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Redevelopment Plan - FinalREDEVELOPMENT AREA PLAN SHERWOOD MILL PROPERTIES REDEVELOPMENT PROJECT TOWN OF BERLIN, CONNECTICUT BERLIN REDEVELOPMENT AGENCY Approved: November 8, 2008 TABLE OF CONTENTS A. INTRODUCTION Page 3- 4 B. OBJECTIVES Page 4 C. PROJECT AREA DESCRIPTION Page 4- 12 D. PUBLIC PURPOSE ACTIVITIES Page 12 E. REDEVELOPMENT REQUIREMENTS Page 13 F. DISPLACEMENT Page 13 G. FINANCING ACTIVITIES Page 13-15 H. STATE AND LOCAL REQUIREMENTS Page 15 I. DURATION OF APPROVED PLAN Page 15 J. SEVERABILITY Page 15-16 K. AMENDMENT OF APPROVED REDEVELOPMENT PLAN Page 16 L. LIST OF ATTACHMENTS Page 16 2 REDEVELOPMENT AREA PLAN SHERWOOD MILL PROPERTIES PROJECT TOWN OF BERLIN, CT A. INTRODUCTION Redevelopment of the Sherwood Tool complex is a challenge for the Town of Berlin. The property is an island of historic industrial property use in the middle of a residential area. The primary building on the property is a century old mill with distinctive architectural features that make it a local landmark. The property can also be described as a deteriorated, abandoned and unsightly factory that is also a brownfields site since it has also been documented to contain environmental contamination that requires remediation. The Town's goal is to help stimulate the transformation of this large vacant mill and industrial complex in a residential neighborhood into high quality residences in a manner that respects the surrounding neighborhoods, mitigates environmental conditions and restores the historic character of the mill buildings. Further the objective is to achieve this mission before the mill is damaged by a fire or other calamity that creates a hazard to the neighborhood and makes it more difficult to restore the landmark buildings. Drastic deterioration and vandalism is a serious concern. With a large unoccupied structure, many out buildings and access from the rear possible by stealth, the property must be considered an attractive nuisance until it is redeveloped. The Town ordered the building boarded up as soon as it became vacant. The previous owner started by boarding up windows on the first floor. Vandals continued to break into the building and shoot out windows on the upper floors. When the Police Department and Fire Marshal entered the building in response to vandalism there was evidence that small fires had been set. Neighbors c~lled the Town on a regular basis to complain about the activity of vandals because of a concern about crime in the neighborhood and a concern of the potential calamity if the building caught fire. Then many additional windows in the building were boarded up and other security measures were taken. Overt evidence of vandalism declined but break ins continued. The building will not be secure and the neighborhood threat will not be eliminated until the building is redeveloped. All of the problems associated with the vacant mill will exist day to day regardless of market conditions, changes in government redevelopment assistance programs, changes in environmental standards and other conditions beyond the control of the Town and the property owner/redeveloper. Clearly the current economic crisis will make the redevelopment more difficult. The key factor within the Town's control is to act affirmatively through the redevelopment plan to provide incentives for brownfields clean up to support the redevelopment of the Sherwood Mill. The Plan of Conservation and Development for the Town of Berlin, adopted by the Planning and Zoning Commission in July 2003, calls for preserving the integrity of existing neighborhoods and the physical and architectural characteristics of historic sites. Goal #2, Policy C on Page II-3 of the Plan specifically references the "Main Street complex by Paper Goods 3 Pond" as a historic industrial structure that is a key feature of the Town's cultural landscape. Goal #2 Policy D on Page II-4 states that the Town should encourage development in areas of existing infrastructure. Goal #3, Page II-9 of the Plan states that the Town should, "find ways to utilize sites that have already been subject to development in the past ... encouraging infill development and brownfields sites." In addition, section IV A Commercial and Industrial Development of the Plan does not identify this area as"Targeted Development Site" for purposes of future economic development so its conversion to housing is acceptable under Plan. Thus the redevelopment and restoration of the historic aspects of the building are in keeping with the Town's plan. Since the Mill is multi-story and not configured for modern industrial use and in an otherwise completely residential neighborhood, the redevelopment of the Sherwood Mill Properties into market rate residential condominiums represents a strategic opportunity for the Town of Berlin to implement the goals of its Plan of Conservation and Development. To achieve this objective, the Town of Berlin shall undertake the redevelopment actions specified in this Plan, pursuant to the powers granted to it under Chapter 130 of the Connecticut General Statutes. B. OBJECTIVES OF THE PLAN The primary objectives of the Plan for the redevelopment of the Project Area are to: 1. Eliminate an unsafe and blighting condition caused by the presence of the vacant Sherwood Mill in a residential neighborhood. 2. Stop the deterioration of existing structures and site. 3. Create new, market-rate residential units in Berlin; 4. Preserve the physical and architectural characteristics of the historic factory building in the area; Eliminate hazardous environmental conditions in the Project Area and stop the migration of contaminants off site by leaching into the brook that flows into Town property ; and 6. Reinforce and stimulate additional development in Berlin. C. PROJECT AREA DESCRIPTION 1. Boundarv Description. The Project Area is located within the Town of Berlin, County of Hartford, and State of Connecticut. The Project Area shall consist of the real property known as the Sherwood Mill properties, located at 1 Main Street (Map 8-4, Block 40, Lot 1) 0 Maple Street (Map 8-4, Block 4 40, Lot 7) & 10 Main Street (Map 8-4, Block 54, Lot 1) in the Kensington section of Berlin. This area contains approximately 7 acres and is legally described in Schedule A(Attachment 1). The boundaries of the Redevelopment Project Area are also delineated on the Project Area Map (Attachment 2). The Town of Berlin reserves the right to modify the boundaries of the Project Area at sorne future date. Any amendments to the Plan will be completed in accordance with Chapter 130 of the Connecticut General Statutes. 2. Present Use, Tvpe and Conditions of Structures and Site. The Project Area consists of three parcels and contains one principal and multiple accessory structures. The principal Sherwood Mill structure on the portion of the site south of Main Street is a 1-4 story historic brick industrial building (built in 1893 - 1914) containing approximately 106,000 square feet and located at 10 Main Street. The Sherwood Mill complex accessory buildings consist of a large concrete warehouse structure of 29,872 square feet at 1 Main Street and four smaller ancillary buildings that are part of the south portion of the Sherwood Mill complex at 10 Main Street. Significantly more than 20% of the buildings in the project area are "deteriorated" or "deteriorating" with respect to a redevelopment area in that the buildings contain one or more building deficiencies or environmental deficiencies, including, but not limited to: (A) Defects that warrant clearance; (B) conditions from a defect that are not correctable by normal maintenance; (C) extensive minor defects that collectively have a negative effect on the surrounding area; (D) inadequate original construction or subsequent alterations; (E) inadequate or unsafe plumbing, heating or electrical facilities; (F) overcrowding or improper location of structures on land; (G) excessive density of dwelling units; (H) conversion of incompatible types of uses, such as conversion of a structure located near family dwelling units to rooming houses; (I) obsolete building types, such as large residences or other buildings which because of lack of use or maintenance have a blighting influence; (J) detrimental land uses or conditions, such as incompatible uses, structures in mixed use, or adverse influences from noise, smoke or fumes; (K) unsafe, congested, poorly designed, or otherwise deficient streets; (L) inadequate public utilities or community facilities that contribute to unsatisfactory living conditions or economic decline; or (M) other equally significant building deficiencies or environmental deficiencies. 