R&B Properties, Inc
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SUPREME COURT OF THE STATE OF NEW YORK
COUNTY OF DUTCHESS
In the Matter of the Application of
R & B PROPERTIES, INC.
Petitioner(s ),
Index No.: d-oot -5432
- against -
NOTICE OF PETITION
CHRISTIAN HARKINS, AS ASSESSOR OF THE TOWN
OF WAPPINGER, and THE TOWN OF WAPPINGER,
Respondent( s).
PLEASE TAKE NOTICE that upon the Petition ofR & B PROPERTIES, INC. an
application will be made to the Supreme Court of the State of New York in and for the
County of Dutchess, at the County Courthouse located at 10 Market Street, Poughkeepsie,
New York on the 28th day of September 2007, to challenge the assessment of Petitioner's
property pursuant to Article 7 of the Real Property Tax Law of the State of New York, and
seeking such other and further relief as this Court may determine to be just and proper, 1
together with the costs and disbursements of this proceeding.
Dated:
August 9,2007
Poughkeepsie, New York
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SALL, CALTAGIRONE & COLEMAN
By: Christopher S. Coleman, Esq.
Attorneys for Petitioner
3 Cannon Street
Poughkeepsie, New York 12601
(845) 454-2569
RECF:.!\f 1-1 J
AUG 1 7 2007
TOWN CLERK
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TO: Chris Masterson, Town Clerk
The Town of Wappinger
Town Hall
20 Middlebush Road
Wappinger Falls, NY 12590
Christian Harkins, Assessor
Town Hall
20 Middlebush Road
Wappinger Falls, NY 12590
Richard A. Powell, Superintendent of Schools
Wappinger Central School District
167 Myers Corners Road - Suite 200
Wappingers Falls, NY 12590
(Notice via certified mail only)
Pamela Barrack, Commissioner of Finance
County of Dutchess Finance Department
22 Market Street
Poughkeepsie, NY 1260 I
(Notice via certified mail only)
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SUPREME COURT OF THE STATE OF NEW YORK
COUNTY OF DUTCHESS
In the Matter of the Application of
R & B PROPERTIES, INC.
Petitioner(s ),
Index No.:
- against -
PETITION
CHRISTIAN HARKINS, AS ASSESSOR OF THE TOWN
OF WAPPINGER, and THE TOWN OF WAPPINGER,
Respondent(s).
TO THE SUPREME COURT OF THE STATE OF NEW YORK:
The Petitioner above named, by its attorneys SALL, CALTAGIRONE & COLEMAN,
respectfully show to this Court as follows:
1. Petitioner at all times hereinafter mentioned was and presently is a taxpayer in the
Town of Wappinger, County of Dutchess, State of New York, and the owner since
on or about August 31, 1999 of the premises hereinafter described and situated in
said Town of Wappinger (the "Premises").
2. The Premises are identified as Parcel Grid Identification No. 135689 6057-04-
963316-0000, located at 2238 Route 9D in the Town of Wappinger, County of
Dutchess, State of New York. The premises are deemed to be "Non-Homestead"
and are and have historically been used solely for the operation of a commercial
greenhouse.
3. Upon information and belief, at all times hereinafter mentioned the Town of
Wappinger was and presently is a duly constituted and existing municipality under
the laws of the State of New York (the "Town").
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4. Upon information and belief, at all times hereinafter mentioned Christian Harkins
was and presently is the Assessor of the Town of Wappinger (the "Assessor").
5. Upon information and belief, said Assessor at all the times hereinafter mentioned
was and presently is authorized and required by law, for the purpose of taxation, to
assess and value all the real estate within said Town of Wappinger at its true and
market value and on one common and general principle of valuation, which shall
apply alike to all real estate assessed within said town, including improved and
unimproved property, and in the case of improved property to value the land and the
buildings and improvements thereon separately.
6. Upon information and belief, on or before May 1, 2007 there was prepared and fIled
by said Assessor a 2007 tentative general assessment roll for said Town of
Wappinger.
7. In or about early May of 2007 said Assessor notified Petitioner that said tentative
assessment of the Premises was $600,000.00. (A copy of said notice is annexed
hereto and incorporated by reference herein as Exhibit" A".)
8. On May 22, 2007 Petitioner, by its secretary/treasurer, Gail A. Ruit, notified the
Assessor by letter of Petitioner's objections to said assessment; this letter was
accompanied by a duly completed and executed "NYS Board of Real Property
Services Complaint on Real Property Assessment for 20_" (Form RP-524) with
supporting documentation annexed thereto. (A copy of said notice is annexed hereto
and incorporated by reference herein as Exhibit "B".)
9. That during this time period conversations were had between representatives of
Petitioner and the Assessor, but the parties were unable to thereby resolve their
disagreement.
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10. By "Notice of Determination of Board of Assessment Review" (Form RP-525) dated
May 29, 2007, said Chairperson of the Board of Assessment Review notified
Petitioner that the 2007 tentative assessment of the Premises "has not been reduced."
The sole reason cited therein was that "the proof of value you presented was
inadequate because: the supporting data was insufficient." (A copy of said notice is
annexed hereto and incorporated by reference herein as Exhibit "C".)
11. Upon information and belief, the later of the date of filing of said general assessment
roll or notice of such filing was July 13, 2007.
12. That said assessment of the Premises is erroneous based upon the following grounds:
a. It is excessive (overvaluation) and unequal with similar parcels; and
b. A portion of the Premises is misclassified.
13. Petitioner is constitutionally and otherwise aggrieved and injured by said erroneous
assessment and the taxes which will be assessed thereupon, which taxes Petitioner
would not be required by law to pay if said assessment had been correctly made.
14. Such excessive, unequal and misclassified assessment, if not corrected hereby, will
subject Petitioner to the payment of more taxes than it is (or should be) legally
required to pay.
15. No previous application has been made for the relief sought herein, or for any similar
relief, to this or any other court.
WHEREFORE, your Petitioner prays for the review by this Court, pursuant to the
statutes in such cases made and provided and case law following, of the said assessment
herein mentioned to the end that the determination, decision and assessment of said
Assessor be reviewed and corrected by this Court, and that any and all error(s) of said
Assessor in assessing the Premises and in reviewing and correcting such assessment be
corrected according to law, and that said assessment be reduced to a just amount, and that
this Court take testimony and receive other such evidence so as to enable Petitioner to show
the excessive, unequal, misc1assified and otherwise erroneous assessment made against
Petitioner upon the Premises, and that Petitioner have such other and further relief as this
Court may determine to be just and proper, together with the costs and disbursements of
this proceeding.
Dated:
August 9, 2007
Poughkeepsie, New York
By:
I:]t'lNC
Sean Giles, Vice President
YourS6k
SALL, CALTAGIRONE & COLEMAN
By: Christopher S. Coleman, Esq.
Attorneys for Petitioner
3 Cannon Street
Poughkeepsie, New York 12601
(845) 454-2569
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CORPORATE VERIFICATION
STATE OF NEW YORK } ss.:
COUNTY OF DUTCHESS
I, SEAN GILES, being duly sworn, depose and say:
I am a Vice President of R&B PROPERTIES, INC., a New Yark corporation and a
party in the within action; I have read the foregoing NOTICE OF PETITION AND
PETITION and know the contents thereof; and the same is true to my own knowledge, except
as to the matters therein stated to be alleged upon information and belief, and as to those
matters I believe it to be true. This verification is made by me because the above party is a
corporation and I am an officer thereof.
The grounds of my belief as to all matters not stated upon my own knowledge are as
follows: Review of publicly available and privately maintained documents relative to the within, and
discussions and conversations with individuals relative to the within.
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SEAN GILES, Vice President
Sworn to before me this
9th day of August, 2007.
Notary Public
CHRISTOPHER S. COLEMAN
NOT^RY PUBLIC, State of New York
No02C04978418
Ou~lilied in Ulster Count~((_
(",{lmmis."ion t~plres March 4,
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EXHIBIT "A"
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Mr. Christian Harkins, Assessor
Town Hall
20 Middlebush
Wappinger Falls NY, 12590
Phone: (845) 297 -827 5
Fax: (845) 297-8451
Parcel Information:
135689 6057-04-963316-0000
2238 Route 90
473 Greenhouse
N - Non Homestead
0.87 Ac.
R & 8 Properties Inc,
2238 Route 90
WappingersFalls, NY 12590-3958
111111111,1,111111111111111111,1,111,111111.1.111111,111I11I1I
~._---~---_. ,.._..~-~-._".__._-_.._-.__..~----_.~-.--._.. -___.____ ___..'._____m____. __ _________ ._._____
You are hereby notified in accordance with the requirements of Section 511 of the Real Property Tax Law that the assessed valuation
of the real property identified above, under your ownership, has been reviewed and adjusted, if applicable. As a result of your mquiry
to MJW Consulting, Inc. Call Center or to the Town Assessment Office, a review of property data, building permits, comparable sales
and neighborhood analysis was conducted for your property. The result of this review enabled the Assessor to determine if a valuation
change was warranted. Your assistance in correcting inventory issues is greatly appreciated and has enabled the Assessment Office to
establish fair and equitable valuation estimates for the 2007 Tentative Assessment Roll.
Preliminary Value Determination
Current Year Tentative Assessment
$600,000
$600,000
Net Change
No Change
A change in your property's assessment does not necessarily indicate a change in taxes. Your tax liability is affected by
several factors, including but not limited to, changes in the school budget, county budget and town budget, changes to
exemptions and apportionment within the county and between school districts.
You should examine the May 1, 2007 Tentative Assessment Roll regardless of this notice or discussions with
representatives of MJW Consulting, Inc. or the Assessor's Office. Please visit www.reassess.org for links relating to this
issue. The Assessment Office must be contacted if you disagree with the Tentative Assessment. MJW Consulting, Inc.
can no longer provide valuation changes.
If you disagree with the assessed value, in order to protect your right to assessment review, you must file a formal written
compliant with the Board of Assessment Review on or before Grievance Day, which is May 22, 2007. You can obtain
information on "How to File a Review of Your Assessment" at www.orps.state.ny.us. A publication is available at the
Assessment Office which explains how to file a complaint on your assessment.
The Assessor and the Board of Assessment Review, can only review the stated value of the property, not the indicated
taxes; they do not set nor can they adjust taxes. If you feel that the stated assessment is fair, your comments on taxes
should be addressed to the appropriate taxing jurisdictions.
Further Information is available on the Dutchess County Website www.co.dutchess.ny.us/
Thank you for your time and patience. We will take all of the appropriate steps to assist you in this process.
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EXHIBIT "B"
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SUNNY GARDI~N GREENI-IOUSES
2238 ROUTE 9D
WAPPINGERS FAllS
N.Y. 12590
(845) 297-4400
May 22,2007
Town Of Wappingers
Assessors Office
20 Middlebush Road
Wappingers Falls, N.Y. 12590
Re: Property Assessment for
R & B Properties
2238 Route 90
Wappingers Falls, N.Y. 12590
Our greenhouse structures were assessed as covered porches which is simply a
misclassification. The structures consist of a metal frame covered with plastic and
have dirt floors.
