2013-33 Marrett Rd Prop Appraisal-March STM

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Karen Mullins Page 2 February 19, 2013 Summary of Facts and opinions: (a) Owner: Trustees of the Supreme Council of the Ancient Accepted Scottish Rite of Freemasonry (b) Original and Amended Date of Valuation: October 2, 2012 (c) Original Highest and Best Use: Existing instructional building and 8 residential house lots; Amended Highest and Best Use: Existing instructional building and 9 residential house lots (d) Amended Estimate of Value: $8,200,000 Summaa of Original Appraisal: On December 3, 2012 we completed an appraisal report of the above referenced property with an effective date of value of October 2, 2012. The value reported in the original appraisal is as follows: SEVEN MILLION SIX HUNDRED SEVENTY THOUSAND DOLLARS $7,670,000 Changes from the original to new appraisal conclusions: The original appraisal report was based on a land area of 10.3+/- acres. A small parcel of land known as the `pine grove' has been removed from the subject property, bringing the area appraised to 9.98 acres. The parcel's frontage is unaffected. The pine grove area consists of level ground with a small stand of pine trees and driveways to the front and rear of the principal improvements. In the original report, it was assumed that the parcel would have access via and easement over other land controlled by the owner to these driveways. Access over these driveways is similarly assumed. The value conclusion in the original appraisal report was based on a conceptual development study prepared by GCG Associates, Inc. which showed the improved lot and 8 potential residential building lots. GCG has revised this plan to show that 9 residential house lots are possible with the elimination of a detention pond. The length of road required to construct the cul-de-sac shown is unchanged. The lot areas, including the area associated with the institutional building changed slightly, but none of the changes had a material effect on the value of the various lots. The Lexington Planning Department has deemed this revision of the plan to be reasonable. The Real Estate Appraisal and Consulting ]Foster Company