5 Buildinq Condition Assessment Chart 10 Main 10 Main 10 Main 10 Main Street, Street, Street, 10 Main Street, Street, Buildings Buildings Buildings 1 Main Condition Factor Buildings 1-6 Buildings 8 13 17 18 Street Defects that Warrant Clearance no yes yes no yes yes Defects not Correctable by maintenance yes yes yes yes yes yes Extensive Minor Defects yes yes yes yes yes es Y Inadequate Construction no yes yes no yes no Inadequate/unsafe plumbing, heating electrical yes yes yes yes yes yes Overcrowding/Improper Location N/A N/A N/A N/A N/A N/A Blighting buildings due to Obsolete Building Types yes yes yes yes yes yes Detrimental Land Uses yes yes yes yes yes yes Other significant deficiencies including environmental deficiencies yes yes yes yes yes yes Buildinq Condition Summarv Chart Building Square Footage Identification Square Footage Deteriorated Deteriorated 10 Main Street, Buildings 1-6 106,000 yes 106,000 10 Main Street, Buildings 8 1,595 yes 1,595 10 Main Street, Buildings 13 9,600 Yes 9,600 10 Main Street, Buildings 17 2,292 Yes 2,292 10 Main Street, Buildings 18 9,000 yes 1 Main Street 29,872 no Total 158,359 119,487 Percent of Total Deteriorated ~So~o 6 From the late 1800's, the Sherwood Tool properties were occupied by manufacturing operations that were among the leading employers in the community. Sherwood Tool and its sister company Sherri-Cup occupied the property from the early 1960's using the plants for the manufacture of paper cups and lids and for manufacturing cup making equipment. In the mid 1980's the bulk of the cup making operation was relocated within Town to a new 100,000 square foot facility on Old Brickyard Lane. In the late 1990's Sherri-cup and Sherwood Tool businesses were sold to Sweetheart Cup. Sweetheart Cup continued to operate the Berlin facilities until it sold the business to Solo Cup in 2004. Solo closed its operations at the site during December of 2004 and January of 2005. Therefore the site has been vacant for over 3 1/2 years. The principal Sherwood Mill structure is in a deteriorating condition. It has been unheated and without adequate bathroom facilities for more than three years, Leaks have developed in the roof and windows and supporting casements require replacement. The structure contains a significant amount of asbestos and lead paint. The principal Sherwood Mill structure is also inefficient for modern industrial use because it is multi-story, narrow and has close column spacing. The building's condition is far beyond correction through normal maintenance. The exterior appearance of the structure highlights its need of major refurbishment and detracts from the surrounding neighborhood. The largest accessory building on the south portion of the Sherwood Mill complex at 10 Main Street is a 9,600 square foot old metal warehouse has a peaked roof. This structure is beyond its useful life, has pealing paint and is not properly located on the land because it is 6 (six) feet from the house at 80 Main Street, close enough to cast a shadow. This out building needs to be torn down. The Sherwood Mill complex accessory buildings structures on the north side of the site at 1 Main Street are in good condition but they are surrounded by single family residences and the former industrial use is no longer in keeping with the land use for the area. The configuration of the Sherwood Mill is a significant obstacle for continued warehouse or manufacturing use. The Mill was built in sections and building 1-6, 8, 9, 13, and 17 still stand. In general the buildings are four (4) stories in height with the bottom floor partially below grade on the north side. Buildings are long and narrow with close column spacing and limited ceiling heights. Column spacing ranges from eight (8) to twelve (12) feet. Vertical movement of goods within the building is accomplished by two (2) banks of freight elevators located on the south side of the building. The heating, ventilating and air conditioning systems that exist in the buildings are not up to modern efficiency standards. Approximately six hundred (600) old energy inefficient windows (such as are still in place) further challenge the energy efficiency of the complex for manufacturing or warehouse use. Together, the multi-floors, narrow floor plates, limited capacity and inefficiency for vertical goods movement, energy inefficiency and tight column spacing combine to make the facility functionally obsolete for continued manufacturing or warehouse use. The parking lot pavement is broken or absent in most locations. The accessory buildings are also deteriorated and not viable for reuse (except for one wood frame building that will be restored as meeting and exercise facilities for the condominium residents). Another concern is the presence of rodents and the potential for the proliferation of rodents on the site. The Planning and Zoning Commission has placed a condition on its approval of the site that rodent control be done prior to disturbance of the site (in the construction process). Environmental assessments of the site have determined that soil under a substantial portion of the 10 Main Street property is contaminated with hazardous substances. The significance of the environmental contamination of the site as an impediment to redevelopment cannot be overemphasized. Although the property was for sale from the time that it was vacated in January 2005 and the previous owner knew that the site may have environmental contamination it took nearly two years after the site was vacated for a Phase II Environmental Site Assessment to be completed. It is unrealistic to expect that a buyer could be found for the property if the extent of contamination was unknown. The proposed redeveloper CIL Development of Kensington, Inc has stepped up at significant cost hired Fuss and O'Neill, Inc. to do the further environmental investigations needed to understand the environmental conditions of the site and the likely clean up cost. These investigations are still being reviewed by the Department of Environmental Protection so there is no guarantee that added investigations will not be need. In fact the Town of Berlin itself experienced a situation in which it bought a property thinking that it was clean and DEP subsequently rejected the Form filing and ECAF thus requiring years of added investigation and clean up at significant cost (Reference "Newman Property" - Berlin Turnpike next to Sage Park). 'To summarize the environmental investigations to date, 23 Areas of Concern (AOC's) were identified on the properties and assessed. Based on the results of Phase III investigations, 16 AOC's complied with the Remedial Standard Regulations (RSR's) of the Connecticut Department of Environmental Protection (DEP) and required no further action. Releases at seven AOC's required additional action and/ or remediation to achieve compliance. The specific conditions requiring remediation at each AOC are summarized below: • AOC 2: Stained Floors in Buildings Impacted soil beneath Buildings 2, 3 and 4 exceeds the residential direct exposure criteria and GA pollutant mobility criteria for ETPH, polynuclear aromatic hydrocarbons, and lead. ~ AOC 4: Former Waste Oil UST, Building 16 Soil at this AOC complies with applicable RSR criteria; however, groundwater down gradient from AOC 4 does not comply with the groundwater protection criteria for chlorinated VOC's. In addition, sufficient monitoring has not been conducted to demonstrate compliance with the groundwater volatilization criteria and surface water protection criteria. • AOC 7A: Pad- Mounted Transformer, Building 16 8 Concentrations of ETPH released from the transformer (owned by CL&P) exceed the residential direct exposure criteria and GA pollutant mobility criteria. PCB's were also detected at concentrations less than applicable criteria. • AOC 7B: Loading Docks PCB's in surficial soil at loading bay 7B-3, located on the south side of Building 4, exceed the residential direct exposure criteria and GA pollutant mobility criteria. Most, if not all, of the release area is located under the concrete floor of the loading bay addition. • AOC 7D Catch Basins and Yard Drains No releases to soil from site catch basins and yard drains have been identified; however, elevated concentrations of constituents of concern (ATPH, PAH's VOC's and metals) were detected in sediment in the catch basins. • AOC 16: Filled Area (also included AOC's 13 and 17) Fill at the site exceeds the residential direct exposure criteria and the GA pollutant mobility criteria for ETPH, PAH's, and metals. • AOC 20.