Enclosed is a commercial appraisal done in 1994 at the time of purchase. The total
appraised value was $150,000. Which became the negotiated purchase price.
The land was appraised for $101,000. The land is barley above the exiting water
table and presently has no access to a central municipal water or sewer system.
Annual compounding 8% per year for inflation and increased value would make the
present assessed value for the land $274,984.
The structures were appraised at $49,654. The specialized depreciation rate based
on normal usage in the IRS tax code is 10% per year. One structure was demolished
due to storm damage. The net depreciated value of the remaining structures is now
$0. We have been advised that they have no value on the open market and we would
have to pay a demolition cost at such time that the existing structures must be
replaced.
Please reevaluate our assessment based on these facts.
Sincerely, /7
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Gail A. Ruit
SectjTreas.
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RP-524 (10/02)
NYS BOARD OF REAL PROPERTY SERVICES
COMPLAINT ON REAL PROPERTY ASSESSlYIENT FOR 20
BEFORE THE BOARD OF ASSESSMENT REVIEW FOR !ultlJ//~/ ./I';j' ;::; /Jr.
(City, town village or county)
PART ONE: GENERAL INFORMATION
(General information and instructions for completing this form are contained in form RP-524-Ins)
L Name and telephone no, of owner(s)
(!/]JG ffu /1
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Day rio~1 ;L 97- LIt/I}/)
Evening no. Wi) :Joi 1- 931.3 -t/J,i fff-p';7./ 7 S e...~
2. Mailing Address of owner(s)
;~ ~,J~T~'t !:qi;~/'1 /N
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3. . Name, address and telephone no. of representative of oWner, if representative is filing application.
(if applicable, complete Part Four on page 4.)' .
LJffJp
4_ Property location y
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Street Address
if //11/ / /U {; ~//".j' rh/!J. /U1 /)::;90
. City/Town
tv 11// JAY.:; .LrcJ ;;;:::~/Jf-
. S~ool District
Village (if any)
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County
5. Property identification(see tax bill or assessment roll)
Tax map number or sectionlblockllot ).J :)0cr'1 & 0.5? - O!/"- 9"3:5 /b - 00 tJ t)
Type of property:
Residence
Farm
Vacant land
Commercial
Industrial
Other /),01'1 LOr1' o,;~ ern r.
Description:
Assessed value appearing on the assessment roll:
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6. Land$ Total $ ~DI~Oljb
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7. Property owner's estimate of current full market value of property (see Part Two on page 2) $
ral NYS BOARD OF REAL PROPERTY SERVICES:
~,,,.....P -.I COMPLAINT ON REAL pItOPERTY ASSESSMENT FOR 20
BEFORE THE BOARD OF ASSESSMENT REVIEW FOR tv /J,tJ//;J'j~r ;:::; /lr
/ (ftty, town village or county)
RP-S24 (l0102)
PART ONE: GENERAL INFORMATION
(General information and instructions for completing thisform are contained inform RP-524-Ins)
1. Name and telephone no. of owner(s)
trJ / G /1/,</1
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Dayno.ifJrlj1 rJ.-f7- LI'/oIJ
Evening no. (ft/J) ,JtJ 7~ 9.):7.3 -t-4,i Nf-.jJ7J 7 J e.-~
2. Mailing Address of owner(s)
J~~<U1LT~t f:,,~;;:q /N)'
I L<~/;1, 'F'; /7&;.r /' ~Y'/~.J(-J
3. Name, address and telephone no. ofrepresentative of oWner, if representative is filing application.
(if applicable, complete Part Four on page 4.) . .
4. Property location
cJr7.3rf If (Ju i~- 9 :7).
Street Address
l///f////f./{C,-/'J' Ph/Ii Nt /d::J9/J
City/Town .
tui1jJ/I'uQ..erd ~/.J-
Sctl'ool District
Village (if any)
./) u ~/; vsJ
County
5. Property identification(see tax bill or assessment roll)
Tax map number or sectionlblockllot J.J j-(~ r9 /; 0 .:J ? - () v- 9':J 3/6 - 0 0 tJ I)
Type of property:
Residence
Farm
Vacant land
Commercial
Industrial
Other I)fln Lon { rJ r7)J1 &r\,. r,
Description:
. Assessed value appearing on the assessment roll:
6. Land $ Total $.J ~bO gUb ~
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7. Property owner's estimate of current full market value of property (see Part Two on page 2) $____
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P ART THREE: GROill\q)S FOR COMPLAINT
A. UNEQUAL ASSESSMENT (Complete items 1-4)
1. The assessment is unequal for the following reason: (check a or b)
a._ The assessed value is at a higher percentage of value than the assessed value of other real property on the
assessment roll.
b._ The assessed value of real property improved by a one, two or three family residence is at a higher per-
centage of full (market) value than the assessed value of other residential property on the assessment roll or
at a higher percentage of full (market) value than the assessed value of all real property on the assessment roll.
2. The complainant believes this property should be assessed at % of full value based on one or more of the
following (check one or more):
a,_ The latest State equalization rate for the city, town or village in which the property is located is %.
b._ The latest residential assessment ratio established for the city, town or village in which the residential
property is located. Enter latest residential assessment ratio only if property is improved by a one, two or
three family residence %.
c._ Statement of the assessor or other local official that property has been assessed at %.
d._ Other (explain on attached sheet). .'
3. Value of property from Part one #7 ...............................................................:................................$
4. Complainant believes the assessment should be reduced to ..........................................................$
, B. EXCESSIVE ASSESSMENT (Check one I,lr more)
The assessment is excessive for the following reason(s): .
I. -L The assessed value exceeds the full value of the property.
a. Assessed value of property ................................................................:....:.......,:.......................$ b ,1~, I)J(} ,
b. Complainant believes that assessment should be reduced t'o full value of (Part one #7) .........$
c. Attach list of parcels upon which complainant relies for objection, if ?>pplicable.
2. --, The ,taxable assessed value is excessive because Of the denial of all or'portion of a partial exemption.
a. Specify exemption (e.g., senior citizens, veterans, school tax relief [STAR])
b. Amount of exemption claimed ............ ...................................................................................$
c. Amount granted, if any: .........................................................:..................... ........ ....................... $
d. If application for exemption was filed, attach copy of application to this complaint.
3. _ Improper calculation of transition assessf!lent. (Applica?le only in approved assessing unit which has adopted
trans~t~onassessments.) , ,
a. TranSition assessment ......... .............................. .........................................................................$
b. Transition assessment claimed .... ...... .... ................ ...................... ................. .... ..... ....................$
c. UNLAWFUL ASSESSMENT (Check one or more)
The assessment is unlawful for the followingreason(s):, '
1. _ Property is wholly exempt. (Specify exemption (e.g., n~:mprofLtorganization))
2. _ Property is entirely outside'the boundaries of the city, town, village, school district or special district in whicn
it is designated as being located. .
3. _ Property has been assessed and entered on the assessment roll by a person or body without the authority to
make the entry.
4. _ Property cannot be identified from description or tax map number on the assessment roll.
5. _ Property is special franchise property, the assessment of which exceeds the fmal assessment thereof as
determined by the State Board of Real Property Services. (Attach copy of State Board certificate.)
D. MISCLAS5IFICATION (Check one)
The property is misclassified for the following reason (relevant only in approved assessing unit which establish
h~stead and non-homestead tax rates):
Class designation on the assessment roll:
1. _ Complainant believes class design?tion should be r~ ~/ fJ7I~
2. _ The assessed value is improperly allocated betWeen homestead'and non-homestead real property.
Allocation of assessed value on assessment roll
Homestead ................$
Non -Homestead .......$
Claimed allocation
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SUMMARY REPORT OFA LIMITED APPRAISAL
PROPERTY LOCATION:
Rt. 9D
Wappingers
County of Dutchess, State of New York
OWNERSHIp. OF RECORD:
Frederick's Greenhouse
(Frederick, . Russell,. Jr.&.A.lice)
PREPARED FOR:
John Baisley
Stonykill Road
Wappingers Falls, NY 12590
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(() LAKEWOOD APPRAISAL Professional Vafuatio~!'!,!:~ei:.!.~te
P.O. Box 370 · Fishkill, NY 12524 · (914) 298-1315 · FAX: (914) 298-3204
December 16, 1994
Mr. John Baisley
Stoney kill Road
Wappingers Falls, NY 12590
RE: Frederick's Greenhouse
Route 90, Town of Wappinger, Dutchess County, NY
19-6057-04-963316-00, (8,762 +/- s.f. greenhouse on .87 acres)
Lakewood File #0074
Dear Mr. Kraus:
The following is a Summary Report of a Limited Appraisal which is intended to (Ournply
with the reporting documents set forth under Standards Rule 2-2 (b) of the Uniform SLndarc\s
of Professional Appraisal Practice of a Summary Appraisal Report. As such it presents only
summary discussions of the data, reasoning, and analyses that were used in the appraisal
process to develop the appraiser's opinion of value. Supporting documentation concerning the
data, reasoning, and analyses is retained in the appraiser's file. The depth of discussion
contained in this report is specific to the needs of the client and for the intended use stated
within. This summary has been prepared for John Bllisley for his use only.
Furthermore, in accordance with prior agreement between the client and appraiser, this report
is the result of a limited appraisal process in that certain allowable departures from specific
guidelines of the Uniform Standards of Professional Practice (USP AP) were invoked. The
intended user of this report is warned that the reliability of the value conclusion provided may
be inspected to the degree there is departure from specific guidelines of USP AP.
The subject property consists of a large greenhouse with three bays comprising approximately
8,762 square feet. The greenhouse is aluminum and steel frame with plastic covering. A
small portion of the greenhouse has a <:oncrete block lower section with asphalt floors. The
building \vas built circa 1964. The buildings are in fair to average condition. The site
contains .87 \vhich houses the building. Ample offstreet parking is present.
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The subject property has operated as Frederick's Greenhouses as an owner occupied
establishment, however, that operation is presently not in business. The remaining space is
owner occupied. The objective of this Summary Appraisal Report is to estimate the "as is"
market value of the fee simple estate. Only considered within this report is the real estate.
Any value derived from the any owner/user business would be related to management style
and is not included within this report.
We are willing to discuss our appraisal methodology and valuation process (including
independent research and analysis contained in our files) if you so desire. However, we
reserve the right to make the ultimate decision regarding the appropriate techniques and the
final value estimate.
The indicated estimated market value for the subject as of the last date of inspection,
December 6, 1994 is $150,000 using the Direct Sales Market Comparison Approach.
Estimated reasonable marketing time is one year.
The highest and best use for the subject property is for its continued use as a greenhouse
related facility.
The subject property has been in its present ownership since May of 1972. It is not listed for
sale or under contract to the best of our knowledge.
If you have any questions after reviewing this report, please do not hesitate to contact me.
