. Neither
all, nor any part of the content of the report, or copy thereof (including conclusions as to property
value, the identity of the appraisers, professional designations, reference to any professional
appraisal organization or the firm with which the appraisers are connected), shall be disseminated
to the public through advertising, public relations, news, sales, or other media without prior
written consent and approval.
13. No claim is intended to be expressed for matters of expertise that would require specialized
investigation or knowledge beyond that ordinarily employed by real estate appraisers. We claim
no expertise in areas such as, but not limited to, legal, survey, structural, environmental, pest
control, mechanical, etc.
14. This appraisal was prepared for the sole and exclusive use of the client for the function outlined
herein. Any party who is not the client or intended user identified in the appraisal or engagement
letter is not entitled to rely upon the contents of the appraisal without express written consent of
Valbridge Property Advisors I Hulberg & Associates, Inc. and Client. The Client shall not include
partners, affiliates, or relatives of the party addressed herein. The appraiser assumes no
obligation, liability or accountability to any third party.
15. Distribution of this report is at the sole discretion of the client, but no third -parties not listed as
an intended user on the face of the appraisal or the engagement letter may rely upon the
contents of the appraisal. In no event shall client give a third -party a partial copy of the appraisal
report. We will make no distribution of the report without the specific direction of the client.
16. This appraisal shall be used only for the function outlined herein, unless expressly authorized by
Valbridge Property Advisors I Hulberg & Associates, Inc.
17. This appraisal shall be considered in its entirety. No part thereof shall be used separately or out of
context.
18. Unless otherwise noted in the body of this report, this appraisal assumes that the subject property
does not fall within the areas where mandatory flood insurance is effective. Unless otherwise
noted, we have not completed nor have we contracted to have completed an investigation to
identify and/or quantify the presence of non -tidal wetland conditions on the subject property.
Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied,
regarding this determination.
19. If the appraisal is for mortgage loan purposes: 1) we assume satisfactory completion of
improvements if construction is not complete, 2) no consideration has been given for rent loss
during rent -up unless noted in the body of this report, and 3) occupancy at levels consistent with
our "Income & Expense Projection" are anticipated.
20. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or
structures which would render it more or less valuable. No responsibility is assumed for such
conditions or for engineering which may be required to discover them.
Valbridge Property Advisors I Hulberg & Associates, Inc.
Valbridge
PROPERTY ADVISORS
ALBRIGHT WAY, LOS GATOS
GENERAL ASSUMPTIONS & LIMITING CONDITIONS
21. Our inspection included an observation of the land and improvements thereon only. It was not
possible to observe conditions beneath the soil or hidden structural components within the
improvements. We inspected the buildings involved, and reported damage (if any) by termites,
dry rot, wet rot, or other infestations as a matter of information, and no guarantee of the amount
or degree of damage (if any) is implied. Condition of heating, cooling, ventilation, electrical and
plumbing equipment is considered to be commensurate with the condition of the balance of the
improvements unless otherwise stated.
22. This appraisal does not guarantee compliance with building code and life safety code
requirements of the local jurisdiction. It is assumed that all required licenses, consents, certificates
of occupancy or other legislative or administrative authority from any local, state or national
governmental or private entity or organization have been or can be obtained or renewed for any
use on which the value conclusion contained in this report is based unless specifically stated to
the contrary.
23. When possible, we have relied upon building measurements provided by the client, owner, or
associated agents of these parties. In the absence of a detailed rent roll, reliable public records, or
"as -built" plans provided to us, we have relied upon our own measurements of the subject
improvements. We follow typical appraisal industry methods; however, we recognize that some
factors may limit our ability to obtain accurate measurements including, but not limited to,
property access on the day of inspection, basements, fenced/gated areas, grade elevations,
greenery/shrubbery, uneven surfaces, multiple story structures, obtuse or acute wall angles,
immobile obstructions, etc. Professional building area measurements of the quality, level of detail,
or accuracy of professional measurement services are beyond the scope of this appraisal
assignment.
24. We have attempted to reconcile sources of data discovered or provided during the appraisal
process, including assessment department data. Ultimately, the measurements that are deemed by
us to be the most accurate and/or reliable are used within this report. While the measurements and
any accompanying sketches are considered to be reasonably accurate and reliable, we cannot
guarantee their accuracy. Should the client desire a greater level of measuring detail, they are urged
to retain the measurement services of a qualified professional (space planner, architect or building
engineer). We reserve the right to use an alternative source of building size and amend the analysis,
narrative and concluded values (at additional cost) should this alternative measurement source
reflect or reveal substantial differences with the measurements used within the report.
25. In the absence of being provided with a detailed land survey, we have used assessment
department data to ascertain the physical dimensions and acreage of the property. Should a
survey prove this information to be inaccurate, we reserve the right to amend this appraisal (at
additional cost) if substantial differences are discovered.
