Main Street 65 Parking Lot Ansonia 2017

APPRAISAL
REPORT OF REAL PROPERTY

COMPRISING A PORTION OF
65 MAIN STREET
(PARKING LOT)
ANSONIA, CONNECTICUT
EFFECTIVE DATE OF APPRAISAL

MAY 3, 2017
PREPARED FOR:
SHEILA O'MALLEY
DIRECTOR OF ECONOMIC DEVELOPMENT
CITY OF ANSONIA
253 MAIN STREET
ANSONIA, CT 06401
PREPARED BY:
VINCENT J. GUARDIANO
REAL ESTATE APPRAISER, LLC
17 ELIZABETH STREET
DERBY, CONNECTICUT 06418
Vincent J. Guardiano
Real Estate Appraiser, LLC
VINCENT J. GUARDIANO Phone: (203) 732-2900
Real Estate Appraiser, LLC Fax: (203) 732-2903
17 Elizabeth Street Email: VJGRE@Comcast.Net
Derby, CT 06418
May 8, 2017
Sheila O'Malley
Director of Economic Development
City of Ansonia
253 Main Street
Ansonia, CT 06401
Dear Ms. O'Malley,
Attached you will find an appraisal report of a portion of the real property known as 65 Main Street, Ansonia,
Connecticut. 65 Main Street comprises 2.65 acres of land improved with an office building with a parking garage,
parking lot and warehouse. For purposes of this appraisal, only the parking lot area located between the office
building and the warehouse building is included. The estimated land area for the parking lot is is approximately 1.1
acres. A more detailed description of the area, site, improvements and highest and best use is embodied within the
report.
The function and use of this report is to estimate the market value of the fee simple title of the property to assist the
client in a business decision regarding the possible acquisition of the property. There are no other intended uses or
users of the report. The effective date of valuation is current as of May 3, 2017, the date of my most recent
inspection.
The subsequent report was prepared subject to the definitions and factual data stated and subject to the assumptions,
limiting conditions and certificate contained herein. In addition to the general assumptions and limiting conditions
presented later, this report is also subject to the following specific assumptions and conditions:
1. This appraisal and resultant value conclusion(s) give no consideration to the possible existence of any
hazardous materials, (which may have been used in either the construction or maintenance of the property,
including, but not limited to lead-based paint, urea formaldehyde foam insulation, or asbestos) other than
that which may be intrinsically reflected in the sale prices of comparable properties utilized in this report.
The presence of such materials in the environment of the property could substantially impact on the market
value and/or marketability of the subject real estate. This assumption also applies to any soil contamination,
hazardous gases (such as radon), or electromagnetic fields (EMF's) that may emanate from the subject
premises or from sources in proximity to the subject property. It is recommended that experts be retained
for such evaluations, should the client deem it appropriate.
2. Also, this appraisal and resultant value conclusion(s) are based upon the hypothetical condition that the
property is legally subdivided and that all necessary zoning variances are granted to allow the allocation.
Sheila O'Malley
Director of Economic Development
As a result of my analysis, I have formed an opinion that the market value of the fee simple title to the property as
of May 3, 2017 was:
THREE HUNDRED EIGHTY THOUSAND DOLLARS

($380,000)
Respectfully submitted,
Certified General Appraiser
Connecticut License No. RCG.260
65 Main Street, Ansonia, CT
Page 1
Table of Contents
Table of Contents .............................................................................................................................................................................1

Summary of Salient Facts and Conclusions ...................................................................................................................................2
Photographs of the Subject Property...............................................................................................................................................3
Assumptions and Limiting Conditions ...........................................................................................................................................5
Intended Use of Report....................................................................................................................................................................5
Definitions ........................................................................................................................................................................................6
Reporting Process ............................................................................................................................................................................6
Scope of Work .................................................................................................................................................................................6
Effective Date of Valuation and Perspective..................................................................................................................................6
Exposure Period and Marketing Time ............................................................................................................................................7
Identification & Three Year Sale's History ....................................................................................................................................7
Town Description ............................................................................................................................................................................8
Neighborhood Description ........................................................................................................................................................... 10
Zoning ........................................................................................................................................................................................... 13
Site Data ........................................................................................................................................................................................ 14
Assessor's Map.............................................................................................................................................................................. 15
Assessment and Taxes .................................................................................................................................................................. 16
Highest and Best Use.................................................................................................................................................................... 16
Approaches to Value .................................................................................................................................................................... 17
Sales Comparison Approach ........................................................................................................................................................ 17
Reconciliation ............................................................................................................................................................................... 24
Certification of Value ................................................................................................................................................................... 25
Qualifications of the Appraiser .................................................................................................................................................... 26
Page 2
Summary of Salient Facts and Conclusions
Property Address: A portion of 65 Main Street