• Area South of the Mattabessett River Arsenic, lead and PAH's in shallow soil( top two to four feet) south of the Mattabessett River exceed the residential direct exposure criteria. The exceedences are associated with fill that consists solely of coal and ash; therefore, the GA PMC do not apply. After defining the pollution on the site Fuss and O'Neill, Inc. proceeded to develop a remedial approach. The objective of the proposed remediation is to bring soil and groundwater at the site into compliance with the RSR's in order to facilitate residential development of the site. To achieve that objective and address the concerns associated with the seven AOC's discussed in section 4.0, Fuss and O'Neill has developed a remedial approach that includes the following elements: • Engineered Control and ELUR- A combination of engineered control and ELUR are proposed to address fill at AOC's 16 and 20 as well as releases beneath the floors AOC 2 • Natural Attenuation of Groundwater- Detected VOC compounds and trends in groundwater VOC concentrations at AOC 4 are an indication that natural attenuation will be effective in remediating groundwater • Small-Scale Removal of Impacted Media- Minor soil/ sediment removal is recommended to address/ prevent releases at AOC's 7A ( Pad Mounted Transformer at Building 16), 7B (Loading Docks) and 7D ( Catch Basins and Yard Drains) • In order to address fill that exceeds the residential direct exposure criteria and the GA pollutant mobility criteria, Fuss & O'Neill conducted a remedial alternatives analysis. The analysis concluded that the construction of an engineered control and recording of an ELUR are the most technically and financially feasible remedial alternative. Because proposed revisions to the RSR's could result in changed to how compliance with pollutant mobility criteria is demonstrated, two remedial scenarios that employ a combination of engineered control and ELUR were developed. Both scenarios addressed impacted fill (AOC's 16 and 20 ) and releases beneath the buildings at 10 Main Street ( 9 AOC 2). Once the RSR's are revised, a decision will be made regarding which approach is more appropriate. The expected cost of remediation is $2.46 million dollars. This large clean up cost is a major obstacle to redevelopment and long vacant mills throughout Connecticut are clear evidence that government intervention is an important factor that can help overcome market obstacles to stimulate the redevelopment of mill sites such as this. In addition, the contamination poses a potential health risk to the surrounding residential neighborhood. State and local governments in Connecticut recognize that abandoned mills present a significant risk of fire and further environmental contamination. The Connecticut DEP maintains an inventory of mills in part so that it will be positioned to respond to help protect life and safety of firefighters and residents and the environment in the event of a fire. Dramatic and catastrophic mill fires in Plainfield and Sprague dramatically illustrate this risk. For example, the Baltic Mill fire involved a 16.5 acre site located on the northeast bank of the Shetucket River within the town of Sprague. The Baltic Mill is listed on the National Register of Historic Places. The Mill site was developed starting in 1890. The site was used for cotton and dye houses from inception to closing of the textile operations in 1950. Subsequent to 1950 the property was used for storage and small boat construction. 75% of the complex was destroyed by a major fire in 1999. The primary remaining structure on the site is a concrete slab on grade building of 56,000 square foot known as the "number 10 Addition" circa 1915. This four story granite walled structure has wood floors and wood and metal support beams and structures are located at the eastern end of the former Mill complex (main portion of the site). The building is about 200 feet long and 80 feet wide with no basement. As a result of the fire the roof has largely caved in and none of the wood floors axe structurally sound. Significant environmental clean up of the site occurred subsequent to the fire. EPA did an emergency clean up of the site subsequent to the fire and then followed up with $2.3 million in additional clean up of the site between 9/00 and 5/O1. Post fire clean up included demolition and removal of a 550 gallon above ground storage tank. The Town is currently working with the United States Environmental Protection Agency to abate asbestos containing materials in the number 10 addition. In summary more than eight years later and after a multi-million dollar public investment in site investigation and clean up the Baltic Mill site is still not fully investigated or remediated and an unsafe building shell stands in the center of an overgrown fenced site in the center of Baltic Village. Berlin needs to act through the redevelopment plan to avoid a similar catastrophe at the Sherwood Mill. 3. Present and Proposed Land Use and Zoni~. The Project Area is currently vacant and unused, and has been for over 3%z years. The last use of the property was for manufacturing purposes. The Project Area is zoned GI, General Industry in keeping with its historic use. The boundaries of the redevelopment area are coterminous with the boundaries of GI zone. As stated the project area is surrounded by single family residential uses and zones. Under the provisions of Section XI D of Town of Berlin Zoning Regulations, certain existing industrial and educational buildings (including the subject properties) may be converted to other uses including residential uses. Section XI D of the Zoning 10 Regulations was most recently amended by the Planning and Zoning Commission on January 10, 2008. No further amendments to the zoning regulations are proposed in this redevelopment plan. The proposed zoning for the property is GI. The proposed land use is for the conversion of the former industrial complex to residential use as provided in Section XI D of the Zoning Regulations. The land use is to be in accordance with the plan for the project area as proved by the Planning and Zoning Commission for the development of 72 residential condominiums in the historic factory and 14 townhouse condominiums on the adjacent land (June 26, 2008 Planning and Zoning approval). From the date that the leases expired on the Sherwood Mill buildings in January of 2005 the Town worked cooperatively with the former owner, Sherwood Properties LTD to market the properties for sale. The Town's goal was to transform this large vacant mill and industrial complex in a residential neighborhood into high quality residences in a manner that respects the surrounding neighborhoods, mitigates environmental conditions and restores the historic character of the mill buildings. Further the goal was to achieve this mission before the mill is damaged by a fire or other calamity that creates a hazard to the neighborhood and makes it more diff cult to restore the landmark buildings. It was important that the property be redevelopment as part of a unified master plan rather than having the mill renovated and the small island of one story industrial buildings remain. The restoration of most mill properties are difficult due to the cost of renovation and conversion to bring the buildings up to current standards and codes as well as by the cost of environmental clean up. Many Towns in Connecticut have been challenged by the redevelopment of vacant mills that are a remnant of the State's original manaufacturing activities. Often these properties are at strategic locations in the community and they have a