26. If only preliminary plans and specifications were available for use in the preparation of this
appraisal, then this appraisal is subject to a review of the final plans and specifications when
available (at additional cost) and we reserve the right to amend this appraisal if substantial
differences are discovered.
Valbridge Property Advisors I Hu!berg & Associates, Inc.
Valbridge
PROPERTY ADVISORS
ALBRIGHT WAY, LOS GATOS
GENERAL ASSUMPTIONS & LIMITING CONDITIONS
28. Unless otherwise stated in this report, the value conclusion is predicated on the assumption that
the property is free of contamination, environmental impairment or hazardous materials. Unless
otherwise stated, the existence of hazardous material was not observed by the appraiser and 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. No responsibility is assumed for any such conditions, or for any
expertise or engineering knowledge required for discovery. The client is urged to retain an expert
in this field, if desired.
29. The Americans with Disabilities Act ("ADA") became effective January 26, 1992. We have not made
a specific compliance survey of the property to determine if it is in conformity with the various
requirements of the ADA. It is possible that a compliance survey of the property, together with an
analysis of the requirements of the ADA, could reveal that the property is not in compliance with
one or more of the requirements of the Act. If so, this could have a negative effect on the value of
the property. Since we have no direct evidence relating to this issue, we did not consider possible
noncompliance with the requirements of ADA in developing an opinion of value.
30. This appraisal applies to the land and building improvements only. The value of trade fixtures,
furnishings, and other equipment, or subsurface rights (minerals, gas, and oil) were not
considered in this appraisal unless specifically stated to the contrary.
31. No changes in any federal, state or local laws, regulations or codes (including, without limitation,
the Internal Revenue Code) are anticipated, unless specifically stated to the contrary.
32. Any income and expense estimates contained in the appraisal report are used only for the
purpose of estimating value and do not constitute prediction of future operating results.
Furthermore, it is inevitable that some assumptions will not materialize and that unanticipated
events may occur that will likely affect actual performance.
33. Any estimate of insurable value, if included within the scope of work and presented herein, is
based upon figures developed consistent with industry practices. However, actual local and
regional construction costs may vary significantly from our estimate and individual insurance
policies and underwriters have varied specifications, exclusions, and non -insurable items. As such,
we strongly recommend that the Client obtain estimates from professionals experienced in
establishing insurance coverage. This analysis should not be relied upon to determine insurance
coverage and we make no warranties regarding the accuracy of this estimate.
34. The data gathered in the course of this assignment (except data furnished by the Client) shall
remain the property of the Appraiser. The appraiser will not violate the confidential nature of the
appraiser -client relationship by improperly disclosing any confidential information furnished to
the appraiser. Notwithstanding the foregoing, the Appraiser is authorized by the client to disclose
all or any portion of the appraisal and related appraisal data to appropriate representatives of the
Appraisal Institute if such disclosure is required to enable the appraiser to comply with the Bylaws
and Regulations of such Institute now or hereafter in effect.
Valbridge Property Advisors I Hulberg & Associates, Inc.
Valbridge
% PROPERTY ADVISORS
ALBRIGHT WAY, LOS GATOS
GENERAL ASSUMPTIONS & LIMITING CONDITIONS
35. You and Valbridge Property Advisors I Hulberg & Associates, Inc. both agree that any dispute
over matters in excess of $5,000 will be submitted for resolution by arbitration. This includes fee
disputes and any claim of malpractice. The arbitrator shall be mutually selected. If Valbridge
Property Advisors I Hulberg & Associates, Inc. and the client cannot agree on the arbitrator, the
presiding head of the Local County Mediation & Arbitration panel shall select the arbitrator. Such
arbitration shall be binding and final. In agreeing to arbitration, we both acknowledge that, by
agreeing to binding arbitration, each of us is giving up the right to have the dispute decided in a
court of law before a judge or jury. In the event that the client, or any other party, makes a claim
against Hulberg & Associates, Inc. or any of its employees in connections with or in any way
relating to this assignment, the maximum damages recoverable by Valbridge Property Advisors
Hulberg & Associates, Inc. for this assignment, and under no circumstances shall any claim for
consequential damages be made.
36. Valbridge Property Advisors I Hulberg & Associates, Inc. shall have no obligation, liability, or
accountability to any third party. Any party who is not the "client" or intended user identified on
the face of the appraisal or in the engagement letter is not entitled to rely upon the contents of
the appraisal without the express written consent of Valbridge Property Advisors I Hulberg &
Associates, Inc. "Client" shall not include partners, affiliates, or relatives of the party named in the
engagement letter. Client shall hold Valbridge Property Advisors I Hulberg & Associates, Inc. and
its employees harmless in the event of any lawsuit brought by any third party, lender, partner, or
part-owner in any form of ownership or any other party as a result of this assignment. The client
also agrees that in case of lawsuit arising from or in any way involving these appraisal services,
client will hold Valbridge Property Advisors I Hulberg & Associates, Inc. harmless from and against
any liability, loss, cost, or expense incurred or suffered by Valbridge Property Advisors I Hulberg &
Associates, Inc. in such action, regardless of its outcome.