Ansonia, Connecticut
Type of Property: Land
Purpose of the Appraisal: Estimate Market Value
Property Rights Appraised: Fee Simple Title
Effective Date of Appraisal: May 3, 2017
Date of Completion: May 9, 2017
Land Area: 1.1+ Acre
Building Area: N/A
Zoning: HI; City Center Zone overlay
Highest and Best Use: Present Use
Indicated Values:
Cost Approach: N/A
Income Capitalization Approach: N/A
Sales Comparison Approach: $360,000
Final Value Reconciliation: $360,000
Page 3
Photographs of the Subject Property
Google Earth
Page 4
View from Main Street
View from East Main Street
Page 5
Assumptions and Limiting Conditions
This appraisal report of improved land is made with the following general assumptions.
1. No responsibility is assumed for the legal description or for matters including legal or title considerations. Title to the
property is assumed to be good and marketable unless otherwise stated.
2. The property is appraised free and clear of any or all liens or encumbrances unless otherwise stated.
3. Responsible ownership and competent property management are assumed.
4. The information furnished by others is believed to be reliable, however, no warranty is given for its accuracy.
5. All engineering is assumed to be correct. The plot plans and illustrative material in this report are included only to assist
the reader in visualizing the property.
6. The estimate of market value contained in this appraisal report is based upon the specific assumption that the subject
property is not affected by any potentially hazardous materials.
a) Determination of whether or not the subject property is affected by asbestos or other environmental contaminants is
outside the scope of the appraisers' abilities. The fact that the appraiser has ignored any affect upon value of possible
contaminants does not mean that the subject property is not affected by these items. The client is strongly urged to
retain the services of an environmental consultant or similar specialist.
b) It must be noted that if these or other contaminants are found at the subject property, the estimated market value of the
subject property would be materially affected. The existence of the contaminants may well have a significant
downward influence upon market value. A reasonable estimate of negative change in market value would be the cost
to remove the contaminants, plus the cost to restore the condition of the land or building, plus an economic reward for
entrepreneurial effort.
7. It is assumed that there is full compliance with all applicable federal, state, and local environmental regulations and laws
unless noncompliance is stated, defined, and considered in the appraisal report.
8. It is assumed that all applicable zoning and use regulations and restrictions have been complied with, unless a
nonconformity has been stated, defined, and considered in the appraisal report.
9. It is assumed that all required licenses, certificates of occupancy, consents, or other legislative or administrative authority
from any local, state or national government or private entity or organization have been or can be obtained or renewed for
any use on which the value estimate contained in this report is based.
10. It is assumed that the utilization of the land and improvements is within the boundaries or property lines of the property
described and that there is no encroachment or trespass unless noted in the report.
11. The distribution, if any, of the total valuation in this report between land and improvements applies only under the stated
program of utilization. The separate allocations for land and buildings must not be used in conjunction with any other
appraisal and are invalid if so used.
12. Possession of this report, or a copy thereof, does not carry with it the right of publication. It may not be used for any
purpose by any person other than the party to whom it is addressed without the written consent of the appraiser, and in any
event only with proper written qualification and only in its entirety.
13. The appraiser herein by reason of this appraisal is not required to give further consultation, testimony, or be in attendance
in court with reference to the property in question unless arrangements have been previously made.
14. Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraiser,
or the firm with which the appraiser is connected) shall be disseminated to the public through advertising, public relations,
news, sales, or other media without the prior written consent and approval of the appraiser.
Intended Use of Report
The function and use of this report is to estimate the market value of the fee simple title of the property to assist the client in a
business decision regarding the possible acquisition of the property. There are no other intended uses or users of the report.
Page 6
Definitions
Market Value: The most probable price which a property should bring in a competitive and open market under all conditions
requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by
undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from
seller to buyer under conditions whereby:
i. Buyer and seller are typically motivated;