distinct architectural style that becomes representative of the Town or borough in which they are located. The Town of Berlin is trying to learn from the experiences of other Connecticut Towns that have long suffered with vacant mills that became more difficult to redevelop over time as their physical condition deteriorated either gradually or dramatically (as a result of fire or vandalism). For these reasons the Town is trying to be proactive to encourage the reuse of the Sherwood Tool property before its condition further deteriorates and it causes neighboring properties to decline. Each mill redevelopment project presents unique conditions and challenges. The Sherwood Tool properties are located in a area of modest older residential properties generally in good repair. The sites south of Main Street sites are adjacent to Town properties. Although the mill property is encumbered by environmental contamination, the adjacent one story buildings on a separate lot are less contaminated and as such could be resold for manufacturing use. Given the residential character of the surrounding area it does not make sense to the Town to have the Mill site converted to housing and to have the remaining site of less than two acres stay as a island of general (heavy) industry use in the midst of the residential neighborhood. 'I'herefore the Town encouraged the previous property owner Sherwood Properties LTD to sell the properties together as a package to allow the redevelopment to occur within a master plan for housing use. Fortunately Sherwood Properties agreed to sell the properties as a whole to CIL and at a price of $1 million that they could have obtained for the one story structure alone. 11 CIL entered into a purchase and sale agreement with Sherwood Properties LTD in June 2007. The Town has been working with CIL on the project since CIL placed the property under contract. From the beginning CIL was engaged with the Town in an active dialogue to work toward the rapid redevelopment of the property in order to eliminate the blight and attractive nuisance of a large vacant mill building and industrial complex in a residential area. As CIL worked through its approvals and environmental due diligence it kept the Town abreast of the status of the proj ect and findings related to due diligence. CIL has a proven track record of success in mill restoration and other types of housing development. Also, CIL's fundamental mission is to provide housing to persons with disabilities so the Corporation has a mission with a strong public purpose. The Town perceives that CIL is a good development partner because of its core mission and philosophy. Perhaps more important than these qualities was CIL's willingness to invest significant sums (to date CIL investments total $1.2 million) during its due diligence process in order to further investigate the environmental condition of the site, develop remedial action plans and cost estimates and secure local approvals required for the housin~ project. CIL's willingness to invest in the project avoided a potential impasse and possible years of delay because the property owner may not have been willing to make the full investment needed to quantify the environmental remediation costs. 4. Properties to be Acquired No properties are proposed to be acquired as a result of the plan. The Town would provide financial assistance to a developer to undertake the project but the developer will be responsible for assembly of the site. 5. Location of Streets and Utilities. The Project Area is located on both sides of Main Street at its origin at the intersection of Harris Street and Percival Avenue. The redevelopment plan does not propose any new or reconfigured streets. The Proj ect Area is served by the Kensington Fire District sewer and water mains. The sanitary sewer line and the water main are located along Main Street and serve both sides of the street. Electric power and natural gas are also available along Main Street. No off site utility improvements are proposed as part of the redevelopment plan. All on site utilities will be upgraded and reconstructed as part of the redevelopment project. D. PUBLIC PURPOSE ACTIVITIES To meet the objectives of this Plan, the Town of Berlin is prepared to initiate and support redevelopment of the Project Area through, among other things, the following public purpose activities: 12 1. Grants to qualified developers for purposes of remediating environmental conditions in the Project Area in accordance with a remediation plan approved by the Connecticut Department of Environmental Protection; and 2. Enforcement of applicable local, state and federal laws, statutes and regulations. All public purpose activities shall be conditioned upon and shall meet the restrictions and limitations placed upon the Project Area by the Plan. Further, the provisions of agreements related to the financial assistance to the project redeveloper will be structured to provide reasonable assurance that the environmental clean up and redevelopment project will be completed. If agreements acceptable to the Town cannot be negotiated, no financial assistance will be provided. Provision of financial assistance to the project is also conditioned on the approval of bonds to be issued for this purpose. E. REDEVELOPMENT REQUIREMENTS The land use and planning and design criteria set forth herein shall apply to any and all Project Area properties the redevelopment of which is assisted by the Town through any of the public purpose activities listed above. 1. Land Use The intent of this Plan is to promote the redevelopment of the Project Area for an eighty- six unit residential condominium development. All uses shall be regulated by the Special Permit and Site Plan approved by the Town Planning and Zoning Commission for the property on June 6, 2008 and any amendment thereto. 2. PlanninQ and Desi~n Criteria The planning and design criteria to be used to guide the physical redevelopment of the Project Area are those standards and guidelines contained within the approved Special Permit and Site Plan, the Town of Berlin Zoning Ordinances and other applicable local, state and federal statutes and ordinances. F. DISPLACEMENT No households or businesses will be displaced. G. FINANCING ACTIVITIES To meet the objectives of this Plan and to encourage the redevelopment of the Project Area and private investment therein, the Town of Berlin is prepared to provide financial assistance to qualified developers through the making of grants and through the use of tax increment financing under Chapter 130 of the Connecticut General Statutes or the issuance of general obligation bonds and notes. Such assistance would be provided to offset a portion of the cost of the remediation of the properties in order to help make the proposed redevelopment 13 financially viable. It is the Town's plan to work with the present owner af the site CIL Development of Kensington, Inc. to assist the redevelopment of the property in accordance with this Plan. CIL Development of Kensington, Inc. is a for profit subsidiary of Corporation for Independent Living (CIL). CIL Development of Kensington, Inc./CIL has retained Fuss and O'Neill, Inc. as its environmental consultant for the project. Fuss & O'Neill, Inc. prepared a Phase III Environmental Site Assessment for the property and a Form III filing and Environmental Condition Assessment Form (ECAF) pursuant to the Connecticut Transfer Act. CIL Development of Kensington, Inc was designated the responsible party for the site remediation pursuant to the Form III filing. Fuss & O'Neill, Inc. has also developed a Remedial Action Plan and a request for an Engineered Control Variance Request (ECVR) for the site to the Connecticut Department of Environmental Protection. Review of these filings is pending. As it evalauted the financial feasibility of the project CIL relied on its considerable experience to estimate construction costs and soft costs and it retained the firm of Fuss and O'Neill to develop the plan and cost estimates for the needed environmental remediation. Now that it has the remedial cost estimate, CIL has prepared its project pro forma to incorporate these costs and to reflect the changing housing market. Fortunately the Berlin housing market remains relatively stronger than