Very truly yours,
-,~~,-l ~~~
Dietlind W. Hoiem, SRPA
President
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APpraisal Report Lakewood 10074
TABLE OF CONTENTS
SALIENT FACTS
(I) Nature of the Assignment:
Identification of the Property .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Statement of the Objective . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Definition of Market Value .................................. 4
Scope of the Appraisal Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Property Rights Appraised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
(II) Description of the Property:
Subject Property Sales History .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Improvements Description and Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Survey / Tax Map ........................................ 9
(III) Approaches to Value:
Highest and Best Use ..................................... 10
Val uation Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Sales Comparison Approach. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 11
(IV) Reconciliation & Final Value Estimate:
Reconciliation .......................................... 16
Reliability of the Report ................................... 16
USP AP Certification . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . " 16
, (V) Addenda:
Assumptions and Limiting Conditions
Photographs of Property
Comparable Improved Sales
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Aooraisal Report Lakewood 10074
Property Location:
Property Type:
Property Owner:
Ownership History:
Legal Description:
Tax Map No.:
Property Size:
Property Age:
Construction Type:
Tenancy:
Interest Appraised:
Highest and Best Use:
Zoning:
Assessment & Taxes:
SUMMARY OF SALIENT FACTS
Route 9D
Town of Wappinger
County of Dutchess, New Yark
Greenhouse
Frederick, Russell, Jr. and Alice
The subject last recorded deed is dated May of 1972,
Liber 1331, page 135. It has been in its present
ownership since that.
Liber 1331, page 135
19-6057-04-963316-00
8,762 +/- s.f. 3 bay greenhouse building
.87 acres
Circa 1964
Aluminum/Steel Frame with Plastic Covering
Previous owner occupant Frederick's Greenhouses,
presently not fully operating
Fee Simple Estate
As Vacant-Residential
As Is-Assumed to be "Continued Present Use"
R20/40-Residential
Assessment:
Equalization Rate:
Taxes:
$40,500
71%
$1,540.41
LAKEWOOD APPRAISAL
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Appraisal Report Lakewood 10074
FEMA Flood Hazard Area:
Market Value Estimate:
Effective Date of Opinion:
Basis of Value:
Marketing Time:
SUMMARY OF SALIENT FACTS
Zone C (FEMA Map #361387 OOlOA
Dated 6/79). Not a Flood Zone.
$150,000
December 6, 1994
As is
One Year
LAKEWOOD APPRAISAL
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APoraisal Report Lakewood 10074
I: NA TURE OF THE ASSIGNMENT
IDENTIFICA nON OF THE PROPERTY:
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Photograph 0 Improvement as 0 December 6, 1994
Name:
Location:
Frederick's Greenhouse
RL 9D
Wappingers, N.Y
Dutchess County
LAKEWOOD APPRAISAL
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Appraisal Report Lakewood 60074
I: NA TURE OF THE ASSIGNMENT
STATEMENT OF THE OBJECTIVE:
The objective of this appraisal assignment is to undertake the investigations and analyses
required to reach a supportable estimate of the "as is' market value for the property, as of
December 6, 1994, the date of inspection. The function of the appraisal report is to provide
information to John Baisley for assistance in a purchase decision regarding the subject
property.
DEFINITION OF MARKET VALUE:
Market value is defined in the Uniform Standards of Professional Appraisal Practice published
by the Appraisal Foundation (June 5, 1990), as:
"The most probable price which a property would bring in a competitive and open market
under all conditions requisite to a fair sale, the buyer and seller each acting prudently and
knowledgeably assuming the price is not affected by undue stimulus. Implicit in this
definition is the consummation of the sale as of a specified date and the passing of title from
seller to buyer under conditions whereby:
1. Buyer and seller are typically motivated;
2. Both parties are well informed or well advised, and acting in what they
consider their own best interests;
3. A reasonable time is allowed for exposure in the open market;
4. Payment is made in terms of cash in U.S. dollars or in terms of financial
arrangements comparable thereto; and
5. The price represents the normal consideration for the property sold unaffected
by special or creative financing or sales concessions granted by anyone
associated with the sale."
4
LAKEWOOD APPRAISAL
. '
A{J1JraisaJ Report Lakewood 10074
I: NA TURE OF THE ASSIGNMENT
SCOPE OF THE APPRAISAL PROCESS:
Lakewood Appraisal has prepared an independent and impartial appraisal of the property in
conformance with the requirements of the USP AP and specifically invoking the Departure
Provision. While every effort has been made to produce a credible market value estimate, the
limited scope of the assignment limits the reliability of the result.
As part of this appraisal, a number of independent investigations and analyses were required.
The appraisal process performed and departures taken are as follows:
Appraisal Process
Identified the real estate being appraised
Identified the real property interest being appraised
Researched the purpose and intended use of the appraisal
Stated and defined market value
Inspected the property, and set forth the effective date of the appraisal and the
date of this report
Set forth all assumptions and limiting conditions that affect the analyses, opinions and
conclusions, as stated in the addenda of this report
Limited the collection, verification, analysis and reconciliation of comparable market
data to information available.
Considered and analyzed any prior sales of the property within three years of the
valuation date, and considered any option or listing of the property
Provided a signed certification in accordance with Standards Rule 2-3
It is important to note that the "Limited" appraisal process does not include the following:
An in-depth review of the zoning ordinances which govern the property
In-depth market and highest and best use analysis
Review of environmental, surveyor engineer's reports
Development of a Cost or Income Capitalization Approach
LAKEWOOD APPRAISAL
5
. .
Appraisal Report Lakewood #0074
I: NA TURE OF THE ASSIGNMElVT
Departures Taken
Given the "Limited" nature of this appraisal assignment, the appraiser has invoked the
Departure Provision which permits limited exceptions to sections of the Uniform Standards
that are classified as specific guidelines rather than binding guidelines. These specific
guidelines are as follows (copies of USP AP are on file with Lakewood Appraisal and are
available upon request):
The appraiser has presumed for the purpose of this "Limited" appraisal that the
existing use of the improved property is the highest and best use of the property (SR
1-3a).
This "Limited" appraisal report relies primarily on the Direct Sales Market Approach
to value, with limited support from the Income Approach (SR 1-4b). The Cost
Approach has not been relied on in this report.
PROPERTY RIGHTS APPRAISED:
The value concluded herein reflects the fee simple estate for the subject property. As defined
by the Appraisal Institute, fee simple estate is absolute ownership unencumbered by any other
interest or estate; subject only to the limitations of eminent domain, escheat, police power,
and taxation.
LAKEWOOD APPRAISAL
6
. '
APpraisal Report Lakewood 10074
II: DESCRIPTION OF THE PROPERTY
SUBJECT PROPERTY SALES HISTORY:
The subject land has been in its present form of ownership under Russell, Jr. and Alice
Frederick since May of 1972, with its last recorded deed indicated in Liber 1331, page 135
the Dutchess County records. The building was constructed circa 1964. The building has
been owner occupied by Frederick's Greenhouses, however that business hasn't been fully
operational in recent years and the building does show signs of neglect and is deemed to be in
fair to average condition.
The property has not been listed for sale at any point during its present ownership to the best
of our knowledge, but is presently being offered to the applicant at $160,000.
IMPROVEMENT DESCRIPTION AND ANALYSIS:
General Layout:
The improvements consist of a three bay greenhouse with approximately 8,762 s.f. The
buildings consist of steel/aluminum framing with plastic covering. Floors are gravel/dirt and
or asphalt with a concrete block base at a front portion of the building.
The front portion of the building has three separate sections with three greenhouse bays to the
rear. Overhead hot air Modine heaters of varying ages are fueled by propane gas. Well and
septic are present on the property. 110 volt electrical service is present.
Construction Details:
Exterior Walls:
Interior Walls:
Windows:
Interior Finish:
Heating/Cooling:
Aluminum/Steel Framed with plastic covering
Gravel/Dirt/ Asphalt
Plastic Covering
NA
NA
Propane fueled overhead heaters, no air conditioning noted
LAKEWOOD APPRAISAL
7
. .
AfJPraisaJ Report Lakewood 10074
II: DESCRIPTION OF THE PROPERTY
Construction Details (Cont'd)
InsulationlElectric:
Basement:
NN 110 Amp Service
None
Quality and Condition Survey:
As the improvements exist as of December 6, 1994, the last date of inspection, the buildings
were in fair to average condition for the typical greenhouse facility. Its improvements are
thought to be inferior to other like uses within the area due to its older age.
LAKEWOOD APPRAISAL
8
Appraisal Report Lakewood 10074
TAX MAP:
II: DESCRIPTION OF THE PROPERTY
("'-hf IQ.I741.t4UHJ
+
'-".HI7~ I
IUIC1
1...4.........
LAKEWOOD APPRAISAL
9
. .
III: APPROACHES TO VALUE
Appraisal Report Lakewood 60074
HIGHEST AND BEST USE:
The subject improvements represent an efficient use of the site, appear functionally suited for
its present use within its R20/40 residential zone. The present use pre-exists current zoning
and bulk requirements and is therefore a legal non-conforming use. As vacant, the highest
and best use for the subject property would be for a single family residential use. It is
unlikely that any other present use would result in a higher present value. Commercial
service and or retail facilities are typical in along well traveled state roads such as the
subject's Rt. 9-D.
V ALVA nON PROCESS:
As previously noted, the property consists of a 8,762 +/- square feet greenhouse of fair
average quality which is being used for greenhouse/nursery purposes. The improvements
were built circa 1964 and have parking facilities at the front of the building.
Given that the objective of this assignment is to estimate the "as is" market value of the
property and the property exhibits owner-occupant characteristics, the sales comparison
approach \vill be given sole consideration in this analysis.
SALES COMPARISON APPROACH:
The value of the property tends to be set by the cost of acquiring an equally desirable
substitute property. Therefore, in the Sales Comparison Approach, market data obtained from
the sales of properties with a reasonable degree of similarity to the property is analyzed and
adjusted for dissimilarities to arrive at a value indication.
To find the most comparable buildings used for greenhouse purposes or with minimal
improvements, the appraiser researched the County of Dutchess, along with portions of
Putnam County for recent sales and/or listings. The appraiser found two greenhouse facilities
and one garage comparable that have sold since May of 1993. Two of the sales have taken
place in September and October of 1994. Detailed descriptions of each sale are found in the
addenda.
LAKEWOOD APPRAISAL
10
Appraisal Report Lakewood 10074
III: APPROACHES TO VALUE
Following is a chart that summarizes each of these three sales:
COMPARABLE IMPROVED SALES
Sale Location Sale Oate Sale Price S.F. Age Land $/S.F.
Old Route 82 9/94 $168,500 5,408 1966 1.03 acres $37.16
Washington
2 Route 90 5/93 $140,000 2,550 1937 .72 acres $54.90
Philipstown
3 Smithtown Rd. 10/94 $90,000 3,300 1987 2.30 acres $27.27
Wappinger
Subj Route 90 12/94 Insp. NA 8,762 1964 .87 acres NA
Wappinger
Value Indication:
The three sale analyzed suggest a range from $27.27 to $54.90 per square foot (sq. ft.) of gross building area
prior to adjustments:
Sale:
#1
#2
$27.27
$/S.F. Adj:
$37. 16
$54.90
Time of Sale
-9%
Adj. Sales Price/S.F.