37. The value opinion(s) provided herein is subject to any and all predications set forth in this report.
38. The Valbridge Property Advisors office responsible for the preparation of this report is
independently owned and operated by Hulberg & Associates, Inc. Neither Valbridge Property
Advisors, Inc., nor any of its affiliates has been engaged to provide this report. Valbridge Property
Advisors, Inc. does not provide valuation services, and has taken no part in the preparation of this
report.
39. If any claim is filed against any of Valbridge Property Advisors, Inc. a Florida Corporation, its
affiliates, officers or employees, or the firm providing this report, in connection with, or in any way
arising out of, or relating to, this report, or the engagement of the firm providing this report, then
(1) under no circumstances shall such claimant be entitled to consequential, special or other
damages, except only for direct compensatory damages and (2) the maximum amount of such
compensatory damages recoverable by such claimant shall be the amount actually received by
the firm engaged to provide this report.
40. This report and any associated work files may be subject to evaluation by Valbridge Property
Advisors, Inc., or its affiliates, for quality control purposes.
41. Acceptance and/or use of this appraisal report constitutes acceptance of the foregoing general
assumptions and limiting conditions.
Valbridge Property Advisors I Hulberg & Associates, Inc.
OValbridge
PROPERTY ADVISORS
Certification
ALBRIGHT WAY, LOS GATOS
CERTIFICATION
We certify that, to the best of our knowledge and belief:
1. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions
and limiting conditions and are our personal, impartial, and unbiased professional analyses,
opinions, and conclusions.
3. We have no present or prospective interest in the property that is the subject of this report and
no personal interest with respect to the parties involved.
4. We have performed no services, as appraisers or in any other capacity, regarding the property
that is the subject of the appraisal within the three-year period immediately preceding acceptance
of this assignment.
5. We have no bias with respect to the property that is the subject of this report or to the parties
involved with this assignment.
6. Our engagement in this assignment was not contingent upon developing or reporting
predetermined results.
7. Our 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 value opinion, the attainment of a stipulated result, or the occurrence of a subsequent
event directly related to the intended use of this appraisal.
8. Our analyses, opinions and conclusions were developed, and this report has been prepared, in
conformity with the Uniform Standards of Professional Appraisal Practice.
9. Josh Fronen, MAI made a personal inspection of the property that is the subject of this report.
Yvonne Broszus, MAI did not make a personal inspection of the property that is the subject of this
report.
10. No one provided significant real property appraisal assistance to the people signing this
certification.
11. The reported analyses, opinions and conclusions were developed, and this report has been
prepared, in conformity with the requirements of the Code of Professional Ethics and the
Standards of Professional Appraisal Practice of the Appraisal Institute.
12. The use of this report is subject to the requirements of the Appraisal Institute relating to review
by its duly authorized representatives.
Valbridge Property Advisors I Hulberg & Associates, Inc.
�albridge
PROPERTY ADVISORS
ALBRIGHT WAY, LOS GATOS
CERTIFICATION
13. As of the date of this report, Josh Fronen, MAI and Yvonne Broszus, MAI have completed the
continuing education program for Designated Members of the Appraisal Institute.
-467
J6sfi Fronen, MAI
Senior Appraiser
California License #AG028548
License Expires 12-18-2015
Yvonne J. Broszus, MAI
Director
California License #AG019587
License Expires 01-29-2016
Valbridge Property Advisors I Hulberg & Associates, Inc.
Valbridge
` PROPERTY ADVISORS
Addenda
ALBRIGHT WAY, LOS GATOS
ADDENDA
Valbridge Property Advisors I Hulberg & Associates, Inc.
Valbridge
5• PROPERTY ADVISORS
Qualifications of Josh Fronen, MAI
Senior Appraiser
Valbridge Property Advisors I Hulberg & Associates, Inc.
Independent Valuations for a Variable World
ALBRIGHT WAY, LOS GATOS
ADDENDA
State Certifications
Certified General
State of California
Education
Bachelor of Arts
History, Specializing in Business
University of California Los
Angeles
Contact Details
408-279-1520 ext. 7113 (p)
408-279-3428 (f)
jfronen@valbridge.com (e)
Valbridge Property Advisors
Hulberg & Associates, Inc.