some other Towns. There is a limited supply of condo units in Berlin that are not age restricted and little competition that can match the planned price and affordability of the Sherwood Tool units. The total cost of the redevelopment project is estimated at $18.7 million, including $2.46 million for the environmental remediation of the site. The developer proposes funding 55% ($1.36 million) of the remediation costs and has requested public assistance for the remaining 45% ($l.l million). On the funding sources side CIL is projecting a private construction financing component (CIL is working on construction financing proposals with several banks) and $2,700,000 is expected to be derived from the State Histaric Structures Ta~c Credit Program. Project revenue will consist primarily of condominium sales proceeds of $18,568,000. A project pro forma is attached. The conclusion of CIL's financial analysis is that there is a funding gap of~ $1.1 million that needs to be closed to make the project financially feasibile for CIL to develop at this time. The 'Town has applied for a grant to fund half of the proposed funding gap through the State of Connecticut Brownfields Pilot program. The Redevelopment plan proposes that the Town issue general obligation bonds of between $550,000 and $1.1 million (pending action on the State Brownfields Pilot Grant) to assist CIL with the brownfields remediation portion of the project. The Town of Berlin is prepared to utilize tax increment financing for a portion of the cost of environmental remediation of the site as a means of financing eligible costs incurred to implement the Public Purpose Activities identified in Part D of this Plan. Bonds or notes may be issued by the Town under the authority of the Connecticut General Statutes (tax increment revenue bonds) or (general obligation bonds). The initial public investment required to generate new private investment wi ll ultimately increase the taxable value of the Project Area well beyond its existing base value. The projected 14 mcrease in assessment resulting from the project is expected to result in a long-t:erm payback in overall tax revenue for the Town significantly in excess of the costs of the public financing for financial assistance to the project. Following is an estimate of the budget require Activities of this Plan (the environmental remediation redevelopment): Environmental F~mediation Q~sts: 6ivironmental Testing Asbestos F'~mediation Lead Paint Abatement Sbil Remediation Total F~mediation Costs R-oposed Fi nana ng: $ 375,000 197,000 25,000 1,863,000 $ 2,460,000 R.~blic PUrpose Q-ant from Town of Berlin $ 550,000 R~blic Purpose C~ant from DE~" 550,000 $ 1,100,000 Developer Equity 1 360 000 , , Total Fnanang ~ 2,q,~p,ppp ~~ * Applied for by the Town of Berlin. In the event the DECD grant is not approved, the Town of Berlin will be requested to fund $1,100,000 of the site remediation costs. The Redevelopment Plan proposes that the Town issue general obligation bonds of between $550,000 and $1.1 million (pending action on the State Brownfields Pilot Grant) to assist CIL with the brownfields remediation portion of the project. The grant for environmental remediation proposed for this project shall be made to a qualified developer in accordance with a redevelopment project grant agreement ta be approved by the Berlin Town Council. This agreement shall contain the terms and conditions under which funds will be released to the developer to ensure that the objectives of this Plan are achieved and that the site is remediated in accordance with federal, state and local law. H. STATE AND LOCAL REQUIREMENTS All provisions necessary to conform to state and local laws have been satisfied by the Town of Berlin in the implementation of this Plan and its supporting documents. I. DURATION OF APPROVED REDEVELOPMENT PLAN This Plan shall continue in effect until terminated by the Town Council. d to implement the Public Purpose of the site to prepare the site for 15 The Redevelopment Requirements established herein, or as amended from time to time by the Town of Berlin Zoning Ordinances, shall remain in effect in perpetuity. J. SEVERABILITY In the event one or more provisions contained in this Plan shall be held for any reason to be invalid, illegal, unauthorized or unenforceable in any respect, such invalidity, illegality, lack of authorization or unenforceable in any respect, such invalidity, illegality, lack of authorization or unenforceability shall not affect any other provision of this Plan and this Redevelopment Plan shall be construed and implemented as if such provision had never been contained herein. K. AMENDMENT OF APPROVED REDEVELOPMENT PLAN This Plan may be amended from time to time. Any such amendment shall conform to the requirements of Chapter 130 of the Connecticut General Statutes. Any change effecting any property or contractual right can be effectuated only in accordance with applicable State and local law. L. ATTACHMENTS 1. Schedule A- Legal Description of Project Area 2. Redevelopment Project Area Map (Boundary Survey) 3. Layout Plan of proposed redevelopment, CS 102, North Side. 4. Layout Plan ofproposed redevelopment, CS 101, South Side. 5. Proposed Redevelopment Plan and Remediation Areas. 6. Assessor's Cards 7. Photos 8. Financial Analysis 16 SCHEDULE A ~ A.II #~c~ ~.r*.a:~ pi~ ar Pa.r'crs of "3a-r~, foge~e-~ s~h the bv~1~ aa~ ~apro~+~fs the.nur, ,~at.~, in ~asi~giaa, 'Tas~n c~ Ber~ia.~Covatp of Hattfor3, S+`a~.: af Ca~n~~t ~o~ an a ms~ ~iiied ~3~Yap Seo~g ~ra~y cf ~ood Pro~r~s 'Luai#~3 F~*ta~xs~*'z~ Pro~es ~o*,an as Lcts 1 a~d 7/81~:3t ~40 s~d I,ot L31ac3c 5d ~q:r ' ~~ F~iia. Camme~` c~~ I3ec,~e.~ I7, 1957 Sc~?e 1'= ~}' ~g~d b~ i~~ ~ n'R; T~+c. and ta be n~m-dd o~ t~e B2riin 7ad R~onis, said i~ttt3s beiag ~az~ aarr;r~~~~y ~crY"Fred as foLows: r'~t.ST PIE~~ Q.ot ~inc3z 5d~ ~'r,czam..~*+~;~ st a pa~f ~ th~ saa~~iy li~- csf ~~.m Stre~, ~tat~ R~.- fi, s$iri .'+ beiag tIte aortheasrt~siy cax~.er of tae pr~is~s hex~ia desaioed; thc~c,- rs~ing c OI' Sg~ 2.1° T~Y, far a. d~~aa~ ,3f Z75.00 f~t to a~,'r*; Lh~ tzsaiag aad ~"~ S 87° 1S' G'7' E, for a di~ta~c: at 59.18 ie~ ta a~ait~ thea~ hu~iag and zvmnin.g S~° r.," ~$° W, far a dis.a~ of SI.dZ f~t to a paiat; t~ tz~f~ and ~mg N i0° L' SZ' W, f~r z dista~~ of 12 C~ f~.-t tn a pca~t; t~mce larniag and runz~m.g S 04' ZO' Lr" W, for a +~sta~.~ af 6233 f`e*_ io a pciat; then~ tmD.L~y aad iua~i~ S Z~° 33' 3S" W, fflr a dista.~ ni 50.00 f~ to a poi~ th~~ #urx~ing ar.d ns~,g N 43° 43' 35" W, ~nr a di ~r.~-. gf i~7.~ f~ f,a a}~oiat; t~~aa ?na aa.d r~g N~8° 15' d;' W, [c~r a 3it.a~cx oi 3Z$.40 f~ t~ a pai,a#; t3~e~~ zvsa.i~ Pt 6S° Z3' ~° W, far a d'ista~+rt ai ~33 feet ta s pefat; taea~ ruaniag ii SO' 2T fl~" ~, far a d"~ta~~ ci ~9~ f~ ta a pairL; taea~ ~ aad ra~rsfng N Z7° 33' ~" .~., for a dsst~~ce of 135.51 ~~.~ to a oviat; ~eu~ ta~iag and rannin~ ~ IT Z7' ~'" W, for z a`~a of 33.14 i~t to a goi~t ia t~e e~si..,~y li~ v: Pr,.i~al Aye~e; t}.iegsx tuzniag an3 ~n~ R 33° 5~' Z3" F., slong t~ e~rt~riy ~ et P~~ai ~~a, tas a~-~ af 31.3I fe~ to a moa~m,-at; t~+~ turning a~.t =-~,~ PI 61' 1S' 4T' E, aio~; a~e caaa~g f3sz tasi~•iT liae ol P~i~.l A~~m.e ~ ti~e s~th~ ~ c~t ~~ ~tr~t, ~nr a d~~ of ~Z.~7 te-.: ta s moaame~ :~arr.~ turs.;ss~ aad raaai,ag S°„i' OS' QZ' E, alua~ t~.e soather~ lme a[ Maia Sh~, for a~a~ oi 369.69 feet to a moanmeat; ~,~t ~~*~*~+++~~ siaag tha 6out~a~ lin~ ot 16~fafa 3ix~i, S g5° 5~' Q6' E, far s di~taaca o~ L3I.35 f~t to a mcn~ t~pn~`O ~~.tang t~e sau~h~ ~ oF ~iain 5`ts~t, S 87° Od' 16° E, fvr a d3sta.3ct oi IEa39 fert ta tlte paiat a~d pla.c of begianiag. SECt3~ Fi~:G~ (Lot 1Bicc3c 44) ['~,~,~g at a poiat max~' 'a.~ ~e fat.,ss~i.oa af ta.e eastrri~ ~ne o~' Harrss ~ x~ ta~ sot~eriy fiae af Hoi~~, sai.d poiat be'sag tae nox~t~i~~ip raz3er of t~ p~ ~S~ des~es~ ihr.saee rnnnfag S 86• ZZ' 3b° F., aiang fhe acather~ ~ae aY H~tci~.~s Str~t, for a~ta~ of 134.99 fert to a~ 'saa Frilcrt, th~ce t~rmn~ and rmmiag S 0'1° t35' d6" W, far a dist~ace of 124.7o feet to aa iraa gige; thea~ riu~ag aad ru~n,a S~3 ° 33' 34= ~, for a~z af ISt).33 fwt to ~t fro~ Fi~se; thtxtcx tnxr~iag and tsaufn.g S 47° 3~' SCHEDULE A - (continuedl U5' ~, Icr a di~arsx ef 134.71 F~: ta r.n, iraa nipe; then~ rsa~i.ng c],9° 3a' 16° R, fcr a d~s`.$a~ nP I14.33 f~* to a pamx ia t~: nortaer'~ 3i.a~ ci'.4Sai~ ~*.; t~~ ~„~-,..