$37.16
$49.96
Condition of Sale:
Location:
-10%
-20%
Land Size/Parking:
Age/Condition:
-10%
Building Size/Configuration:
-30%
-35%
Construction Quality:
-5%
-5%
Total Adjustments:
-55%
-60%
Adj Sale $/S.F.:
$16.72
$19.98
LAKEWOOD APPRAISAL
#3
$27.27
+10%
-16%
-10%
-15%
-5%
-36%
$17 .45
11
Aporaisal Report Lakewood 60074
III: APPROACHES TO VALUE
Explanation of Adjustments
Time of Sale - Economic indications in the area have been sluggish due to cutbacks and
downsizing at IBM, a major area employer, along with the general sluggish economy. A 1/4%
per month downward time adjustment was made on the older sale.
Conditions of Sale - Given that all the comparables are closed sales and, to the best of the
knowledge of the appraiser, represent arms-length transaction, no adjustments are required.
Location -Comps 1 & 2 are located in more affluent areas, allowing for superior adjustments.
Comp 3 is located in an inferior are as traffic is limited for commercial enterprises.
Land Size - Excess land was rated at $20,000 per acre as the typical buyer generally pays less
for above and beyond what is required to build.
Age/Condition - This adjustment is based upon a comparison of the effective age of each of
the comparables to the subject property. Adjustments are made following guidelines in the
Marshall and Swift depreciation tables. Camps 2 is similar in overall condition with Camps
I & 3 being superior.
Building Size-Adjustments are noted on all comparables due to the larger size of the subject
structure. The configuration notes the additional residential uses for both Camps 1 & 2 as
being superior to the subject. The differences exist whereas the typical buyer pays less per
sq. ft. as that measurement rises.
Construction Quality - The subject's greenhouse steel/aluminum frame construction is of fair
quality. All of the comparables are superior within this category.
Parking Facilities - Parking for the subject and all comparables are considered similar.
After adjustments, the value indicators range from $16.72 to $17.45 on a per square foot
of GBA basis. Sale 3 represents the closest, most recent, stand alone building sale with the
emphasis placed on that sale. The appraiser has reconciled towards the mid-range.
Therefore a per square foot value of $17 is placed on the subject property.
The total value of the property is estimated as follows:
$17 per sq. ft. x 8,762 sq. ft. = $148,954, rounded to $150,000.
LAKEWOOD APPRAISAL
12
Armraisal Report Lakewood 10074
COST APPROACH
CATEGORY
SUBJECT
COMP 1 COMP 2 COMP 3
location:
Route 90
IJappinger
Delavergne Ave. Route 90 Route 52
Poughkeepsie Beacon Fishkill
Sale Date:
12/94 insp.
11/93 6/94 12/91
Size:
.87 acres
1.05 acres 2.56 acres 1.92 acres
Zoning:
R20/80
Pre Existing
Ind-Industrial LI-Light Indust. GB-Gen'l Business
Topography:
low/cleared
level/wooded slopes down level/wooded
Access:
good
good good good
Utilities:
well/septic
public public well/septic
Sale Price:
n/a
$108,000 $132,500 $250,000
ADJUSTMENT GRID
CATEGORY
SALE
SALE 2
SALE 3
Time:
-5%
-2%
-23%
Sales Terms:
Adjusted Sales Price/Acre:
$102,600
$129,850
$192,500
-20%
location:
+10%
+10%
Size:
-5%
-26%
-9%
Topography/Access:
-5%
+10%
-5%
Zoning:
+5%
+5%
Miscellaneous:
+4%
+4%
Net % Adjustments:
-11%
-22%
-44%
Net $ Adjustments:
Indicated Value:
$1,026
$101,574
-$28,567
$101,283
-$84,700
$107,800
Reconcile to $101,000, rounded for the subject's .87 acre parcel.
LAKEWOOO APPRAISAL
13
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APPRAISAL REPORT LAKEWOOD 10074
Source: Marshall & Swift Valuation Service, Commercial Greenhouses
Section 64, page 6, condition low cost
Main Structure:
Greenhouse - 8,900 s.f. @ $8.50 =
$ 75,650
Cost Multiplier:
Local Multiplier:
Composite Multiplier
1.02
1.17
1.1934
Reproduction Cost New, $75,650 x 1.1934 =
Entrepreneurial Profit - 10% =
Total Cost New =
$ 90,281
$ 9,028
$ 99,309
Less Depreciation From all Causes:
Physical - 30%
Functional - 10%
External - 10%
< 29,793>
< 9,931>
< 9,931>
Total Depreciation:
$ 49,655
Depreciated Value of Improvements:
$ 49,654
Depreciated value of
Site improvements (parking lot, walks, landscaping, etc...)
Less 40% depreciation:
Total Depreciated Value of Site Improvements:
$ 10,000
< 4,000>
$ 6,000
Total Depreciated Value - All Improvements:
$ 55,654
Land Value per Land Analysis:
$101,000
Indicated Value Per Cost Approach:
Rounded:
$ 156,654
$ 155,000
LAKEWOOD APPRAISAL
14
APPRAISAL REPORT LAKEWOOD 10074
Several vacant land sales within the subject's area are noted within a sales comparison grid.
Appropriate zoning, size, location and topography adjustments were made. The appraiser
recognizes Sales 1 & 2 as the closest, most recent sales, and reconciles towards the low range,
rounding to $101,000 for the subject's .87 acre site.
LAKEWOOD APPRAISAL
15
IV: RECONCILlA nON & FINAL ESTlMA TE
AlJPraisal Report Lakewood 110074
RECONCILIATION:
The purpose of this appraisal is to estimate the market value of the fee simple interest for the
subject property "as is", effective December 6, 1994. As minimal improvements are present,
the Cost Approach was also utilized within this summary report. The following values have
been estimated using the Direct Sales Market Comparison Approach and the Cost Approach to
values:
Sales Comparison Approach:
$150,000
Cost Approach:
$155,000
Final Value Estimate:
$150.000
Given that the highest and best use of the property if) for its continued use as comrnec;:ial
greenhouse buildings most likely to be owner/occupied and the existence of comparable real
estate, both the Direct Sales Market Comparison Approach and the Cost Approach were
deemed to be the reliable within this summary report. Therefore, as a result of the valuation
process, the estimated market value of the fee simple interest, in the property "as is", effective
December 6, 1994 is $150,000.
Lakewood Appraisal has prepared this independent and impartial appraisal of the property in
conformance with the requirements of the USP AP and specifically invoking the Departure
Provision.
RELIABILITY OF THIS REPORT
While every effort has been made to produce a credible market value estimate, the limited
scope of the assignment limits the reliability of the result. The scope of this assignment was
limited to an application of the sales comparison approach; only a limited market analysis
(included in the appraiser's files) was made and no in-depth analysis of highest and best use
was conducted.
These factors are not considered to have a significant negative impact on the reliability of the
valuation. In total, the detail .and depth of the analysis is considered to be commensurate with
the complexity of the property type and market conditions. Sufficient data, diligence and
analysis are combined in this valuation to produce a reasonably reliable market value
conclusion which will serve the needs of the client.
LAKEWOOD APPRAISAL
16
IV: USPAP CERTlFICA TION REQUIREMENTS
APpraisal Report Lakewood 10074
USPAP CERTIFICATION REQUIREMENTS:
We certify that to the best of our knowledge and belief:
The facts and data reported by the appraisers 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 our personal, unbiased professional analyses, opinions and conclusions.
The undersigned have no present or prospective interest in the property that is the subject of this report
and have no personal interest or bias with respect to the parties involved.
Compensation is not contingent on an action or event resulting from the analyses, opinions, or
conclusions in, or the use of, this appraisal report.
The analyses, opinions, and conclusions were developed and this review report was prepared in
conformity with the Uniform Standards of Professional Appraisal Practices.
Daniel Robinson personally inspected the subject property within the company of Harrald Boerger.
No one provided significant professional assistance to the persons signing this appraisal report. (If there
are exceptions, the name of each individual providing significant professional assistance must be stated.)
This appraisal is not based on a requested minimum valuation, a specific valuation, or the approval of a
loan.
As of the date of this report, Dietlind W. Hoiem has completed the requirements of the continuing
education program 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.
/ ~,;; <If Y
Y~~f I< ~arf'/JS~
Daniel R. Robinson '
NYSREAA #47000019792
Dated:
Dated:
/~//h;/
3k 4'1-1 ( "J ,~~
Dietlind . HOlem, SRPA
NYSGC #46000001047 (Reviewer)
LAKEWOOD APPRAISAL
f7
ASSUMPTIONS AND LIMITING CONDITIONS
LAKEWOOD APPRAISAL
ASSUMPTIONS & LIMITING CONDITIONS
1. No responsibility is assumed for the legal description provided or for matters
pertaining to 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, but no warranty is given
for its accuracy.
5. All engineering studies are assumed to be correct. The plot plans and illustrative
material in this report are included only to help the reader visualize the property.
6. It is assumed that there are no hidden or unapparent conditions of the property,
subsoil, or structures that render it more or less valuable. No responsibility is assumed
for such conditions or for obtaining the engineering studies that may be required to
discover them.
7. I t is assumed that the property is in full compliance with all applicable federal, state,
and local environmental regulations and laws unless the lack of compliance is stated,
described, and considered in the appraisal report.
8. It is assumed that the property conforms to all applicable zoning and use regulations
and restrictions unless a nonconformity has been identified, described and considered
in the appraisal report.
9. It is assumed that all required licenses, certificates of occupancy, consents, and 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 use of the land and improvements is confined within the
boundaries or property lines of the property described and that there is no
encroachment or trespass unless noted in the report.
LAKEWOOD APPRAISAL
ASSUMPTIONS & LIMITING CONDITIONS
1 L 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.
12. We have not made a specific compliance survey and analysis of this property to
determine whether or not it is in conformity with the various detailed requirements of
the ADA. It is 'possible that a compliance survey of the property, together with a
detailed analysis of the requirements of the ADA, could reveal that the property is not
in compliance with one or more of the requirements of the Act. If so, this fact could
have a negative effect upon the value of the property. Since we have no direct
evidence relating to this issue, we did not consider possible non-compliance with the
requirements of the ADA in estimating the value of the property.
13. Any allocations of the total value estimated in this report between the land and the
improvements applies only under the stated program of utilization. The separate
values allocated to the land and buildings must not be used in conjunction with any
other appraisal and are invalid if so used.
14. Possession of this report, or a copy thereof, does not carry with it the right of
publication.
15. The appraiser is not required to give further consultation or testimony or to be in
attendance in court with reference to the property in question unless arrangements have
been previously made.
16.
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.
'.
17. Any value estimates provided in the report apply to the entire property, and any
proration or division of the total into fractional interests will invalidate the value
estimate, unless such proration or division of interests have been set forth in the report.
LAKEWOOD APPRAISAL
ASSUMPTIONS & LIMITING CONDITIONS
18. The forecasts, projections, or operating estimates contained herein are based on current
market conditions, anticipated short-term supply and demand factors, and a continued
stable economy. These forecasts are, therefore, subject to changes with future
condi tions.
19. All forecast assumptions associated with any cash flow forecast are our best judgement
as to how the typical investor would analyze the subject property as of the date of
value. We make no representation that the assumptions and cash flow forecast will
actually occur.
20. Lakewood Appraisal has prepared this independent and impartial appraisal of the
property in conformance with the requirements of USP AP, specifically invoking the
Departure Provision.