ii. Both parties are well informed or well advised, and each acting in what they consider their best interests;
iii. A reasonable time is allowed for exposure in the open market;
iv. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto;
v. 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.1
Fee Simple Estate: Absolute ownership unencumbered by any other interest or estate subject only to the four powers of
government.2
Reporting Process
This report is intended to comply with the reporting requirements set forth under Standards Rule 2-2 of the Uniform Standards
of Professional Appraisal Practice for an "Appraisal Report".
Scope of Work
Scope of Work is defined in USPAP as the type and extent of research and analyses in an assignment.Included in this
appraisal were the following:
An on-site inspection of the subject property on April 3, 2017 and on May 3, 2017;
Town Hall research regarding the subject property including identification of the real estate, zoning approvals,
conversations with the zoning enforcement officer and a review of all available public information;
A comprehensive review of the subjects market area;
Preparation and analysis of the applicable approaches to value;
A review of all the applicable techniques and a correlation of the applicable approaches into a final estimate of value.
Effective Date of Valuation and Perspective
The effective date of valuation is current to May 3, 2017.
1
Reference FIRREA - 12CFR 323.2
2
The Dictionary of Real Estate Appraisal, 1993, Third Edition
Page 7
Exposure Period and Marketing Time
Exposure period is defined as the estimated length of time the property interest being appraised would have been offered on
the market prior to the hypothetical consummation of a sale at market value on the effective date of appraisal. A reasonable
exposure period for the subject property is estimated to be approximately three to six months. It is presumed that this
exposure period has preceded the effective date of appraisal.
Marketing time is defined by USPAP as an opinion of the amount of time it might take to sell a real or personal property
interest at the concluded market value level during the period immediately after the effective date of an appraisal. A
reasonable estimated marketing period for the subject property is three to six months.
Identification & Three Year Sale's History
Address 65 Main Street

Ansonia, Connecticut
Assessor's Map/Lot Map 44, Lot 08
Owner(s) Shaw Growth Ventures, Inc.
Legal Reference Volume 547, Page 321
Sales History Shaw Growth Ventures, Inc. acquired the property from Washington Management, LLC
via a foreclosure action recorded in the Ansonia Land Records on November 28, 2016.
SCHEDULE A
Description of Property
65 MAIN STREET ANSONIA Connecticut
Situated on the southeast and east sides of Main Street and on the southwest and west sides of East Main Street, being shown
and designated as Area = 2.65+ Acres" on a certain map or plan entitled "Map Prepared for Farrel Connecticut Division -
Emhart Ansonia. Connecticut Scale: 1 Inch = 40 feet January 15, 198e (Index no, CC-288B)", which map or plan is on file or
is to be filed In the Ansonia Town Clerk's Office, reference to which Is hereby made, and being bounded:
NORTHEAST: By City of Ansonia Firehouse, as shown on said map, 85.00 feet;

NORTHWEST: By City of Ansonia Firehouse, as shown on said map, 44.05 feet;
NORTHEAST AND EAST: By East Main Street. 537.10 feet;
SOUTH: By land now or formerly of George Lewis, by land shown on said map as "Alleyway",
180.23 feet;
WEST: By land now or formerly of George Lewis, by land shown on said map as "Passway to
Farrel", and by land now or formerly of Frank Perrotti & Sons, Inc., In part by each, In all
101 .04 feet (said line being 9 feet west of and parallel to the west line of the building
situated on said First Parcel);
SOUTH AGAIN: By said land now or formerly of Frank Perrotti & Sons, Inc., as shown on said map 54.01
feet; and
WEST AND
NORTHWEST AGAIN: By Main Street, 651.28 feet.
Together with all right, title and Interest In and to the "Overhead Passway" leading across said City of Ansonia alleyway, as
shown on said map, and in and to the area shown as "Passway to Farrel" on said map, leading from the west line of said
premises to the east line of Main Street.
Page 8
Town Description
Ansonia is located in the

southwestern sector of
Connecticut in New Haven
County and is part of the
Naugatuck Valley Region.
The town borders are as follows:

to the north by the Town of
Seymour, to the east by the Town
of Woodbridge and to the south
and west by the City of Derby. It is
conveniently located between
Waterbury to the north, New
Haven to the southeast and
Bridgeport to the southwest.
Page 9
Ansonia was founded in 1844 primarily as a manufacturing type community and is noted for its historical industrial base along
the Naugatuck River. The municipal downtown area experienced redevelopment in the 1950's after the 1955 flood with the
primary impact along the south section of Main Street. The northern end of Main Street for the most part has remained
unchanged but has been undergoing a revitalization of the existing structures. The primary industrial area of Ansonia is still
located along Route 115 with some recent development along Division Street and Pershing Drive. Fountain Lake Industrial
Park located off Route 8 has attracted some development over the past few years.
The town encompasses 6.2 square miles and has an overall population of 19,188 (2012). The population growth rate has been
declining the past three decades following moderate growth in the 1960's and 70's. Changes in the population during the past
four decades are reflected as follows:
1980: 19,039
1990: 18,403
2000: 19,163
2010: 18,531
2020: 20,170
Projections for the next 5 years indicate the same low to negative growth rate. This can be attributed to the fact that the town is
relatively built up with little land available for residential development.
Although the population growth since the 1970's has been minimal, housing units have increased modestly over the past
decade. This was caused by an increase in household numbers and the popularity and development of condominiums. Many
single member households were developed in this period. Over the years, the town has lured an upwardly mobile population.
Ansonia is part of the Bridgeport/Stamford Labor Market Area. The March 2017 unemployment rate in Ansonia is 7.2%,
which is higher than the State Average of 5.1% and the LMA average of 5.0%. Most of the city's employment is located
within the central business districts outlined above. The largest employers in Ansonia include Farrell Corporation, Stop &
Shop, Big Y Super Market and Target. Due to the decline in the industry, some of the larger regional employers have been
downsizing.
Commercial development is concentrated along Main Street and through Division Street. Like many of the communities
located within the Naugatuck Valley area, the Main Street area has lost some of its commercial vitality. Primary commercial
centers with the exception of the Big Y have been displaced from the downtown area to other areas of the Naugatuck Valley
such as Route 34 and Division Street. These sectors do not significantly draw from surrounding communities; however, they
are quite adequate for its population. Regional centers such as the Connecticut Post Mall in Milford and the Trumbull
Shopping Mall in Trumbull are readily accessible via primary inter-city arteries with relatively short commute times. It should
be noted, however, that the "Big Y' has recently completed a new super store on the site of the former Ansonia Mall and
Target has built a store along West Main Street.
One of the towns decided assets is the excellent network of highways, which facilitate travel to and from the area. Route 8
traverses Ansonia in a north south direction with entry-exit points strategically placed. This highway provides direct access to
Bridgeport, Interstate 95 and upper Fairfield County to the south and to Waterbury and Interstate 84 in the north. Route 343
provides direct access to New Haven and Interstate 91. Access to Route 34 is located a short distance from Ansonia in Derby.
The Metro North Railroad System provides passenger rail service between Waterbury and Bridgeport. Trailer and flatbed
service is available in Bridgeport. The Sikorsky Memorial Airport is located on the Bridgeport -Stratford town line and
provides regular secondary passenger service and cargo service on a daily basis. The airport also has landing and service
facilities for corporate aircraft and offers charter service. The air terminal is a modem facility with a restaurant, lounge, control
tower and weather station. Tweed new Haven Airport is situated on the New Haven-East Haven town line and provides
similar services. The Oxford Airport provides limited commercial and passenger jet service.
Page 10
Neighborhood Description
The subject property is located in the north end of Main Street, which is the central business district of Ansonia. The area
boundaries extend north south along Main Street (Route 215) from Maple Street through Division Street extending easterly
and westerly on East Main Street and West Main Street, respectively. The north end of Main Street has experienced a
resurgence of commercial growth with recent openings of retail and restaurants on the ground level. Much of the older, upper
floor office space was converted to apartments enhancing the energy of the neighborhood.
Property specific demographics generated by Costar follows:
Page 11
Page 12
Neighborhood Traffic Map
Page 13
Zoning
The subject property is located in a HI Heavy Industrial district with an overlay of the City Center Zone of Ansonia.
Variances may be required to subdivide the property.
Page 14
Site Data
Lot Size: 1.1+ Acres or 47,916 sq. ft.
Frontage: Estimated using Ansonia GIS: Rectangular shape with 205+ feet along East Main
Street and 205+ feet along Main Street with an average depth of 235 feet.
Topography: The overall topography rises from east to west. The lot is generally level at street grade
from Main Street to a depth of 195 feet. At this depth there is a retaining wall. The
area east of the retaining wall is level with East Main Street.
Utilities: Available including gas, telephone, electricity and public water
Sewers: Available
Additional Data: The site is paved with 110 surface parking spaces.
Street Improvements: Main Street and East Main Street are two lane, paved asphalt roadways with street
lamps, granite curbing, storm sewers and masonry sidewalks.
Flood Insurance Zone X FEMA FIRM Map 09009C0402J, dated October 16, 2013
Page 15
Assessor's Map
Page 16
Assessment and Taxes
Appraised Value 70% Assessed Value