~ ~a~ - : a~aiag ri &3 ° 3S' 38" -~"r, alcag t~e n.~.beriy ~".L*~. af A~~t ,.~'tr~.t., far t a'es~~ a~t 7°0.0~ fc_t to : mo~'~ ~it~ r~iag 2ti 58 ° Od' 01" ~, aIa:xv a~ coan~g ~ nart~~~,~ ~ liae ct 1'dafa 5`~°.~t ~h t~-e east~ line of Haixis S~t, for a d~-~ of 75.Ia fe~ to a ~eiat; t~cac_ ru3ani~ ~i 41° b9' ~6' ~r , aIong tixe zasts~y Iane af Hs.~is S~-~, for a dista.nce a~ 1S. °9 fe~ to a paiss#; the~ caa~iag a3~sg th~ e~,•ry Li~ a~ ~~ S~ ~loag : m-~a3ar earve to t~r ii~st, I~.a~iny a c~ra1 a.~ie oi 1I °?Z' s", a rsc~',srs ef 196_Z'7 te~t, tcs a ler.~~fi af 35.96 f~ to a pci~z; t~im~ :,ar~i~saag alen.g the ea~t_p-iy ~ae oti~.*ris Str~t, N Z3° OT (~' W, far 1~ca af t~~.18 ~~± ta a moa~t; t~e~~ caa~ a~an~ t~e e~.~Fy ~e af ~: *~~ Str~ ?~I ~0'° 4?' ~Z^ W~ f~ a~~a of 209.J~ frL to a•s~o~~rs; tfie~ ea~ ataa; the ~~ Iiar a! Har~ S~.-....t, LI 00° ?A' 29• z,, icr a fiam~c.. o#' 16.59 t~: ta t~te poi~t and plax ctf b~,ao, Together ~zth an easement agreemcnt by and between the Town of Berlin and Sherwood Properties Limited Partnership dated February 4; 1998 and recorded in Volvme 401, Paoe 364 of the Berlin Land Records. 'I~'zZD P~.~ Ci.ot 7ii31cck 40) ~e~aag at a ~,L s~n; f~se i~.-~s~on of t~.e ~~a~; iin_ of n•r •~+ S~~ ~ t~e aest.~:7 ~ af Mapl~ Str~# ~.d ~e~ tre souta~iy c~~ o# tat pr=.~a.ses a~_ ~n ~~ .~d; th~c~ ~an+.ag N&~` 30' 3~" ,'~, along t~ ac~rt~~ li~e of ?~aia S ~~ nf ?~0.00 fc_-: to a pair.t; t~cr ~ ~ ~ ~~ fer a a~.~ cf 114.3o f~t a z~ ix~n ~~~~ ~ 1~ 19 30 ~IS".F,, Lar a ~~; ~iag aa3 ~ S ob ZO ...4 F,, fer a Zstas~+er af Z1E9~ f~..t tn a go~ ~a the ~re~trig I'irie af ?ISa~Ie St~»; `- ~- ~g =aa, r~aas,ag ~ OS° 4`0' 38` W, Z1Qa; L'~.e We~2_'~' =L+~ Cf ~..~pk: S~_, fOr 8' '+[2 t3i ? 17 ~y Lr ~ w t~e pai~± r~d pla~ of be~i,a~. --- :.~_ , - :.;~ ~ ~ ~ , -- ~ ~ ~ 1 i ~~`~"5'r I _ ~' J-- -- ~ I =_Y :, ~ ~ ' r ~r I '~~5~ ~ N ~ NWT SpIFE'T ~. _ 1 ~ ~ ~ ~ ~~Y'$i ~ ~~ ~ ~~ It_~- ~,..,~. ~~ ~--~1-F ~ - ~~_ .~ ~ r ' c,s,'r~' r' i r ~ ' _ r- I 1 1~- ...~.., T.. ~:b ~ rf _~ r--- 1 R ' M ~ _ _ ~ ~~ I r ~' ~~~ ~ / \ `\~~ :,~ \ ~~ - ~~ - u.a..n... n.. ~ ~ ~' -~= , , - - ~_= a r,w saar~- I _ „ I .d......~,.a. .~.~ ~ - - - r.~..a --~._ _~._____ °-"~ - - - - - e,` ~ __ _ . _..~. ~~ I ' ~---- G~':.°~- ^ ~" ~ ~' °-=-` ~ ., ~.... •~"~ ~X:~•.'°.~'`: :r.~.~ :'°~ •.~ l~.:~~~',~~.~..e'"~•"~ ""~L.. .r~.^....~. ~ ~ ~ .~~.~.. ..+..~ ~"d'....°""".~...o.~.~~,....~. - - -- '~w'~ o:...~'wn~''T~,::. ~ 1 ~ 1 - r~~~~~~1i~s ~ w~ w+o ~a~"w., '~~°' ~l~rn~wta~rrt ~ ~r~ ~ _ _ ~ arew.wr.~~a~r ~.= .a~urra ""~"" 1 1 wva Q .3: • ~.Y.~ IT ~ i~Ai 3"~ ~~LS~ ~~~ ~ S'S r 4 ' i ~ 1 ~ ~~ ' ~"ST~ i 'Ti~~ 1 ~' ~ i` :T1 . , ~ ~- ~ _ cx ~awr n _ _ ~~i ~ ~ y.r~ , ~ ~~, r 0 ~ _ 3~~ ~~^ `-~- ~ ~__ ` ~ ~ ~~z ° .. : ~ -. ~ ~ - ~ ~ .., i.mo.a ~ ~ . .._ ..,~ .:a ~. .~n~. e~e ~. ~r. .~~~ ~ I I •~.R..: ,. ~... wn~~ ` ~ ` ~ I 4, +f"~' ~ ~ ~ 1 , .v . . . .... .'y~..sw....i :~'~."..~r,Sw..r+~ ~° .w. ~ao ~ ~ ~ .. ~ .~ ~,rs~ t " ~ ~„ ~ .. +.~..n... ~.,~s .~ e . 4 „ r~i ., .. ~ ~ ~:rr'~'~'a+`ari...r '~+,.a. . +.I~w.~~rr.w.s~..~~.. ^ '~4 "' r~ ~--,--'T ~; q ~ , .. ._...~ ~..... E ~~ " ~ ~'_:~-~ ~'ar.r~w•+.r .~ i . vrrw. r ~"'°'~' e~ ~ ~-.~=~~ . ,~ ""---'~ "-- •r- ~ ; -r• ' °== ~-"°..-.~~..~.~...---- - ~ -~-_ _ ' ,ti..,.....~..a.r....~..m,,,.,. ....~...~... u ~ a....r _. _ ~ ••~ ~Q! _ ~MR I 1 ~ ;M..Q~..e.~~,.,.,,~ ~ k~s ~rn+w~~iu \ / - ~Z~lid~r ~ ~ ~~~ / 1 •~ i~r~an~~Q~+W1t~+yIR ~ ~i~ W ~~ ~ + ` r -~'rz ~~ ' / ~ .y.~.~~ _ ~ - Y ~ ~Ir~ +f4'~r y.."', e~~ a.=:.'..:. ~: \ \ ~a~~w~ I _ /~ .. 1~ ~ S. ~ =Oil~as~~~rr~~i w~[M1~'w~~r~~~ T ` / ~ ` ' ` ~~ 1 ~"r ~~- ~ ~ =~r.r- ~: . ~•..w ~ ~ ~-'u ^a .+...:~..,. \ ` , ~~ ~ `\ ~ ` I / ~ \ ~` ~~ ,~~fili! I ~ r ».~. I ~ e y~ 'aw~i~i~~ ~ '~.~ - - ~.:~ \ ~ .~ ~ y: .,~.~.~1 PRO/~ CT AR[A E30UNDAR Y ~ , , -- ~ _.._ _ , ~ .~~:, ~ / - ~r- ~ =~sx'~-a-$= ~ , ` _ ~._....__,..~:;~.~~.. "'~~°`' ~":...r..':.. ~ L:..'.... ' p f --------------------- SHERWDOD M/L L • REDE IiEL OPMEN T PROJECT +r ~ ~~~~ ~~~ t F- PROJECT AREA MAP ~i"~d BqUNDARYSURVEY "~~ d ~'so~Ni._____" ." ~ ._'_ __ w ~wo . 1'AF:~AllliUNllt ' FU35 & O'NEILL ~ ` "°'°O'~ . ' ' ~ ~ p;~.,•yy~im~i~. C7LDEVELOPMENTUfKENSINGTONINC. ~^~ ~~~ ' NAIV\T,P[R('1\'AL1\•F_.lWIp155i.lAIAR.f[T V~~ awe >wc wa +r~ae o ~woa~m~ n ep~ ~,~~ w~~a~.rmn ~i~~ ~ixt.i ~i,~i ~6~9 ~ ' ~ ~~9 .xti~ ~ ~. ~ . ~~~ ' ! ~y ' i ~~i s:ia ~ ; ~ ~~~g ax~~ , ... _.. . __._ .. ... .......... ~__...J._...~....__.:_pp:._.. . ~ ~~ k bl3 ~~ ~p ~ I~ k ph4 ~C ~~~ ~. .' i ._ ~~~ I ~ g~~~q ~ ~5~,~^~ ~~,~ ! ~ ~~~~w~ 66~ i n 'L'~~~1 ~ ~~p!~ s C~;~ 5 4 ~~p~ a ~~g ..' ~ ~ 3 ~ . ~ I~ ~ ~~~ ~ ~ . ~ i ~ ~ t V ~ Bf ~ ....._ .._.... _ . ... ... ,~~ s j II ., _ ......._..._.:. ~ , ~~ .. _~... ... , ' . ~IIAPLE SJR~ .. 1 ~" ~ ~ , `~~ ~:~, . , . ~ ~ ~~ . ! : ~..' ~~ _~ - ~ ~,~W , : ~ ; ~ ~ ~~ s ' ~'~~ .. ~. ;~ ~ ~ ~ i~ _ '. ~ ~ ~~' .: ~ : ~ # x a '~ ~ :, ~ I , ~ ~ ) ~ ; .. '~ ; i I ° ~ ~ ~ ~, !~ ~~ ~ , ~~.. s i . ; ~ ! . , ,~' . . . , , #' ~' 9 ~ ~ •: ~~ ; ,j ' ~ ' ~ ~ 1~ . rl i ~: .. :~ - ' ~ ,. ~ . ' ~ J 57 ~ ~. .~,' ~ . y ~ i:: ~~ .,~,+ V 1 !.. , ~ ~ ~ e ~~ ,t. / 1 ~ • ~' .' Z . L! ~5~ r' ~ ~ . . ~ / . , ., ~ J~"~ !/ ' • .. ........ .... . ~y~uH~iiAI , ~ ~ • ~. u~ , . . .. .. 1 ~ .. - • • ~ ~~ ~ NARRlS STREET ~ ~ ~ rr •~ ! ~ ~ t ~ , ~ .'. ~~ ~ F ;' ~ % ~ j e ; /, Z r' . ~ ~ ~ ! / , o ~ ~ tl; v u ~ ~ ~ W Wg ~, ~~ ~~ W ~ I ~ ' . / ~~ .~ '" < ~ YI %'. ' ~ i ~ ~~ ~ /, ~\ ~~ - ' ~, . Hl . I ~ . .. . . ,~" ~ I ~ N O ~I~ ~ ~la ~ ~ ~ ~ ~ ~ a 8 N Q N Q IL N ~ a x M~ U J~ O ~ 3 ~ N F N ~ ~ 5 a 'o ~ N O a i7 0 a d LL ~ ~/~ ~/ I VV4J Nmj.~j •'1 ~ . HART S7REET "~/L4 ~ \/ e`~1 DESCF RF~/ISIf1NR VERT.: 0 50 tm AREAS OF SOIL IMPACTED BY COAL . AND ASH TO BE RELOCATEO BENEATH ENGINEERED CONTROL 1 Q MAIN STREET P,4RCEL. ~~ ~ _ ~, 11 ~. {' - ~ ~ , s ..~ 8~a•. ;~ - e a -J LJ ~- ~1 ~~ ~ y ~ M,~IN SJREET L~GEND ENGINEERED CONTROL AREAS OF SOIL IMPACTED BY COAL AND ASH TO BE RELOCATED BENEATH ENGINEERED CONTROL ~ a: „v ~'e3. .~ ~~~~ ~~'~ WWW.FandO.COM ~ ~Sa ~:a~ ".; Jf fi,~~~ e d'~i~'i ~ i. ~ - [ ;' ~ ~I.frTX i tt" It /)t'~76~.'! FORMER SHERWOOD PROPERTIES, LTD PROJ.No.:20081372R10 PROPOSED REDEVELOPMENT PLAN & REMEDIATION AREqs DA~ ~UNE2008 ] &10 MAIN STREET MAP ID: 8-4/ 40/ 1/ / Bidg Name: Account #1058260 Bldg #: 1 of 1 Sce #: i of 1 Card 1 of 1 ~.~~n State Use: 4000 Print Date:10/202008 09:11 ~d Value 173,500 6007 235,800 BERLI]V, C7' PROPERITES,,, iAP # 2997 'ACAIVT 10/07 ~oo I osnanooo I cv 1357 O8/11/Z000 CV 2336 08/08/2000 CV ~ Code 1 4onn ID: 08-40040000000001 ui ~, ~. VC 0606/074! 244/ 553 tion: W Letter SOC PID# ~l2008 Q I U I 100 100 100 Pnce ~ I. VISIOl 00 3-2 3-3 Appraised Bldg. Value (Card) 31? Appraised XF (B) Value (Bldg) ~ 'CH A raised OB L V l pp ( ) a ue (Bldg) g Appraised Land Value (Bldg) 247 Special Land Value Totai Appraised Parcel Value 593 Valuation Method: Adjushnent: et Total Appraised Parcei Value 593 ~entr `'~~ Date T IS ID Cd i~~~~ .n.x ai are/Result hange - Hearing NEW PLUMBI [RE NEW OFFI 10/18/2007 1 JL2 15 11l26R002 JL eval Review INTERIOR 00 easur+ListM 7.35,800 006 3-2 6,300 006 3-3 415 600 Tota Thu signature acA YU,200 005 3-1 9( 284,600 005 3-2 2gq 4,000 005 3-3 q 378 800 Total: 3~f a visit by a Data Collector or Assesa •a C. Faccor ST. Idx Ad'. Notes- Ad' S ecial Pricin d'. Unit Price Land Va C 1.00 3040 1.10 24 ~ Units:~ 1.61 ~eray i,ocnz~on: i ivu~u~ J i MAY iD: 2f-4/ 4W 1/ / Bldg Name: State Use• 4000 on ID: 7903 I~CCOOOt # 10~2.~ Blde #: 1 nf 1 .~'PP ~! 1 nf 1 !`....d 7 _t ~ .. • . ~ . ' _ _ ._ _ ._ _ _ _ _ 'PMENT OF KEN~ PROPERIES LTD PROPERIES LTD # ~~q UY/15/ZU00 ~ 0514 02/Ol/1999 ~ ~ 100 4,000 100 Code Descriptioa Zone D Fronta e De th Units Price 4000 actory MDIr96 GI 1 I. Factor S.t~ 5.02 AC 140,000.00 1.00 C Total C. State Use: 4000 Print Date:10/20l1008 09:1 ] essed Value 405,900 6007 273,600 BERLIN, CT VISIOl 191 116 57S 97C 970 JLZ 41 haoge- JL2 15 evsl Re JL 00 essur~ VA iercy i.ocauon: iu Mnuv ~ r oa ID: 7905 :1 6 e q ~s pancy ior Wall 1 5 -ior Wa112 'Structure 1 'r'over 2 ior Wall 1 1 ior Wall 2 ior Floor 1 3 ior Floor 2 ing Fuel 2 ing Type 3 'ype 1 Use 0 I Rooms I Bedrms 0 I Baths /AC 0 ~e Type 5 s/Plumbing 2 ng/Wall ns/Prtns 2 Height 4 ~mn Wall cn Gon LEVATORI hd Door Wi 1 prinkler Wet 1 prinklei Wet ed Compos imum crete Slab ~as Air-no Duc e orv MDIr96 VERAGE 'EIL & WALIS VERAGE Floor r Story, Finished MAP ID: 8-4/ 54/ 1/ 7905/ Bldg Name: Account #1058290 Bidg #: 1 of 5 Sec #: 1 of 1 Card 1 of 5 100 eplace Cost YB ~ep Code emodel Rating ear Remodeled ~ep % unctional Qbslnc xtema( Obsinc ost Trend Factor ~ ~ Complete verall % Cond pprais Val ep % Ovr ep Ovr Comment [isc Imp Ovr [isc Imp Ovr Comment ost to Cure Ovr ost to Curo Ovr Comment 70 70 2, ~~. ~ , . I:,, p __ _ ~ ~ ~... State Use:4000 Print Date:10/20/2008 09:11 ;; .. : ~. _ .