LAKEWOOD APPRAISAL
..
LAKCWOOD APPRAISAL
~
..
COMPARABLE REAL ESTA TE SALES INFORMA nON
SALE NO. 1
Location:
Township:
County:
Date of Sale:
Sale Price:
Tax Map No.:
Parcel Size:
Deed Reference:
Grantor:
Grantee:
Zoning:
Highest & Best Use:
Verification:
Description:
Old Route 82
Washington
Dutchess
9/94
$168,500
20-6764-01-282127 & 286617
1.03 acres (Two parcels .90 and .13 acres)
Liber 1952, page 488
Foster, Richard W. Sf. and Madeline M.
Chesmel, 1. Diana
C-1, Commercial
Mixed Use greenhouselresidential
Terry Chabot, broker, ERA Team IV Real Estate, 12/94.
Millbook Florist, 4,000 s.f. greenhouse along with 1,408
s.f. 3Br two story residence built circa 1930, greenhouse
circa 1960's, average condition.
LAKEWOOD APPRAISAL
..
COMPARABLE REAL ESTATE SALES INFORMATION
SALE NO. 2
Location:
Township:
County:
Date of Sale:
Sale Price:
Tax Map No.:
Parcel Size:
Deed Reference:
Grantor:
Zoning:
Highest & Best Use:
Verification:
Descri ption:
Route 9D, Garrison
Philipstown
Putnam
5/93
$140,000
45-5-1&2
.72 acres
Liber , page
Estate of John Bosco
B 1- Business
Greenhouse and/or offices
Nora Preusser, broker, 11/94
850 s.f. Greenhouse and 1,700 s.f. residence, with
accessory apartment and barn, fair to average condition,
built 1937, near Garrison Post Office.
LAKEWOOD APPRAISAL
28
.
COMPARABLE REAL ESTATE SALES INFORMATION
SALE NO. 3
Location:
Township:
County:
Date of Sale:
Sale Price:
Tax Map No.:
Parcel Size:
Deed Reference:
Grantor:
Grantee:
Zoning:
Highest & Best Use:
Verification:
Description:
180 Smithtown Road
Wappinger
Dutchess
1 0/94
$90,000
16.16-1-7
2.3 acres
Liber 1952, page 166
Lehmann
De Vries, Roger
R80- Residential
Retail service
Grantee-by Daniel Robinson, Lakewood Appraisal
3,300 s.f. heated garage building built in 1987, well and
septic, good condition. Purchaser bought to improve v,ith
apartment and home construction business.
I.AKEWOOD APPRAISAL
~ 4 ..
QUALIFICATIONS OF DIETLIND \V. HOIEM, SRPA
President and Review Appraiser of Lakewood Appraisal, a firm that specializes in consultation
appraisal and market feasibili~y studies for real property in New York State. '
PROFESSIONAL DESIGNATIONS:
SRA -
SRPA -
Senior Residential Appraiser, 1982
Senior Real Property Appraiser, 1990, Society of Real
Estate Appraisers, Appraisal Institute, 1990
CERTIFICA TION:
General Certification effective 11/93 TO 11/95. Cert. No. 46000001047
EDUCATION:
B.A., 1973, University of California at Santa Barbara - Liberal Arts Mount Holyoke CoiJege,
South Hadley, Massachusetts, 1969-71, Continuing Education Program, Dutchess C cmnl'clnir.y
College and Marist College.
SPECIAL TRAINING:
Society 0 f Real Estate Appraisers - Courses 10 1, 201 & 202
New York State - Real Estate Salesman & Broker Course
Society of Real Estate Appraisers - Apartment Seminar & Houses Seminar
Central Hudson Gas & Electric Corp. - Energy Seminar
American Institute of Banking, Principles of Banking
American Institute of Real Estate Appraisers - "Real Estate and the Federal Income Tax",
"Subdivision Analysis" and "Cash Equivalency",
Learning the HP-12C, Professional Practice Seminar, SREA Narrative "URAR", Dale Carnegie
Sales Course, New URAR (1993), Appraisal Institute, Ethics & Standards, Part A & B,
Appraising a Subdivision, Preparing for Comprehensive Exam, D.C.F. Seminar.
WORK EXPERIENCE:
1991 - Present Owner and president Lakewood Appraisal
1988 - 1991 President Lakewood Appraisal Corp.
1986 - 1988 Principal, Lakewood Associates
1980 - 1986 Private Fee Appraiser
1979 - 1980 Staff Appraiser, L.T. Bookhout, Inc. - residential,
commerical, and industrial properties
1977 - 1979 Staff Appraiser, Poughkeepsie Savings Bank, Poughkeepsie, New York
1974 - 1977 Coordinator of IBM Home Guarantee Program, Marine Midland BaIl..k
Poughkeepsie, N.Y.
. .
~. .' .
DIETLIND \V. HOIEM, SRP A - PAGE 2
COURT TESTIMONY:
Experience as Expert 'Witness, NYS Supreme Court, NYS Court of Claims.
TEACHING EXPERIENCE:
Appraisal Methodology, Appraisal Section of Salespersons and Brokers Course, Marist College,
Poughkeepise and Fishkill Extension Centers. Appraisal Methods & Techniques _ Dutchess
County Board of Realtors. (1985-1992), Appraisal Practice & Methods - Dutchess Community
College (1987-1992).
CLIENTS SERVED:
Governmental agencies including the C/O Poughkeepsie; Poughk~epsie Urban Renewal Agency;
Dutchess County Department of Public Works; T/O Pleasant Valley, C/O Poughkeepsie, NYS
Dept. of Transportation, T/O Lloyd, T/O Amenia, New York State D.~partment of Environmental
Conservation; NYS Dept. of Rehabilitation, NYS Dept. of Mental Health, NYS Preservation,
Parks & Recreation; Federal Aviation Association; Facilities Development Corp., Wassaic School
District.
Various Institutions and Corporations such as: Travellers Insurance Co.; Abbott Smith
Associates; Homequity; Lone Star Industries; Midas Muffler; Alfa-Laval; U.S. Home Corporation;
Getty Oil; McGraw Hill, Inc.; Van Relco, Inc.; International Harvestor; IBM Corp.; McCabe and
Mack; Corbally, Gartland & Rappelyea; and Peter McGinnis; Maplewood Land Development.
Financial Institutions such as: Inter-County Savings Bank; Marine Midland Bank; General Electric
Corp.; Empire National Bank; First National Bank of Highland; Manufacturers Hanover Trust;
Chemical Bank; Bank of New York; Mid-Hudson Savings Bank; Household Finance Corp; Chase
Manhattan Bank; Empire State Thrift Services Corp.; IBM Poughkeepsie Employees Federal
Credit Union; B.S.B. Home Funding-nIkIa Goldome Realty Credit Corp., Bankers Trust Co.;
NBW-Division of Lincoln First Bank; Dutchess Bank & Trust; Astrum Finance Corp.; Relocation
Reality Services; Poughkeepsie Savings Bank; Key Bank; Hudson City Savings Bank; First NIB
of Rhinebeck; Market Street Mtg. Corp.; Key Mortgage Funding; Ulster Savings Bank; Bowery
Savings Bank; Dollar Dry Dock Savings; Affordable Funding and Semper Funding, Empire of
American, Rhinebeck Savings Bank.
MEMBERSHIPS:
Society of Real Estate Appraisers, 1977-1991; President 1985-1986, numerous other committee
responsibilities performed 1980-1993; Chamber of Commerce, Member of Appraisal Institute,
1991 - current, Education Chair - 1994.
ASSIGNMENT:
Included are appraisals of most types of real property, such as residential, commercial, industrial,
education/institutional, health and medical facilities, service stations, resorts, historical and various
special purpose properties.
-
, ~
"It .. ..
. r
QUAL I F I CAT I Q'\[S OF DAN I EL R. ROB I NSQ'\[
Staff Appraiser, Lakewood Appraisal, Fishkill, New York,
specializing in the appraisals of residential, multi-family and
small commercial establishments.
EDUCATION:
9/88 - 5/90
9/82 - 5/84
9/78 - 6/82
RELATED
4/83
Mount Saint Mary College, Newburgh, N.Y.
Bachelors of Science, Magna Cum Laude, Business
Management and Administration
*Member of Honor Society & NYS Chapter Alpha Chi
Champlain College, Burlington, Vermont.
Associates of Science, Business Management
John Jay Sr. High School, Hopewell Junction, N.Y.
Major - Math Member - Distributive Education Clubs
of America
COURSEWORK:
Financial Management - A presentation on appraisal
practices with the subject being a converted barn
located in the Town of Underhill, VT.
4/90
5/90
Seminar in Management - Essay entitled "The Hudson
Valley Housing Market: A Builders' Outlook for the
Nineties"
Seminar In Management - A 1 1/2 hour presentation on
appraisal practices with the subject being a ranch
located in the Town of Newburgh, New York
SPECIAL TRAINING:
The Hudson Valley Institute for Real Estate Studies, Inc.
8/92
8/92
1/93
9/93
1/94
12/87-12/89
R-1 Introduction to Real Estate Appraisals
R-2 Real Estate Appraisal Valuation Principles and
Procedures
Ethics and Standards
Standard of Professional Practice (Part A) ,
Appraisal Institute, Mid Hudson Chapter, Fishkill,
NY
MAl Candidate, The Appraisal Institute, Mid-Hudson
Chapter
Licensed Real Estate Salesperson
Matt Jordan Real Estate, Wappingers Falls, N.Y.
WORK EXPERIENCE:
8/92-10/92 Independent Real Estate Appraiser with Lawson
Appraisal Services, Inc., Wappingers Falls, N.Y.
10/92-present Staff Appraiser, Lakewood Appraisal, Fishkill, N.Y.
. (
Sunny Garden Greenhouses, 2238 Route 9D, Wappingers Falls, N.Y. 12590
Estimated Cost of Comparable greenhouses:
Front small house:
Stnlcture, heater and fan
Front large house:
Structure, heater and fan
Main Greenhouses:
Bay # 1 Structure
Heater
2Fans
Bay #2
StrUcture
Heater
Fan
Bay #3
Structure
He'ater
Fan
Cold Frame Hoop Houses:
# 1 Structure and Heater
#2 Structure and Heater
#3 Structure and Heater
Material cost
Construction cost
Total cost
$3995.00 Farm Tech item #106306
$5495.00 Farm Tech item #106380
$7138.00 Griffin Greenhouse Supply
$1948.00 W.H. Milkowski Inc.
Item # PD300N
$1252.00 W.H. Milkowski Inc.
Item # VNS42S
$5773.00 Griffin Greenhouse Supply
$1193.00 W.H.Milkowski Inc.
Item # PD150N
$ 720.00 W. H. Milkowski Inc.
Item # VNS48S
$5773.00 Griffin Greenhouse Supply
$ 1193.00 W.H. Milkowski Inc.
Item #PDI50N
$ 720.00 W.H. Milkowski Inc.
Item # VNS48S
$4595.95 Farm Tech Item #104856
$4595.95 Farm Tech Item #104856
$4595.95 Farm Tech Item #104856
$48987.95
$48987.95
$97975.90
The Front large, small and main greenhouses were built around 1965. The
cold frame greenhouses were built in 1998. Due to the age of the greenhouses
they have no market value.