Land $114,400 $79,900
Improvements 58,800 41,200
Improvements 1,319,300 923,600
Total $1,492,200 $1,044,700
Mill Rate 2016 Grand List 37.32
Taxes $38,988.20
Highest and Best Use
Highest and best use is defined as "the reasonably probable and legal use of vacant land or an improved property, which is
physically possible, appropriately supported, financially feasible, and that results in the highest value. The definition implies
two factors. First, when considering highest and best use, the use of the land as though vacant and the use of the land with
existing improvements are estimated separately and may in fact vary. Secondly, it is implied that the highest and best use is an
opinion, which represents the premise upon which value is based.
The analysis process of determining highest and best use insures that the use meets four criteria that are (1) legally
permissible, (2) physically possible, (3) financially feasible, and (4) maximally productive. In testing highest and best use, all
logical alternatives should be considered in the above sequential order. Inherent in the process of determining highest and best
use is an understanding of current market demands and area trends. Knowledge of economic needs of an area related to supply
and demand factors is crucial to attaining financial feasibility. Thus, highest and best use is a market driven concept.
Highest and best use of the subject site as though vacant: The subject site is located in the north end of the central business
district within the City Central overlay zone. The permitted uses include a wide variety of commercial development that fits
within the current Main Street establishment of retail and apartments.
The land appears physically possible for development based upon topography, availability of utilities, etc. There has been an
increase in demand for housing within the CBD with substantive renovations taking place along Main Street including new
restaurants and mixed-use apartments. There are also a number of developments within the CBD in the planning stages.
In my opinion, future commercial and or mixed use development would represent the highest and best use of the site as though
vacant.
Page 17
Approaches to Value
All three traditional approaches to value were considered for this appraisal. The Cost Approach is a reliable indicator of
property value when properties are of new or relatively new construction, proposed construction, or for special purpose
properties and other properties that are not frequently exchanged in the market. The Cost Approach has limitations when land
value and depreciation are difficult to estimate. In this case, there are minimum improvements. Consequently, the Cost
Approach is not applicable and is not developed in this appraisal assignment. The land value is determined in the Sales
Comparison Approach.
The Sales Comparison Approach is developed within this report. Although the quality of data is rated only average, there are a
sufficient number of market transactions within the surrounding market area for credible analyses. The sales utilized in this
report are considered reliable indicators of value.
The Income Capitalization Approach is not developed. Sufficient market data pertaining to rental rates, vacancy and collection
loss, and operating expenses are not available in order to develop a reliable estimate of net operating income for the subject
property. Land in this area is not typically leased. Participants will generally put most weight on the Sales Comparison
Approach.
Reconciliation is required when the value conclusions derived from the approaches typically provide a value range. The
reconciliation process takes into consideration the appropriateness, accuracy, quality and quantity of market data available
within each valuation approach. The final opinion of value is based upon the weighted consideration of the results.
Sales Comparison Approach
The sales comparison approach is predicated on the assumption that the informed, prudent purchaser would pay no more for a
property than the cost of acquiring another property with the same utility. This approach is traditionally given the most weight
by appraisers when adequate sales data is available as it directly reflects the actions of buyers and sellers in the market.
The procedure followed by the appraiser is to gather information on the properties in the subject area that have sold recently
and are highly similar in utility to the subject property. The sales are then analyzed and adjustments made to reflect for
differences, such as size and condition, between the sales and subject property. These adjustments are based upon market
extractions or the judgment of the appraiser as to the reactions and desires of a typical purchaser when it is not possible to
make a market extraction
My investigation of this area produced the land sales shown on the following pages. These sales are those considered most
comparable to the subject and the most reliable indications of the value of the subject property. They do not represent every
building sale in this area.
Page 18
Sale #1
Address: 420 Main Street, Ansonia, CT
Sale Price: $310,000 (Warranty Deed)
Sale Date: 10/18/2016
Reference: Volume 546, Page 247
Grantor: Ansonia M & L Properties, LLC
Grantee: 420 Main Street, LLC
Verification: By Vincent J. Guardiano
Financing: None Shown
Zoning: C
Utilities: All Available
Topography: Level at street grade
Lot Size/Shape: 1.762 acres or 76,753 sq. ft. irregular shaped parcel
Additional Data: The lot has 280+ feet of frontage on Main Street near the Target entrance. The property extends
westward to the Naugatuck River. Approximately 15% of the land in unusable as it is located in the
Channel encroachment line.
Sale Price per Sq. Ft. of Land: $4.04
Page 19
Sale #2
Address: 64 Pershing Drive, Ansonia, CT
Sale Date: 10/17/2016
Grantor: David Wantroba
Grantee: Kelly Nguyan
Financing: Grantor $350,000, Interest payments of $2,000 per month with balloon principal payments on
2/17 for $25,000; on 10/17 for $25,000 with $50,000 per year for six years beginning 10/14/18
Zoning: C
Topography: Level at street grade
Lot Size/Shape: 0.394 acres or 17,182 sq. ft. highly irregular shaped parcel
Additional Data: The property is improved with an older framed building containing 2,960 sq. ft. housing a small
repair garage and carwash. The property extends eastward to the railroad lines.
Sale Price per Sq. Ft. of Land: $26.19