__-._~.f-. ~ State Use: 4000 Print Date:10l20/2008 09:1 i ssed Value 405,900 6007 z~3,6oo B~RLIN, CT 'r:NSUS 4003 Light tion: W B Letter VISIO~ IS ID: 08~0054000000001 ASSOC PID# Total 970,500 679,500 IL DEVELOPMENT OF KENSIlVGTON IIVC HERWOOD PROPERIES LTD 0606/0749 244/ 553 07/17/2008 ' Q I 1,000,000 Oll Ys. Code Assessed Yalue Y n Code Asse ssed Yalue Yr ~ C d A HERWOOD PROPERIES LTD 244/ 0 10/ 02/2007 09/03/1985 U U I I p ~~ 3"1 405,900 006 3-1 281,500 . 005 o e 3-1 ssessed Yal: Zg~ 007 3-2 273,600 006 3-2 105,800 005 3-2 lp! ~ Tot al: 679 00 TotaL• 387 00 Total: 3g~ Year T e scri tion Amount Cod i i This signature acknowledges a visit by a Data Collector or Assesa e scr t on Number Amount Co mm.lnt. Appraised Bldg. Value (Card) 2~ NBHD/ SUB NBHD NAME STREET INDEX NAME TRACAIG APPraised XF (B) Value (Bldg) 3030/A BATCH Appraised OB (L) Value (Bldg) Appraised Land Value (Bldg) # 2993#2997 Special Land Value Total Appraised Parcel Value 97~ Valuation Method: Adjustment: et Totsl Appraised Parcel Value 970 Permrt ID Issue IMte T scri tion Amount I . Date °r6 Co Date Com , omments Date T ~ IS ID Cd. ose/Result 12/27/L007 JL2 41 6ange - Hearing 10/18/2007 1 JL2 15 eval Review 11/Z2l2002 JL 00 essurFListed B Use U~ # 2 Code Description 4000 sctory MDIr96 Zone D GI 1 Fron e ~ u UD1~ Unit ~~ I. Factor S.A C. Factor ST. Idx Ad' Notes- Ad' ' 0 SF 0.00 1.00 5 y nn . n nn S ~~~ ~~cin d . Unit Price Land Vz lC~~ty LUI:YUUI~:1V 1~1H11\ J1 on ID: 7905 1 re Eng Wrhse ~I 6 nd/Comm e 1 es ~pancy 7or Wall I 7 rafinshMetal rior Wa112 'Structure 3 able/Hip 'Govcr 1 etalfTia ior Wall 1 1 inimum ior Wa112 ior Floor I 3 oncrete Slab ior Floor 2 ing Fuel 3 as/Oil ing Type 3 ot Air-no Duc Cype 1 ooe Use 000 actory MDIr96 I Rooms I Bedrms 0 I Baths /AC 3 EAT ONLY ie Type 5 TEEL s/Plumbing 2 VERAGE ng/Wall 6 EIL & WALLS ns/Prtns 2 VERAGE Height ~14 ~mn Wall b iv1AY tll: 8-4/ 54/ 1/ 7905/ Bldg Name: Account # 1058290 Bidg #: 2 of 5 Sec #: 1 of 1 Card 2 of 5 4000 ~actory MDIr96 dj. Base Rate: eplace Cost YB ep Code emodel Rating ear Remodeled ep % mctiona! Obsinc Ktemal Obslnc ost Trend Factor :atus ~ Complete verall % Cond PPrais Val ep % Ovr ep Ovr Comment Gsc Imp Ovr usc Imp Ovr Comment ~st to Cure Ovr ~st to Cure Ovr Comment ,752 State Use:4000 Print Date:10/20/2008 09:11 Year 3030lA # 2993#297, Use Code 4000 sc MAP ID: 8-4/ 54/ 1/ 7905/ Bidg Name: Account # 1058290 Bldg #: 3 of 5 Sec #: 1 of 1 Card 3 of 5 1 Public flved scripHon Code Appraised Value LAND 3-1 579,801 BI,DG 12 39I1_7M Hon: W Letter 40C PID# State Use: 4000 Print Date: lORO/2008 09:1 ] i Value 405,900 6007 273,600 BERLIN C7' VISIOI Tota[ 970,500 679,500 ~ode Assessed Yalue Yr. Code Assessed Value Yr ~ Code Assessed Yah 3-1 405,900 006 3-1 281,500 005 3-1 28) 3-2 273,600 006 3-2 105,800 005 3-2 10! ot aL• 679 00 TotaL• 387 00 TotaL 38' This signature acknowledges a visr[ by a Data Col lector or Asses, Comm. Int. Appraised Bldg. Value (Card) ~ Appraised XF (B) Value (Bldg) H Appraised OB (L) Value (Bld ) g Appraised Land Value (Bldg) Special Land Value Total Appraised Parcel Va1ue 97i Valuation Method: Adjustrnent: et Total Appraised Parcel Value 9~Q nts Date T IS ID Cd. P ose/Result 12/Z7l2007 JL2 41 Change - Hearing 10/18/2007 1 JI.2 15 eval Review 11R2/20112 JL 00 easur+Listed Unit .~. ~y ...,.......,...,., ..,h... ~. mnr w: u-4/ ~4/ 1/ 7YU5/ Bldg Name: State Use• 4000 on ID: 7905 AccOUnt # 1058290 Bldg #: 3 nf 5 Cer t!• 1 ni ~ n....,~ ~a _e ~ _. . . ._ . ~ _ _ ._ _ _ _ MAP ID: 8-4/ 54/ 1/ 7905/ Bldg Name: State Use: 4000 Account #1058290 Bldg #: 4 of 5 Sec #: 1 of 1 Card 4 of 5 Print Date:10/20R008 09:1] 11 Pub1iC eved scripdon Code Appraised Yalue Assessed Va/ue LAND 3-1 579 800 405 900 6007 BLDG 3-2 , 390,700 , 273,600 BERLIN, CT . 08-4 0054 000001 ENSUS 4003 Light ~~oo: qr c Letter VISIO~ IS ID: 08-40054000000001 ASSOCP IDI~ Total 970,500 679,500 IL DEVELOPMENT OF ICENSINGTON INC HERWOOD PROPERIES LTD 0606/0749 244/ 553 07/17/2008 Q I 1,000,000 00 Yr. Code Assessed Value Yr. Code Asse ssed Yalue Yr Code Assessed Yah HERWOOD PROPERIES LTD 244/ 0 10/02R007 09/03ri985 U U I I 0 0p7 3-1 405,900 0 06 3-1 281,500 . 005 3-1 28] 007 3-2 273,600 0 06 3-2 105,800 005 3-2 10'. 7'ot al: 679 00 Total: 387 00 Total: 38' This signature acknowledges a visit by a Data Collector or Asses~ Appraised Bldg. Value (Card) lf # Appraised XF (B) Value (Bldg) Appraised OB (L) Value (Bldg) Appraised Land Value (Bldg) Special Land Value Total Appraised Parcel Va1ue Valuation Method: Adjushnent: Vet Total Appraised Parcel Value FP ,, Date T IS izri~noo~ 10/18/2007 1 11/22/L002 4 GI I 1 Price -F 0.( .C Parcel Total S C. Factor I ST. I~c JL2 41 hange- JL2 15 eval Re JL 00 easur+: .snd V91u~• 97( 970 ....., ..,...~ ....,, ..,.-.... ~. ~~u+r ~: a-4i ~i ti iYU~i I31dg iVame: on ID: 7905 Account # 1058290 Bidg #: 4 of 5 Sec #• 1 of ilement Cd. Ch. scription E[ement Cd Ch scription 2 anufacturing %~ 6 nd/Comm pg e 4 - :s pancy 1 ior Wall 1 0 rick/Masonry Code scr' t ion pe~n~ e ior Wa112 4000 actory NIDL-96 100 Structure 3 able/Hip Cover 3 ph/F Gls/Cmp ior Wall 1 1 inimum ior Wa112 ior Floor 1 3 oocrete Slab dj. Base Rate: 91 ~ ior Floor 2 ing Fuel 3 as/Oil ing Type 3 ot Air-no Duc ep~a~ ~st y3,~2 'ype 1 oae ~ 9Z~ p Code Use 000 actory MDIr96 emodel Rating Rooms ear Remodeled i Bed~ms 0 p~/, 5 ! Baths unctional Obslnc temal Obslnc p ~ ~ st Trend Factor ~AC 0 ONE ~ /o Complete e Type 2 OOD FRAME erall % Cond g s/Plutnbing 2 VERAGE pp~ V~ 8.500 ng/Wall 7 VERAGE p%Ovr ns/Prtns 2 VERAGE p Ovr Comment Height 2 ~c ~p ~ ~~ W~~ isc Imp Ovr Comment ost to G~re Ovr ost to Cure Ovr Comment 1 Cxrd 4 of 5 State Use:4000 Print Date:10/20/2008 09:11 ,~ ~PMENT OF KEN~ PROPERIES LTD PROPERIES LTD 2993#2997 MAP ID: 8-4/ 54/ 1/ 7905/ Bldg Name: Account # 1058290 Bldg #: 5 of 5 Sec #: 1 of 1 Card 5 of 5 1 Public aved scription Code Approrsed Value LAND 3-1 579,SOU BLDG 3-2 390_70a er ID: 08-4 0054 000001 ~SUS 4003 Light ction: W c Lctter ID: 08-40054000000001 ASSOC PID# VC 0606/0749 07/17/Z008 Q I 244/ 553 10/02/2007 U I 244/ 0 09/03/1985 U I Amount 00 3-2 3-1 3-2 State Use: 4000 Print Date:10/20/2008 09:1 ] lssessed Value 405,900 6007 273,600 BERLIN C,T VISIOl 679,500 . ~ ~~ ~ ,~ii , ~~ , ~., ~ d Value~ ~ Yr. ~ Code Assessed Yaln 281,500 005 3-1 28] 105,800 005 3-2 10~ 679 00 Tota[: 387 00 Total: 387 This signature acknowledges a visit by a Data Collector or Assess Appraised Bldg. Value (Card) 33 Appraised XF (B) Value (Bldg) Appraised OB (L) Vaiue (Bldg) Appraised Land Value (Bldg) Special Land Value Total Appraised Parcel Value I 97U Valuation Method: 1ota1 Appraised Parcel Value 970 Date T IS ID Cd ' Pu ose/ResuJt 12/27CL007 JI.2 41 hange - Hearing 10/18/2007 1 JLZ 15 eval Review I1/l2/2002 JL 00 easur+Listcd l~ Code 5 4000 u rron e De th Units Price I, 1 0 SF 0.00 Unib:~ 0.00~ AC Parcel Total ST Unit Price~ Land Va r`••, •.•"`°••"••.'° ••••~•••• ~• i.i.~-r ~: a-4i ~ni li iyu~/ 131dg Name: State Use:4000 ion ID: 7905 Account # 1058290 Bldg #: 5 of 5 Sec #: 1 of 1 Card 5 of 5 Print Date:10/20/2008 09:11 - 0 arehouse e~ 6 nd/Comm le _ ies ipancy 1 rior Wail 1 ingle Siding rior Wall 2 f Structure 3 able/Hip f Cover 3 pWF Gls/Cmp ior Wall 1 1 inimum ior Wa112 ior Floor 1 2 inimum/Piywd ior Floor 2 ing Fuel 1 oal or Wood ing Type 1 oae Cype 1 ooe ; Use ~00 actory MDL-96 1 Rooms 1 Bedrms l Baths /AC 0 ONE ie Type 2 OOD FRAME is/Plumbing 2 VERAGE ingJWall 6 EIL & WALLS ms/Prms 2 VERAGE i Height ~LO omn Wall b e 4000 ~F'actory MDIr96 71 eplace Cost .YB ' ~ep Code emodel Rating ear Remodeled ~ep % unctional Obslnc xtemal Obslnc ost Trend Factor tatus ~ Compiete rverall % Cond pprais Val ~ep % Ovr ~ep Ovr Comment [isc Imp Ovr [isc Imp Ovr Comment ost to Cure Ovr ost to Ctire Ovr Comment 100 i ~rst Floor 4,500 4,500 4,500 24.71 111,1 i pper Story, Finished 4,500 4,500 4,500 24.71 111,1 PROPERTIES,,, ACANT LAND N Use # Code 1 130n Lnd Zone MAP ID: 8-4/ 40/ 7/ / Bidg Name: Account # 1058270 Bldg #: 1 of 1 Sce #: 1 of 1 Card 1 of 1 11 PubliC aVed scripNon Code Appraised Value AC RS LN 5-1 117,20f Prrce I~ ~ Adi• ~ Notes- AC State Use:1300 Print Date:10/20/2008 09:1 i Value 8Z,000 6007 BERLIN, CT 41 IChange - :•.,r •,~•.