The use value is 10% of total cost $9797.59
llJI. L:31 :LtHj i 13: :)51 151,87853585
PAGE 01
4 Airport Park Blvd.
Latham N.Y. 12110
Ph. 518 786-3500
Fax 518 786-3586
GRIFFIN
Fax
To: ShtJplf7
From: Bud Peltz
Fax:
o Urgent
1'0' Revtew
Pages!
Phone:
Re:
-
cc:
o Please Conunent
o Please Reply
o Please Rac;ycle
/5/ ~ 2j xQ6. 7J 3{).oo
;J(}d 81 :<//)( /32,/ 5>773;00
30 ~ ::<//x /39,/ 5773.00
/ -~f6JZLf.OO
3d
JJ~ iJ71~/1; ik/ f1dl/llt.
Standard Gas-Fired Series Propeller Driven
Air temperature, air volume, air velocity - all accurately controlled in the correct relationship for greater
comfort and lowest fuel cost. Standard gas design ensures positive penetration of the air into the space
to be heated; no heat wasted at the ceiling results in draft/ess heating. The motor is totally enclosed
with thermal overload protection and is permanently lubricated for long life and easy maintenance.
. Heliarc machine welded, corrosion resistant aluminized steel heat exchangers
. Stainless steel heat exchangers (optional)
. Statically balanced, light-weight fan
. Self cleaning burner ports
. Removable rust and corrosion resistant aluminized steel burner unit
. Hinged bottom pan
WHM# Fuel BTU output Price
PD30N ........... natural gas ..........24,000............. $743.00
PD30P ................. LP .................24,000............. $777.00
PD50N ........... natural gas ..........40,000............. $776.00
PDSOP ................. LP .................40,000............. $810.00
PD75N ........... natural gas ..... .....60,000............. $829.00
PD75P ................. LP .................60,000............. $863.00
PD100N ......... natural gas .......... 80,000.......... $1,033.0
PD100P ............... LP .................80,000.......... $1,070.00
PD125N ......... natural gas .........100,000......... $1,132.00
PD125P ............... LP ................100,000......... $1,169.00
D150N ......... natural gas ......... 120,000......... $1,193.00
PD150P ............... LP ................120,000......... $1,230.00
_W.H~ 'mIUHOWSHlr inC.
rJJ MDDINE
rJJ MDDINE
"Our Goal Is Your Success"
WHM# Fuel BTU output Price
PD175N ......... natural gas ......... 140,000......... $1,363.00
PD175P ............... LP ................140,000......... $1,404.00
PD200N ......... natural gas ......... 160,000......... $1,489.00
PD200P ............... LP ................ 160,000......... $1,530.00
PD250N ......... natural gas .........200,000......... $1,648.00
PD250P ............... LP ................200,000......... $1,689.00
D300N ......... natural gas ......... 240,000 ......... $1,948.00
PD300P ............... LP ................ 240,000......... $2,000.00
PD350N ......... natural gas ......... 280,000......... $2,333.00
PD350P .:-............. LP ................280,000......... $2,391.00
PD400N ......... natural gas .........320,000......... $2,453.00
PD400P ............... LP ................320,000......... $2,514.00
Propeller Gas Heater
The Modine High Efficiency /I utilizes the smallest vent pipe diameter possible that still results in all vertical vents
being category 1. All High Efficiency models have an integral, factory installed power exhauster. This pulls in the
correct amount of combusJiO[l air through air openings at the bottom of the unit heater for ideal combustion
efficiency_ Once the fuel has been burned, it is expelled from the heater and the building via this power exhauster.
WHM# Fuel BTU output Price
PV30N ........... natural gas ..........24,000............. $811.00
PV30P ................. LP .................24,000............. $845.00
PV50N ........... natural gas ..........40,000............. $845.00
.PV50P ................. LP .................40,000.'............ $879.00
PV75N ........... natural gas .......... 60,000............. $900.00
PV75P ................. LP .................60,000............. $934.00
PV100N ......... natural gas ..........80,000.......... $1,107.00
PV100P ............... LP .................80,000.......... $1,144.00
PV125N ......... natural gas ......... 100,000......... $1,208.00
PV125P ............... LP ................ 100,000......... $1,245.00
PV145N ......... natural gas """'" 116,000......... $1,270.00
PV145P ............... LP ................ 116,000......... $1,307.00
WHM# Fuel BTU output
PV175N ......... natural gas ......... 140,000......... $1,444.00
PV175P ............... LP ............ .... 140,000 ......... $1,485.00
PV200N ......... natural gas ......... 160,000......... $1,572.00
PV200P ............... lP ................160,000......... $1,613.00
PV250N ......... natural gas .........200,000......... $1,734.00
PV250P ............... LP ................200,000......... $1,775.00
PV300N ......... natural gas .........240,000......... $2,041.00
PV300P ............... LP ................240,000......... $2,093.00
PV350N ......... natural gas ......... 280,000 ......... $2,433.00
PV350P ............... LP ................280,000.......... $2,491.00
PV400N ......... natural gas .........320,000......... $2,556.00
PV400P """"""'" LP ................320,000......... $2,617.00
r::J MODINE
Steam & Hot Water Unit Heaters
This unit is ideal for heating buildings having large open areas. They install faster, easier and at less cost
use they are light in weight. They are ruggedly constructed to resist more than normal abu,se: The top
supply and return allow the unit to be rotated 3600 without piping changes. Serpentine copper
resistance to thermal shock even under high steam pressures. The absence of headers
. leaks and increases coil face area without increasing overall size of the unit.
Please call our Greenhouse
Design department for details
about Modine Steam & Hot Water
Unit Heaters.
, ,
dAD ~
Manulacturinq
12".36" Green Breeze HAF Fans
Part # Size CFM HP Volts Price
eExclusive Open Front Guard
VBG12 12" 2,600 1/10 115/230 $130.00 eVariable Speed Motors
eEpoxy Coated Guards
VBG20 20" 6,500 1/3 115/230 $170.00 eSealed Bearing
eAluminum Blade
VBG24 24" 8,500 1/2 115/230 $220.00
VBG36A 36" 11,200 1/2 115/230 $250.00
eSpring loaded belt tightener on all fans
eEfficient 3 blade galvanized prop. eCost-efficient heavy
eBalanced blade and pulley for smooth operation galvanized construction
eMatched motor& belt ratio for maximum air, eGalvanized 4 way mount
without overloading the motor eEccentric Lock Collar Bearin
Models 0.05" CFM/
Part # Size Style Drive HP RPM Spd Phs Bid CFM Watt Price
VN24S850 24" Stnd. Direct 1/2 850 1 1 3GIv 5,850 13.75 $370.00
VN24S1100 24" Stnd. Direct 1/2 1,100 1 1 3GIv 5,750 13.5 $370.00
VNS24S850 24" Slant Direct 1/2 850 1 1 3GIv 5,850 13.75 $370.00
VNS24S1100 24" Slant Direct 1/2 1,100 1 1 3GIv 5,750 13.90 $370.00
VN30C850 30" Stnd. Direct 1/2 850 1 1 3GIv 7,350 13.8 $438.00
VN30C1100 30" Stnd. Direct 1/2 1,100 1 1 3GIv 7,250 13.6 $438.00
VNS30C850 30" Slant Direct 1/2 850 1 1 3GIv 7,350 13.8 $438.00
VNS30S850 30" Slant Direct 1/2 1,100 1 1 3GIv 7,250 13.6 $438.00
VN36D 36" Stnd. Direct 1/2 850 1 1 3GIv 10,500 19 $440.00
VNS36D 36" Slant Direct 1/2 850 1 1 3GIv 10,500 19 $440.00
VN36S 36" Stnd. Belt 1/2 1,725 1 1 4GIv 10,500 19 $550.00
VNS36S 36" Slant Belt 1/2 1,725 1 1 4GIv 10,500 19 $550.00
VN36S2 36" Stnd. Belt 1 1,725 2 1 4GIv 12,800 16.2 $595.00
VNS36S2 36" Slant Belt 1 1,725 2 1 4GIv 12,800 16.2 $595.00
VN42S 42" Stnd. Belt 1/2 850 1 1 3GIv 10,600 19 $626.00
VNS42S 42" Slant Belt 1/2 850 1 1 3GIv 10.~ 19 $626.00
VN42S2 42" Stnd. Belt 1 1,725 2 1 3G1v ;~~~.~"i 18 $724.00
VNS42S2 42" Slant Belt 1 1,725 2 1 3GIv ./4~i1f50 18 $724.00
":,,\,,,-
VN48S 48" Stnd. Belt 1 1,725 1 1 ;~ 18,900 22 $720.00
NS48S 48" Slant Belt 1 1,725 1 1 3GIv 18,900 22 $720.00
VN4815S 48" Stnd. Belt 1 1/2 1,725 1 1 3GIv 24,000 18.9 $750.00
VNS4815S 48" Slant Belt 1 1/2 1,725 1 1 3Glv 24,000 18.9 $750.00
VN48S2 48" Stnd. Belt 1 1,725 2 1 3Glv 18,900 20 $770.00
VNS48S2 48" Slant Belt 1 1,725 2 1 3GIv 18,900 20 $770.00
Toll Free 1-800-243-7170 19
SUNNY GARDEN GREENHOUSES, INC.
BALANCE SHEET
As of December 31,2006
ASSETS
CURRENT ASSETS
PETTY CASH $ 150.00
CASH IN BANK 24,593.53
ACCOUNTS RECEIVABLE 2,031.23
DUE FROM R&B PROPERTIES 1,450.00
SHARE HOLDER DIST. S GILES 1,500.00
SHARE HOLDER DIST. G RUIT 1 ,500.00
INVENTORY 25,402.77
Total Current Assets 56,627.53
PROPERTY AND EQUIPMENT
BLDG. IMPROVEMENTS 16,339.31
NEW GREEHOUSE PROJECT 40,747.80
FIXTURES & EQUIPMENT 36,279.68
TRANSPORTATION EQUIPMENT 32,328.69
ACCUMULATED DEPRECIATION (62,295.67)
Net Property and Equipment 63,399.81
TOTAL ASSETS $ 120,027.34
See Accountants' Compilation Report
1
SUNNY GARDEN GREENHOUSES, INC.
BALANCE SHEET
As of December 31,2006
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
ACCOUNTS PAYABLE $ 10,587.69
ACCRUED P/R TAX-FEDERAL 1,796.55
ACCRUED P/R TAX-8TATE 322.41
ACCRUED UNEMPLOYMENT TAX 112.86
ACCRUED SALES TAX 5,173.37
M & T BANK LOC 34,462.20
Total Current liabilities 52,455.08
LONG-TERM LIABILITIES
FORO BOX TRUCK 12,568.03
NIP TRUCK 13,492.28
M & T BANK 684.22
Total Long-Tenn liabilities 26,744.53
Total Liabilities 79,199.61
STOCKHOLDERS' EQUllY
Retained Earnings 40,827.73
Total Stockholders' Equity 40,827.73
TOTAL LIABILITIES AND
ST9CKHOLDERS' EQUITY $ 120,027.34
See Accountants' Compilation Report
2
, , .