Adjusted sale price per Sq. Ft. of Land: $16.76
Page 20
Sale #3
Address: 480 New Haven Avenue, Derby, CT
Sale Date: 11/12/2013
Grantor: Philip & Michael Marcuccio
Grantee: Derby Four, LLC
Financing: None
Zoning: B1 & R3
Topography: Rolling
Lot Size/Shape: 8.64 acres or 376,358 sq. ft. highly irregular shaped parcel
1.2 acres or 52,272 sq. ft. of commercial zoned property
Additional Data
The transaction included 1.04-acre rear parcel designated as open space. More impactful is the fact that the property
has a split zone. The area zoned B-1 comprises approximately 1.2 acres and the rear portion of the site comprises
7.44 acres of residentially zoned land. There is 255.67 front feet on Derby Avenue. There is a detention basin
located on the rear portion of the property approximately 1 acre in size with two 20-foot wide storm drainage
easements traversing the property from the abutting northerly subdivision down to the detention basin with the
overflow extending from the basin to Two Mile Brook in the southeastern sector of the property. There is also a
50-foot wide sewer easement traversing the property along Two Mile Brook. There is 1.035 acres that are
designated as open space and cannot be impacted. The majority of the residential land to the rear cannot be utilized
for any commercial development and cannot be subdivided further per an agreement with Cornfield Estates.
Agricultural use was permitted with the former nursery and plants were stored in a portion of this area. In addition,
the sale included an assignment of responsibility for maintaining the detention basin to the grantee.
Adjusted sale price per Sq. Ft. of Commercial Land: $13.30
Page 21
Page 22
Sale #4
Address: 98 Pershing Drive, Derby, CT
Sale Price: $1,400,000 (Warranty Deed)
Sale Date: 3/31/2011
Grantor: Elsie Santangelo, Scott
Grantee: Pershing Partners, LLC
Financing: Naugatuck Valley Savings and Loan at 5% with a 5-year ARM.
Zoning: B1
Topography: Level
Lot Size/Shape: 4.8 acres or 209,088 sq. ft. irregular shaped parcel
Additional Data
The property consists of an irregularly shaped parcel of land located on the eastern side of side of Pershing Drive. The site has
approximately 1,022+ feet of frontage along Pershing Drive and is relatively level at street grade. There is approximately
144,000 sq. ft. of asphalt paving in fair to poor condition. Parking is not clearly demarcated due to the surface condition of the
asphalt. All utilities including city water, electricity, telephone and gas are available and connected to the site. Sanitary sewers
are also connected. There is a 25-foot wide vehicle and utility easement traversing the site running parallel with Pershing
Drive. The property, improved with two detached buildings contains a total building area of 49,814 square feet. The buildings
are mostly vacant except for a restaurant, however, this tenant is a member of Pershing Partners, LLC. The buyers are
planning on razing both buildings. Financing provided by Naugatuck Valley Savings and Loan at 5% with a 5-year ARM
Sale price per Sq. Ft. of Commercial Land: $6.70
Page 23
Adjustment Factors
Property Rights Conveyed Adjustments are sometimes considered when properties sell subject to existing leases. The
leased fee estate, leasehold interest and fee simple interest in real property are adjusted
according to variations in market rent for improved space, ground rent, etc.
All sales sold in fee simple title subject to market rate leases where applicable.
Marketing Conditions All sales transacted under similar marketing conditions obviating this adjustment.
Financing Conditions Adjustment are made when a seller provides financing at non-market terms or if there is an
assumption of existing financing at non-market terms.
Conditions of Sale Adjustments are made to account for extraordinary motivations of buyers or sellers.