One North Market Street
San Jose, CA 95113
www.valbridge.com
Membership/Affiliations
Member. Appraisal Institute MAI Designation
Grader: Appraisal Institute Demonstration Appraisal Report
Panel, Current
Chairman: Fall Conference Committee, Appraisal Institute, 2009
Member: Board of Directors, Nor- Cal Chapter of the
Appraisal Institute, 2009 - 2012
Member. Appraisal Institute Membership Development and
Recruitment Committee , Nor -Cal Chapter
Board
Member: Appraisal Institute Fall Conference, 2007 — Current.
Appraisal Institute & Related Courses:
— Appraisal Principles
— Operating Expenses
— Appraisal Procedures
— National USPAP
— Laws and Regulations
— Advanced Sales Comparison and Cost Approaches
— California Eminent Domain Appraisal Practice
— Highest and Best Use & Market Analysis
— Estimating Loss in Value
— Advanced Applications
— Litigation Conference
— Entrepreneurial Profit and Return on Cost
— Appraisal Fundamentals
— CAM Escalations/Lease Audit Preparation
— Income Property Valuation
— Business Practices and Ethics
— Advanced Income Capitalization
— Understanding Property Taxes
— Scope of Work
— Legal Aspects of Easements
— Report Writing and Valuation Analysis
— Report Conditions & Assumptions
— Tenant Credit Analysis
— Commercial Lending and Supporting Values
— Fundamentals of Separating Real Property, Personal Property,
and Intangible Business Assets
— Litigation Appraising: Specialized Topics and Applications
Valbridge Property Advisors I Hulberg & Associates, Inc.
01)Valbridge
PROPERTY ADV15OR5
ALBRIGHT WAY, LOS GATOS
ADDENDA
Experience:
Senior Appraiser
Valbridge Property Advisors I Hulberg & Associates, Inc.
(2013-Present)
Senior Appraiser
Hulberg & Associates, Inc. (2004-2013)
Associate Appraiser
TMG Realty Advisors (2001-2004)
Market Researcher/Appraiser Assistant
Akiba Appraisal Services (2001)
Appraisal/valuation and consulting assignments include:
Offices: professional and medical/dental; suburban and high-
rise. Shopping centers: community, specialty, neighborhood,
and strip. Swap meets. Storefront retail buildings.
Apartments, condominiums, subdivisions, and single-family.
R&D, Light industrial, warehouses, food processing, and
manufacturing. Land and remnant appraisals. Retrospective
valuations. Arbitration, litigation, estate work, tax appeals,
contamination, rent loss, and diminution in value. Has
provided court testimony and is a qualified expert witness.
Valbridge Property Advisors I Hulberg & Associates, Inc.
Certified General
State of California
Education
Bachelor of Science
Marketing
Santa Clara University
Contact Details
408-279-1520 ext. 7135 (p)
408-279-3428 (f)
ybroszus@valbridge.com (e)
Valbridge Property Advisors I
Hulberg & Associates, Inc.
One North Market Street
San Jose, CA 95113
www.valbridge.com
Valbridge
PROPERTY ADVISORS
Qualifications of Yvonne J. Broszus, MAI
Director
Valbridge Property Advisors I Hulberg & Associates, Inc.
Independent Valuations for a Variable World
ALBRIGHT WAY, LOS GATOS
ADDENDA
State Certifications Membership/Affiliations
Member Appraisal Institute MAI Designation
Chairman: Fall Conference Committee, Appraisal Institute
(2006)
Committee Member: Silicon Valley Subchapter, Appraisal
Institute
(2006-07)
Appraisal Institute & Related Courses:
Continuing education courses taken through the Appraisal
Institute and other real estate organizations.
Experience:
Director
Valbridge Property Advisors I Hulberg & Associates, Inc. (2013-
Present)
Vice President
Hulberg & Associates, Inc. (1988-2013)
Appraisal/valuation and consulting assignments include: retail
buildings (community, specialty, neighborhood and strip), office
buildings (professional and medical/dental), vacant land,
agricultural land, warehouses, manufacturing, mini -warehouse,
light industrial, research and development, apartments, single-
family, condominiums, subdivisions, mobile home parks, auto
dealerships, service stations, worship facilities, truck stops, food
processing and cold storage facilities, fixed base operators at
airports and other types of special purpose properties.
Ms. Broszus has provided valuation services in a wide variety of
complex civil litigation cases including real estate. These matters
have included condemnation issues, contract disputes,
bankruptcy/creditors matters, and environmental lawsuits, among
other issues. She also specializes in property tax appeals, having
helped clients recover millions of dollars in property tax refunds.
Qualified as an expert witness, Ms. Broszus has testified in state
and federal courts, as well as in major arbitrations and at
Assessment Appeal Board hearings. She is a highly experienced
forensic appraiser.
Valbridge Property Advisors I Hulberg & Associates, Inc.
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