SUNNY GARDEN GREENHOUSES, INC.
INCOME STATEMENT
For the 1 Month and 12 Months Ended December 31.2006
1 Month Ended 12 Months Ended
December 31,2006 % December 31, 2006 %
Sales
301 - SALES $ 52,913.88 82.63 $ 436,303.77 87.50
302 - NONTAXABLE 0.00 0.00 4,790.65 0.96
303 - TAX EXEMPT SALES 11,120.26 17.37 57.532.83 11.54
Total Sales 64,034.14 100.00 498,627.25 100.00
Cost of Goods Sold
401-PURCHASES 86.80 0.14 39,176.32 7.86
402 - PURCHASES-FALL 122.81 0.19 4,981.95 1.00
404 - PURCHASES-PLANTS 2,539.97 3.97 97,735.95 19.60
405 - PURCHASES-PLASTICS 542.41 0.85 12,835.92 2.57
406-PURCHASES-SEEDS 0.00 0.00 2,892.29 0.58
407 - PURCHASES- CHRISTMA 20,159.70 31.48 34,084.70 6.84
409 - DIRT AND MULCH 527.23 0.82 34,984.88 7.02
410 - CHEMICALS 235.84 0.37 2,056.93 0.41
411 - CREDIT CARD FEES 244.67 0.38 4,048.63 0.81
412 - ROYALTY AND TAG FEES 0.00 0.00 4,168.62 0.84
415 - PAYROLL 414.75 0.65 7,205.23 1.45
Total Cost of Goods Sold 24,874.18 38.85 244,171.42 48.97
Gross ProFIt 39,159.96 61.15 254,455.83 51.03
Operating Expenses
509 - OUTSIDE SERVICES 120.00 0.19 141.00 0.03
510 - OPERATING SUPPLIES 0.00 0.00 3,342.68 0.67
512 - FREIGHT & POSTAGE 114.09 0.18 6,638.03 1.33
515 - GROSS WAGES 3,495.00 5.46 50,649.36 10.16
516 - OFFICERS WAGES 5,280.00 8.25 67,360.00 13.51
520 - RENT (7,360.63) (11.49) 2,429.37 0.49
526 - UTILITIES 3,845.00 6.00 20,831.65 4.18
527 - UTILITIES NEW GREENH 53.67 0.08 4,230.40 0.85
529 - TELEPHONE 310.02 0.48 2,508.51 0.50
530 - REPAIRS & MAINT. 1,143.31 1.79 6,172.89 1.24
534 - ADV. & PROMOTION 532.00 0.83 3,340.00 0.67
535 - INSURANCE 2,410.18 3.76 9,648.62 1.94
536 - HEALTH INSURANCE 0.00 0.00 2,212.67 0.44
537 - TRAVEL & ENTERTAIN-U 573.12 0.90 723.12 0.15
538 - TRAVEL & ENTERT. LTD. 312.04 0.49 312.04 0.06
540 - PROPERTY TAX EXP. 0.00 0.00 3,857.63 0.77
542 - FICA EXPENSE 630.64 0.98 8,767.63 1.76
543 - UNEMPLOYMENT TAX 10.37 0.02 1,093.68 0.22
549 - EDUCATION 385.00 0.60 385.00 0.08
550 - INTEREST 10,223.98 15.97 16,223.68 3.25
552 - VEHICLE EXPENSE 766.75 1.20 8,798.17 1.76
555 - CORP.TAX 0.00 0.00 100.00 0.02
565 - BOOKKEEPING/ACCT EX 1,277.45 1.99 1 ,497.45 030
566 - OFFICE EXPENSE 1,388.03 2.17 7,12271 1.43
"
, .
. .
SUNNY GARDEN GREENHOUSES, INC.
INCOME STATEMENT
For the 1 Month and 12 Months Ended December 31.2006
1 Month Ended 12 Months Ended
December 31, 2006 % December 31,2006 %
575 - DEPRECIATION 15,757.30 24.61 15,757.30 3.16
Total Operating Expenses 41,267.32 64.45 244,143.59 48.96
Operating Income (loss) (2,107.36) (3.29) 10,312.24 2.07
Net Income (loss) $ (2,107.36) (3.29) $ 10,312.24 2.07
SUNNY GARDEN GREENHOUSES, INC.
BALANCE SHEET
As of December 31,2005
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
ACCOUNTS PAYABLE $ 6,278.61
ACCRUED PIR TAX-FEDERAL 2,977.54
ACCRUED PIR TAX-STATE 443.04
ACCRUED UNEMPLOYMENT TAX 557.91
ACCRUED SALES TAX 4,264.96
M & T BANK LOC 16,507.81
Total Current Liabilities 31 ,029.87
LONG-TERM LIABILITIES
FORD BOX TRUCK 15,375.09
NIP TRUCK 16,278.30
M & T BANK 7,089.48
Total Long-Tenn Liabilities 38,742.87
Total Liabilities 69,n2.74
STOCKHOLDERS' EQUITY
Retained Earnings 31 ,585.49
Total Stockholders' Equity 31,585.49
TOTAL LIABILITIES AND
~TOCKHOLDERS' EQUITY $ 101 ,358.23
See Accountants' Compilation Report
2
SUNNY GARDEN GREENHOUSES, INC.
BALANCE SHEET
As of December 31,2005
ASSETS
CURRENT ASSETS
PETTY CASH $ 150.00
CASH IN BANK 19,745.64
ACCOUNTS RECEIVABLE 687.37
DUE FROM R&B PROPERTIES 1,350.00
INVENTORY 16.916.11
Total Current Assets 38,849.12
PROPERTY AND EQUIPMENT
BLDG. IMPROVEMENTS 15,730.57
NEW GREEHOUSE PROJECT 32,224.62
FIXTURES & EQUIPMENT 28,763.60
TRANSPORTATION EQUIPMENT 32,328.69
ACCUMULATED DEPRECIATION (46,538.37)
Net Property and Equipment 62,509.11
TOTAL ASSETS $ 101,358.23
See Accountants' Compilation Report
1
.
SUNNY GARDEN GREENHOUSES, INC.
INCOME STATEMENT
For the 1 Month and 12 Months Ended December 31,2005
1 Month Ended 12 Months Ended
December 31, 2005 % December 31,2005 %
Sales
301 - SALES $ 1,157.61 1.89 $ 345,523.21 78.55
302 - NONTAXABLE 0.00 0.00 5,759.44 1.31
303 - TAX EXEMPT SALES 7,606.16 12.43 36,148.83 8.22
304 - CHRISTMAS SALES 52.445.78 85.68 52.445.78 11.92
Total Sales 61,209.55 100.00 439,877.26 100.00
Cost of Goods Sold
401 - PURCHASES 1,837.53 3.00 25,289.29 5.75
402 - PURCHASES-FALL 227.14 0.37 4,372.49 0.99
404 - PURCHASES-PLANTS 1 ,833.99 3.00 85,873.68 19.52
405 - PURCHASES-PLASTICS (950.60) (1.55) 13,326.26 3.03
406 - PURCHASES- SEEDS 0.00 0.00 3,208.03 0.73
407 - PURCHASES- CHRISTMA 30,619.41 50.02 38,505.56 8.75
408 - PURCHASES-FALL PLANT 0.00 0.00 1,700.50 0.39
409 - DIRT AND MULCH (1,257.12) (2.05) 30,724.79 6.98
410 - CHEMICALS (35.94) (0.06) 1,499.06 0.34
411 - CREDIT CARD FEES 620.35 1.01 6,344.90 1.44
412 - ROYALTY AND TAG FEES 0.00 0.00 2,079.96 0.47
Total Cost of Goods Sold 32,894.76 53.74 212,924.52 48.41
Gross ProFit 28,314.79 46.26 226,952.74 51.59
Operating Expenses
510 - OPERATING SUPPLIES (159.07) (0.26) 2,877.n 0.65
512 - FREIGHT & POSTAGE 178.n 0.29 5,161.72 1.17
515 - GROSS WAGES 5,936.63 9.70 42,598.87 9.68
516 - OFFICERS WAGES 6,960.00 11.37 56,892.40 12.93
520 - RENT 890.00 1.45 10,760.00 2.45
526 - UTILITIES 0.00 0.00 9,769.74 2.22
527 - UTILITIES NEW GREENH 784.33 1.28 6,464.17 1.47
529 - TELEPHONE 489.19 0.80 2,940.78 0.67
' 530 - REPAIRS & MAINT. 2,540.71 4.15 5,712.52 1.30
534 - ADV. & PROMOTION 277.00 0.45 1,582.00 0.36
535 - INSURANCE 1,454.12 2.38 7,144.14 1.62
536 - HEALTH INSURANCE 350.48 0.57 2,209.30 0.50
537 - TRAVEL & ENTERTAIN-U 69.59 0.11 914.55 0.21
538 - TRAVEL & ENTERT. LTD. 0.00 0.00 (669.72) (0.15)
540 - PROPERTY TAX EXP. 0.00 0.00 3,662.94 0.83
542 - FICA EXPENSE 907.69 1.48 6,871.10 1.56
543 - UNEMPLOYMENT TAX 56.02 0.09 1,171.53 0.27
550 -INTEREST 1,007.61 1.65 5,319.39 1.21
551 -INTEREST-TRUCK 116.74 0.19 376.57 0.09
552 - VEHICLE EXPENSE 853.32 1.39 7,854.62 1.79
555 - CORP.TAX 0.00 0.00 100.00 0.02
565 - BOOKKEEPING/ACCT EX 0.00 0.00 1,535.00 0.35
566 - OFFICE EXPENSE 447.66 0.73 3,816.46 0.87
. .
SUNNY GARDEN GREENHOUSES, INC.
INCOME STATEMENT
For the 1 Month and 12 Months Ended December 31.2005
1 Month Ended 12 Months Ended
December 31, 2005 % December 31, 2005 %
575 - DEPRECIATION 19.862.00 32.45 19.862.00 4.52
Total Operating Expenses 43,022.79 70.29 204,927.85 46.59
Operating Income (Loss) (14,708.00) (24.03) 22,024.89 5.01
Net Income (Loss) $ (14,708.00) (24.03) $ 22,024.89 5.01
. . --~
;
SUNNY GARDEN GREENHOUSES, INC.
BALANCE SHEET
As of December 31,2004
ASSETS
CURRENT ASSETS
PETTY CASH $ 150.00
CASH IN BANK 8,245.81
OVERPAYMENT OF FICA (173.64)
ACCOUNTS RECEIVABLE 452.32
DUE FROM R&B PROPERTIES 1,200.00
INVENTORY 15,897.67
Total Current Assets 25,772.16
PROPERTY AND EQUIPMENT
BLDG. IMPROVEMENTS 11,523.13
NEW GREEHOUSE PROJECT 29,486.01
FIXTURES & EQUIPMENT 27,915.95
TRANSPORTATION EQUIPMENT 33,318.21
ACCUMULATED DEPRECIATION (57,217.64)
Net Property and Equipment 45,025.66
TOTAL ASSETS $ 70,797.82
See Accountants' Compilation Report
1
, .