Examples of these are forced or distressed sales, 1031 exchanges, assemblage, etc.
Location: Adjustments for location may be required when location characteristics of a sale property
differ from the subject. Adjustments for zoning, land use and surrounding land use
influences, access and exposure are sometimes made under location or can be itemized
separately depending on the appraisal problem or assignment.
Physical Characteristics Adjustments for size of land area (Economy of scales), Topography, Frontage, Wetlands,
Utilities, Usable area and Demolition Costs
Adjustment Grid
Sale Subject 1 2 3 4
$/Sq. Ft N/A $4.04 $16.76 $13.30 $6.70
Marketing Conditions N/A Similar 0% Similar 0% Similar 0% Similar 0%
Property Rights Fee Simple Fee Simple 0% Leased Fee 0% Leased Fee 0% Fee Simple 0%
Conveyed
Condition of Sale N/A None 0% None 0% None 0% None 0%
Financing N/A None 0% None 0% None 0% None 0%
Initial Adjustment N/A $4.04 $16.76 $13.30 $6.70
Lot Size 47,916 76,753 10% 17,182 -20% 48,154/376,358 0% 209,088 15%
Location Average Average 0% Superior -20% Superior -20% Superior -20%
Topography Level Level 0% Level 0% Rolling -5% 1988/Avg 0%
Frontage Good Inferior 10% Inferior 10% Good 0% Superior -5%
Wetlands None None 0% None 0% Adjusted 0% None 0%
Utilities All All 0% All 0% All 0% All 0%
Usable Area Average Dikes 15% Average 0% Adjusted 0% Average 0%
Demolition Costs None Allocated 0% None 0% Minimal 0% Yes 18%
Total adjustment 35% -30% -25% 8%
Adjusted $/Unit $5.45 $11.73 $9.98 $7.24
Page 24
Sales Conclusion
The four sales analyzed produced an adjusted unit price range of $5.45 to $11.73 per sq. ft. of land. Sale #1 was weighted
more heavily than the other three sales due to its location on Main Street. After making all of the necessary adjustments, it is
my opinion that the indicated value of the subject property, via the Sales Comparison Approach is $7.50 per square foot of
land or $360,000 (RD).
($7.50 per sq. ft. x 47,916 sq. ft. = $359,370)
Reconciliation
All three approaches to value were considered for this appraisal. The value conclusions arrived in each approach are
summarized as follows:
Cost Approach: N/A
Sales Comparison Approach: $360,000
Income Capitalization Approach: N/A
In consideration of the above, solel weight was given to the value arrived at in the d Sales Comparison Approache in arriving
at a final estimate of value for the subject property. It is my opinion, that the fee simple market value of the subject property,
as of May 3, 2017, was $360,000.
Page 25
Certification of Value
I certify that, to the best of my knowledge and belief that:
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, opinion, and conclusions.
I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest or
bias with respect to the parties involved.
I have not performed 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.
My compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the
cause of the client, the amount of the value estimate, the attainment of a stipulated result, or the occurrence of a
subsequent event.
My analyses, opinions, and conclusions were developed, and this report has been prepared, in accordance with the
standards and reporting requirements of the Uniform Standards of Professional Practice.
I have made a personal inspection of the property that is the subject of this report.
The appraisal assignment was not based on a requested minimum valuation, a specific valuation, or the approval of a
loan.
No one provided significant professional assistance to the person signing this report
It is my opinion, that the fee simple market value of the subject property, as of April 3, 2017, was $2,720,000.
Connecticut License No. RCG. 260
Page 26
Qualifications of the Appraiser
Vincent J. Guardiano Phone: (203) 732-2900