••••••••. v ~.u.r ~.~ o ~ mAr t~: a-ai aui a/ B[dg Na~ne: Slate Use: 1300 ~n ID: 7904 Accouni # 1058270 Bldg #: 1 of 1 S~c #: 1 of 1 Card 1 of 1 Print Date: 10/20/2008 09:11 lement Cd. Ck scriptiort Element Cd Ch scription l 0 acaot Code scr' tion Percenta 1300 ac Dev Lnd 100 dj. Base Rate: .00 eplace Cost YB p Code emodel Rating ear Remodeled p% unctional Obsinc xtemal Obslnc st Tread Factor takus /o Complete erall % Cond PPrais Val p % Ovr p Ovr Comment isc Imp Ovr isc Imp Ovr Comment ost to C~ue Ovr ost to Clue Ovr Comment scri tion ub ub Descri t Units nit Price r Rt nd oCnd r yajue No Photo On Record ~de scri tion Livin Area Cross A rea E. Area Unit C ast Unde rea Ya1ue 0 0 0 ~ ~.MI~I~F~ ~,~~,: ,,~..~ ~~rc~~~~~. I:c. ~ ~ ,, .. . . , ,- American Paper Goods Company Kensington, Connecticut Refer to Drawing C-1 for Photo Site Map 643 Prospect Avenue, West Nartford, CT 06105 / Tel: 860.293.0093 / Fax: 860.293.0094 www.mdgai com PHOTO #10 - 8uildina `G' ~' ~t~;I~i~ ~::S~c~P-! C~C!~~.J~3, I;c:, ~ .'i-.:-:;,-;:~:,?n . _. ~t L•~t ~• American Paper Goods Company Kensington, Connecticut Refer to Drawing C-1 for Photo Site IVlap 643 Prospect Avenue, West Hartford, CT 06105 / Tel: 860.293.0093 / Fax: 860.293.0094 www.mdgai corri PHOTO #23 - Buildinct `H' & `I' Taken from the Roof of `A' ~ tVl,~i[~~ .-~ir=;~'c;r~ ,~rc,;.ar>>. Iic::, l~,~, ..,~ , . .. >,,,. American Paper Goods Company Kensington, Connecticut Refer to Drawing C-1 for Photo Site Map 643 Prospect Avenue, West Hartford, CT 06105 / Tel: 860.293.0093 / Fax: 860.293.0094 www mdaai com PHOTO #18 - Buildina `A' and `B' ~ 1~~I~f~ c~~;.s~c~~-i c~r;~ta~. !"c., ~ ,_ .__,:,, ,. , ,:,:~ American Paper Goods Company Kensington, Connecticut Refer to Drawing C-1 for Photo Site Map PHOTO #15 - Buildina °~4' 643 Prospect qvenue, West Harfford, CT 06105 / Tel: 860.293.0093 / Fax: 860.293.0094 www.mdaai com ~ ,- ~~~~ ;~~ . ~ ~ r :~ ~ .~~Ni~ ._ ~ ~°~ ~~ ~.~_ ~~~ ~n. ~~. ~ ~ - - ~~~, . , ~`~'~: `°`'~ - ~ ~ ~~;. ~'~ ~ ~ ~ ~ ~ 1 '~~ ~ ;~ ~ ~ ~ ~ ~ ~• ;~ ~~ ~ : ~,~ ~ ~ ~ ~ ~ax~ ~ ~ ~ ' x~ ~, ;" n ~ r ~, .~ ., ~ ~ ~ _ ~. ' ;~~ ~~~"'~ a , ~ ` ~ ~ ~ ~ ~ ~ £. ,: ~ ~ ~f' ~ ~ ~~~ _ ~;~.,. ~, ~ ..~ ~~~ ~ ? ~ s ~t . - r . ~ ' ,~"~TM*~ ~t~: ~ ~ '~ ~ ~ ~ . '- . ~ , ~, ~ ~ `"4~ ~,~ ~ '~ .~" . c~ _ M ~ . ~ ~~~ ~ ~ r: ~ . ~ rt yd~.` . 3,~' , ~ ~;~`~~r ~°~ ' - ~ ~ ~ . „ ~i _ ~w„ ~ s~ ~# ~.' ° ~ ~ ~~ ~ '~~~ ~~: ~~ . ~ _ ~r ~ , _ _. _. _ ~ ~ ;: `. ~~r a ' ~ ~' ;~ ~; f., .' , ` ~ ~ ~ ~ ~.. ~.~~F ~ - . ~ ~ ~ . ; :: i+'~ b .:_ ].. . . . y ~ '~' ..-_; ~ } r~ ~+~~ s ~. s~ ' . . _. .. `3 * ~ ~ 1 ~ . , ; ~ ~ ~ ~~YJ e .. . ~ ~~,,. .... ~ . . ~ .. ~~ ~ ~~,. ~~. ~~,. ~ A $5y8 ;~ " T . ~ a . g :~`"i.a~~t` . . . e ~ . ~ ~~~:. ~i' ~~ ~ .. . . . i.`i-'-" i.+$:-~~ ~ e: _ . . _ . ,W ~_. : ~y ~* ^ _._ f . .. ..c:riflYY ".'"~~ s'{y~~ I~~'~~~`x., z ~: ~, S ~ 11 ~='~ ~ ~~ ~~ _. . CIL Development of Kensington inc. Sherwood Manufacturing Main Street, Kensington .' Development Budget 18-7un-08 Deve o ment Costs: Tota A uisition 1000 000 Construction - - Facto Conversion 9 306 400 - New Construction 2 171 600 - Environmental Remediation ** 2 085 000 - Project Management 200,000 Total Construction 13 763 000 Construct(on Conttn en 10.0% 1 376 000 Architect 406 000 En ineer 324 000 Environmental Testfn & Monitorin ** 375 000 Car (n Char es 285 000 Construction Loan Interest - Bank 775 000 Loan Ori inatfon Fee - Bank 1% 15 000 000 150 000 Other Financtn Costs 75 000 L al 50 000 Title Insurance & Recordin 35 000 Soft Cost Contin en 100,000 Total Develo ment Cost ~ 18,714,000 Pro ect Income Un ts SF Tota Sales Proc s: Facto 72 175 14 374 000 Townhouses - New Construction 14 $175/170 4,194,000 Gross Sales Proceeds 86 18 568 000 Less Closln Costs: i 130 000 L al Fees Incl recordtn 800 69 000 Conve ance Taxes 0.75% 139 000 Real Estate Commissfon 4,5% 836 000 Pro Horne 1,000 (86,000 Net Sales Procee s 17 438 000 Plus: Historic Tax Credits Z 700 000 Stata OfPice of Brownfleld Remediat(on & D evelo ment 550 000 Tax Increment Financing of Environmental Costs 555,000 Total ProJect Income $ 21,243,000 CIL Development of Kensington Inc. Sherwood Manufacturing ~ ~ Main Street, Kensington Environmental Testing & Remediation Estimate Environmental Testing: - Air Quality Testing - Review of Phase I and II - Preliminary of Phase III - Completion of Phase III - Remediai Design & Oversight - ECAF Filing Fee to DEP - ELUR - River risk assessment - Groundwater monitoring - LEP Verification - Permitting (Local) - Permtiting (Army Corps) - Lead & asbestos Subtotal Remediation Estimate: Soil Remediatlon (per Fuss & O'Neill) 1. Mobilfzatton/Demolition, Insurance, Bonds, ets. 2. Erosion Conrtol 3. Site Clearing 4. Heaith & Safety 5. Impacted Soil Excavatfon and Off-site Recycling 6. Conflrmatory Sampling (1 Sample per 2005~ 7. Impermeable Engineering Control (Paved Area) - 10 Main St. 8. Impermeable Engfneering Control (Grass Area) - 10 Main St. 9. Impermeable Engineering Control (Riprap Area) - 10 Main St. 10. Batten Geomembrane to Building Foundatlon 11. Ut1Nty Corridor 12. Modular Block Retafning Wali 13. Membrane Detatls at Retaining Wali 14. Remedial Cap Structural Subbase 15. Pavement Encapsulation Subtotal Lead Paint Ren~oval Asbestos/PCB Removal 18-7un-08 10,000 3,000 60,000 106,000 50,000 3,000 10,000 48,000 30,000 10,000 10,000 20,000 15,000 ~ 375,000 200,000 5,000 10,000 9,000 134,000 9,000 210,000 190,000 194,000 56,OOQ 41,000 495,000 65,000 75,000 292,000 1,985,000 50,000 50,000 Total Environmental Testing & RemedEation ~ 2,460,000 :~~ Deve" ~nent of Kensington Inc. -herwoo~.~~anufacturing ~ain Street, Kensington Init Configuration and Sales prices =actory: csrouna Floo~ nit # SF SF Price 101 1,536 $ 175 $ 268,800 102 1,178 175 206,150 103 710 175 124,250 104 1,240 175 217,000 105 1,141 175 199,675 106 1,657 175 2g9,g75 107 962 175 168,350 108 962 175 168,350 109 1,100 175 192,500 110 735 175 128,625 111 1,358 175 237,650 112 964 175 168,700 113 1,164 175 203,700 114 964 175 168,700 115 1,170 175 204,750 116 964 175 168,700 _ $ 3, 116,000 16 Units 18-7un-08 ~....1- First Floor Second Floor Unit # SF SF Price Unit # SF SF Price Unit # SF Third Floor SF P i 201 1,710 $ 175 $ 299,250 301 1,710 $ 175 $ 299,250 r ce 202 20 1,350 175 236,250 302 1,350 175 236,250 401 1 225 $ 175 $ 3 1,155 175 202,125 303 1,155 175 202,125 402 , 1 155 175 214,375 ' 204 1,298 175 227,150 304 1,298 175 227,150 403 , 1 298 175 202,125 '' 205 1,332 175 233,100 305 1,330 175 232,750 404 , 1 330 175 227-150 206 1,225 175 214,375 306 1,225 175 214,375 405 , 1 225 175 Z32~~50 207 1,005 175 175,875 307 1,005 ll5 175,875 406 , 1 005 175 214,375 208 1,035 175 181,125 308 1,271 175 222,425 407 , 1 425 175 1~5,875 209 1,425 175 249,375 309 1,425 175 249,375 408 , 1 271 175 249~375 210 962 175 168,350 310 962 175 168,350 409 , 965 175 222~425 211 965 175 168,875 311 965 175 168,875 410 962 175 168,875 212 735 175 128,625 312 735 175 128,625 411 1 112 175 168,350 213 1,112 175 194,600 313 1,112 175 194,600 412 , 735 175 1~.600 214 964 175 168,700 314 964 175 168,700 413 1 365 175 128.625 215 1,365 175 238,875 315 1,365 175 238,875 414 , 964 175 238~875 216 217 964 1 164 175 175 168,700 316 964 175 168,700 415 1,164 175 168,700 203 700 218 , 964 175 203,700 168 700 317 318 1,164 9 175 203,700 416 g~ 1~5 , 168,700 219 1,170 175 , 204,750 319 64 1,170 175 175 168,700 204 750 417 418 1,170 175 , 964 175 1 8,700 19 Units 19 Units Townhouses: ~ " " -- Unit Square T ~~ Sales sf Sales $ unit # of Total Sales $ per Units T A 1,665 B 1 938 175 170 291,400 329 500 11 3,205,000 3 989 000 14 ~ 4,194,000 18 Units 72 ~ 14_37a_nnn 86 Total Sales $ 18,568,000 ~ Cil Development Inc. Sherwood Manufacturing 10 Main Street, Kensington Tax Increment Analysis As Industrial - Current Valuation & Property Taxes Appraised Value $2,534,714 Assessed Value 70% 1,774,300 Taxes @ mill rate 22.69 mills $40,259 As Resldential- Future Valuatlon & Real Property Taxes Appraised Value (Estlmated total sales) $18,568,000 -- j Assessed Value C9~ 70% 12,997,600 5% Adjustment for varfable markek conditions 649,880 Ad~usted assessed value 12,347,720 Taxes ~ m(II rate 22.69 mifls $280,170 Annual Increase in Real Property Taxes #239,911