SUNNY GARDEN GREENHOUSES, INC.
BALANCE SHEET
As of December 31,2004
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
ACCOUNTS PAYABLE $ 3,798.99
ACCRUED P/R TAX-FEDERAL 1,926.73
ACCRUED P/R T AX-ST ATE 847.56
ACCRUED UNEMPLOYMENT TAX 11.12
ACCRUED SALES TAX 3,933.11
M & T BANK LOC 23,540.09
NIP - VAN 4.116.25
Total Current liabilities 38,173.85
LONG-TERM LIABILITIES
NIP - VAN 5,748.55
M & T BANK 14,949.36
FORK LIFT 2,365.46
Total Long-Tenn liabilities 23,063.37
T otalLiabilities 61,237.22
STOCKHOLDERS' EQUITY
Retained Earnings 9,560.60
Total Stockholders' Equity 9,560.60
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 70,797.82
See Accountants' Compilation Report
2
.
SUNNY GARDEN GREENHOUSES, INC.
INCOME STATEMENT
For the 1 Month and 12 Months Ended December 31,2004
1 Month Ended 12 Months Ended
December 31, 2004 % December 31, 2004 %
Sales
301 - SALES $ 1,075.43 2.02 $ 306,859.30 77.48
302 - NONTAXABLE 0.00 0.00 16,304.40 4.12
303 - TAX EXEMPT SALES 4,536.65 8.53 25,287.52 6.38
304 - CHRISTMAS SALES 47,603.64 89.45 47.603.64 12.02
Total Sales 53,215.72 100.00 396,054.86 100.00
Cost of Goods Sold
401 - PURCHASES 3,603.51 6.77 29,620.28 7.48
402 - PURCHASES-FALL 221.44 0.42 4,580.66 1.16
404 - PURCHASES-PLANTS 662.95 1.25 72,743.84 18.37
405 - PURCHASES-PLASTICS 480.04 0.90 11,072.99 2.80
406-PURCHASES-SEEDS 5.536.00 10.40 9,874.52 2.49
407 - PURCHASES- CHRISTMA 16,472.24 30.95 26,687.47 6.74
408 - PURCHASES-FALL PLANT 4,374.00 8.22 5,638.10 1.42
409 - DIRT AND MULCH (99.86) (0.19) 30,038.36 7.58
410 - CHEMICALS (40.52) (0.08) 1,057.40 0.27
411 - CREDIT CARD FEES 127.89 0.24 3,737.64 0.94
412 - ROYALTY AND TAG FEES 0.00 0.00 1,584.85 0.40
415 - PAYROLL 0.00 0.00 3,560.32 0.90
Total Cost of Goods Sold 31,337.69 58.89 200,196.43 50.55
Gross Profit 21 ,878.03 41.11 195,858.43 49.45
Operating Expenses
510 - OPERATING SUPPLIES 0.00 0.00 2,366.26 0.60
512 - FREIGHT & POSTAGE 388.91 0.73 4,259.55 1.08
515 - GROSS WAGES 3,045.00 5.72 30,513.25 7.70
516 - OFFICERS WAGES 6,445.86 12.11 55,864.86 14.11
520 - RENT 890.00 1.67 10,680.00 2.70
521 - RENT SUNNY GARDENS 0.00 0.00 787.45 0.20
526 - UTILITIES 2,580.00 4.85 18,426.74 4.65
527 - UTILITIES NEW GREENH 40.23 0.08 5,065.50 1.28
529 - TELEPHONE 171.64 0.32 2,612.86 0.66
530 - REPAIRS & MAINT. 741.24 1.39 4,355.09 1.10
534 - ADV. & PROMOTION 141.00 0.26 981.62 0.25
535 - INSURANCE 2,728.07 5.13 8,696.73 2.20
536 - HEALTH INSURANCE (424.76) (0.80) 2,858.66 0.72
537 - TRAVEL & ENTERTAIN-U 200.00 0.38 200.00 0.05
538 - TRAVEL & ENTERT. LTD. 669.72 1.26 1,079.53 0.27
540 - PROPERTY TAX EXP. 0.00 0.00 3,428.94 0.87
542 - FICA EXPENSE 668.17 1.26 6,706.63 1.69
543 - UNEMPLOYMENT TAX 0.00 0.00 1,097.41 0.28
548 - PERMITS & LICENSES 0.00 0.00 135.00 0.03
549 - EDUCATION 0.00 0.00 460.00 012
550 - INTEREST 1,406.17 2.64 5,667.60 1.43
551 - INTEREST-TRUCK 33.24 0.06 429.70 011
. .
SUNNY GARO'EN GREENHOUSES, INC.
INCOME STATEMENT
For the 1 Month and 12 Months Ended December 31,2004
1 Month Ended 12 Months Ended
December 31, 2004 % December 31, 2004 %
552 - VEHICLE EXPENSE 937.85 1.76 8,151.63 2.06
555 - CORP.TAX 0.00 0.00 100.00 0.03
565 - BOOKKEEPINGlACCT EX 355.00 0.67 511.52 0.13
566 - OFFICE EXPENSE 535.54 1.01 4.830.61 1.22
575 - DEPRECIATION 9,828.00 18.47 9.828.00 2.48
Total Operating Expenses 31,380.88 58.97 190,095.14 48.00
Operating Income (Loss) (9,502.85) (17.86) 5,763.29 1.46
Net Income (Loss) $ (9,502.85J (17.86) $ 5,763.29 1.46
.. J t , .~
....
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EXHIBIT "c"
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*
,New York State, Bo'am GfRea1 Property Services
J:ti'-Sl~ (1/,)1)
NOTICEOFDETEIDillNATIONOF
BOARD OF ASSESSMENT REVIEW
For
(City, Town. Village or County)
.~~
"~~
I /J~ 7hLL 1.:1 S 7 () I Location of property if different
ro ... , 1T -=--.J than address of Complainant
I tf Name an addr~SS of Cmnplainant
The tentative assessed value of $ ~C('j / (J() n for this property:'
a. 0 has been reduced to an assessed 'value of Land $ Total $
~ has not been reduced.
, Your complaint was based upon a contention that your assessment should be changed because of the following:
~
t~51 IJ'-/ 9& 33/~
Tax map section/block/lot #
~;;;. 3.? 4c tJ)
D Assessed Valuation
D Exemption
o Classification
o Other
The Board of Assessment Review has made this determination for reasons set forth below:
Assessed Valuation
. "..-
a. The current full market value of your property was determined to be $
o (1) The proof of value you pre~ented was adequate.
~ (2) The proof of value you presented was inadequate because:
,21 i the supporting data was insufficient
D ii sales were not comparable to your property
D iii. the written appraisal was incomplete
D, iv.the income and expense statement was incomplete (income producing property)
o v. the construction cost details were incomplete.
b. The uniform. percentage of value applicable 'in this assessing unit is
D (1) The proof of assessment ratio that you presented was adequate.
D (2) The proof of assessment ratio that you presented was inadequate because: .
D i. insufficient data was used in calculating an assessment ratio
o ti. sufficient evidence was presented by the assessor to refute the
residential assessment ratio (RAR) or the State equalization rate
o ill. the State ratios are inapplicable due to a revaluation
o iv. the ratio that you presented was not the correct residential assessmen~ ratio (RAR)
o v. the rate that you presented was not the correct State equalization rate.
" . ',"."
c. The physical characteristics and inventory of your property were determined to be:
o (1) correct
o (2) incorrect.
cont.
1U'w)~ (l1i"1) 'ValuatloD (COllt.)
. c . ,
The eonect !1\ventory should indicate the.foDliwiDg:
. . . .
, '
f. ~.. ~.
, ' Exemption
The taxable useased value was detelminod to be S
CJ (1) Your request for exemption has been granted in the amount of $
CJ (2) Your request for an exemption was denied because you do not quallty for that exemption.
ClassiftcatlOIl
L The property class designation was der.enn.lned to be:
c::J (1) COI1'eCt
CJ (2) inco!I'eCt beca~:
[:] 1. the class designation should be homestead
[:J Ii. the class designation should be non-homestead
o. The prOperty class allocatlon was dewmined to be:
CJ (1) Co.ued .
CJ (2) inCOIrect because:,
the class designation should be allocatCd homestead in the amount of S
and non-homestead in the amount of $
Additional Factors
Factors in addition to or other than those llste.1 that affected the deternrlnation were:
.'-
Uyou are dtssadsfied with the ~(Jn afthe Baud of Assessment Review, you may seek
judicial review:C!f ~ ~Sment PW'SU8nt.~ Article 7 of the Real Property Tax Law (R.P1l..).
If you are the owner of a one, two or thiee [~milY-res.i&ntiiI StiUCtUIb and reskJellI SUCh residence, n
or, if you are the Owner of unimproved property which is not of sufficient size as determined by your
assessing unit to contain a one, two or three family re.c:iclM\tiAl sttucture. you may seek small claims
assessment :review pursuant to Title I-A of Article '7 of the RPTL. Petitions for jud1.claI review must be
filed within thirty (30) days of the last date allowed by law for the filing of the final assessment roll for
your assessing unit, or the published notice ot sueb filing, whichever is .later. Petition fonns for Small
Claims Assessment Review may be obtained from the County Clerk's OffiCe. ,
Vore an complaint '
~ concur
'-LJ All COncur except:
IIlIme
o against CJ abstain CJ absent
Cl against CI abstain 0 absent
~~J.-lh~A- _b
I OumDeiSon (Signature)~ O~OL'~
- Boonl of As_meiu R6view
4~?
name
j ..
-",..1' .#..
SUPREME COURT OF THE STATE OF NE~~ y~
COUNTY OF DUTCHESS ' l
"f' J' .~ ~ ,of<
,y ..
\
In the Matter of the Application of
R & B PROPERTIES, INC.
Petitioner(s),
-against -
CHRISTIAN HARKINS, AS ASSESSOR OF THE TOWN
OF WAPPINGER, and THE TOWN OF 'WAPPINGER
' ,.,
Respbudent(s}.
. ~ .
"
'0)
:;':i)' 'rr,.
Pursuant to 22NYCRR 130-1.1, the un4ersigned, an a/torf1ty'piattfiebtt/Jecdurts of New York StOte, certifies
that, upon informattonand belief and reasOft4b/p inqUiry;'jl1,e,toi1tintionscbntaiflet1:tnt/iftanrreied dOcumlnt{$) are not
' .frivolous. .
Dated: August 9, 2007
Sir/Madam: Please take.nQtice that.
'i.lJ~i')F~ . . . .
' " t1ie within is a true copy of a --'- du1y entered in the office of the clerk oftheWithm ;named court on ~,
* , ,
o NOTICE Of s'ETtLElvfENT , ":,,, ,', ~ " " .
" , an order ' of which the within is a true copy will bepresentedtb{se~~~~;tl).eHON._,oneofthe
judges of the within named court, at -'--, on _2007 at _.lit ' .
Y ours, etc.,
Dated
SALt, CALTAGIaONE & COLmfAN
Att~fi)r;Petiticner
3 CANNON STREET
POUGHKEEPSIE, NEW YORK 12601
Tel: (845) 454-2569
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