Real Estate Appraiser, LLC Fax: (203) 732-2903
17 Elizabeth Street E-Mail VJGRE@Comcast.Net
Derby, CT 06418
APPRAISAL EXPERIENCE
30+ Years of full time Residential, Commercial and Industrial appraisal experience, consultation and courtroom testimony.
Senior Staff Appraiser from 1984 through August 1996 Durocher Associates, 718 West Woods Road, Hamden CT.
1996 to Present: Independent Fee Appraiser and Consultant
GENERAL EDUCATION
Notre Dame High School, West Haven, Connecticut - Graduated 1973
United States Army 1973-1975
Southern Connecticut State College, New Haven, Connecticut
Graduated 1981 with B.S. in Mathematics
LICENSURE
Certification No. RCG.260
Expiration Date 4/30/18
APPRAISAL EDUCATION
Successful completion of the following examinations offered by the A.I.R.E.A.:
1A-1 Real Estate Appraisal Principles

1A-2 Basic Valuation Procedures
082 Residential Valuation
"Standards of Professional Practice Part A (USPAP)": Appraisal Institute 3/11/94-3/12/94
Capitalization Theory & Tech Part A - Exam 1B-A - 5/23/91
Capitalization Theory & Tech Part B - Exam 1BB - 10/23/91
Completion of all continuing education courses including Appraisal Law, Fair Housing and National USPAP updates.
CURRENT AND FORMER APPRAISAL CLIENTS

City of New Haven, City of Ansonia, City of Shelton, Town of Seymour, City of Derby, Trumbull Fire District, Branford
Savings Bank, Centerbank, Birmingham Utilities, Inc., Bank of Boston CT, Derby Savings Bank, F.D.I.C., Webster Bank,
Lafayette American Bank & Trust, New Haven Savings Bank, Shawmut Bank, Connecticut Bank of Commerce, Bank of
Southern Connecticut, Citicorp, People's Bank, Fleet Bank, Milford Bank, First Union, Dime Savings Bank, United
Illuminating Co., Yale University, McCormack, Baron & Associates, RECOLL Management, Union Trust Company, Comfed
Savings Bank, Naugatuck Valley Savings and Loan Association, Naugatuck Savings Bank, The Savings Bank of Manchester,
First Union, various mortgage companies plus attorneys and private property owners.

Main Street 65 Parking Lot Ansonia 2017

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APPRAISAL

REPORT OF REAL PROPERTY

EFFECTIVE DATE OF APPRAISAL

Dear Ms. O'Malley,

THREE HUNDRED EIGHTY THOUSAND DOLLARS

Table of Contents .............................................................................................................................................................................1

Summary of Salient Facts and Conclusions

Property Address: A portion of 65 Main Street

Type of Property: Land

Purpose of the Appraisal: Estimate Market Value

Property Rights Appraised: Fee Simple Title

Effective Date of Appraisal: May 3, 2017

Date of Completion: May 9, 2017

Land Area: 1.1+ Acre

Building Area: N/A

Zoning: HI; City Center Zone overlay

Highest and Best Use: Present Use

Cost Approach: N/A

Income Capitalization Approach: N/A

Sales Comparison Approach: $360,000

Final Value Reconciliation: $360,000

Photographs of the Subject Property

View from Main Street

View from East Main Street

Assumptions and Limiting Conditions

Intended Use of Report

i. Buyer and seller are typically motivated;

A comprehensive review of the subjects market area;

Preparation and analysis of the applicable approaches to value;

Effective Date of Valuation and Perspective

The effective date of valuation is current to May 3, 2017.

Exposure Period and Marketing Time

Identification & Three Year Sale's History

Address 65 Main Street

NORTHEAST: By City of Ansonia Firehouse, as shown on said map, 85.00 feet;

Ansonia is located in the

The town borders are as follows:

Property specific demographics generated by Costar follows:

Neighborhood Traffic Map

Variances may be required to subdivide the property.

Utilities: Available including gas, telephone, electricity and public water

Assessment and Taxes

Appraised Value 70% Assessed Value

Highest and Best Use

Sales Comparison Approach

Sale Price per Sq. Ft. of Land: $4.04

Sale Price per Sq. Ft. of Land: $26.19

Adjusted sale price per Sq. Ft. of Commercial Land: $13.30

Sale price per Sq. Ft. of Commercial Land: $6.70

($7.50 per sq. ft. x 47,916 sq. ft. = $359,370)

Cost Approach: N/A

Sales Comparison Approach: $360,000

Income Capitalization Approach: N/A

I certify that, to the best of my knowledge and belief that:

Qualifications of the Appraiser

Vincent J. Guardiano Phone: (203) 732-2900

1996 to Present: Independent Fee Appraiser and Consultant

1A-1 Real Estate Appraisal Principles

CURRENT AND FORMER APPRAISAL CLIENTS

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