ROMANAGGI VALUATION SERVICES,a limited liability company

Sam V. Romanaggi, MAI

Romanaggi Valuation Services LLC4805 SW Oleson RoadPortland, OR 97225Telephone 503 860 8189Email sromanaggi@gmail.com

January 28, 2015

Ms. Barbara ShawProgram CoordinatorPortland Housing Bureau421 SW 6th Avenue, Suite 500Portland, OR 97204(P) 503.823.3339

Re: Memorandum to Hoyt Street Properties Block 26 Appraisal Report e That portion ofthe market value C@=6=H�2DDB:3 ED23 =6�D@�D96�� :DHLC�:?F6CD> 6?DC �

Dear Ms. Shaw:

At your request we have provided a Restricted Use Appraisal-Consulting Letter in aMemorandum format of the above referenced property in its as-is condition. This Memorandum isan attachment to, and a modification of, the original appraisal report with a date of value of0<GK<D 9<I�� � ��� � � � �T� GGI8@J8C�/ <GFIKU�. Our report follows and is subject to the attachedStatement of General Assumptions and Limiting Conditions. Our valuation and this RestrictedAppraisal Report was prepared in conformance with the Uniform Standards of Professionalwas prepared in conformance with the Uniform Standards of Professionalwas prepared in conformance with the Uniform Standards of Professionalwas prepared in conformance with the Uniform Standards of Professionalwas prepared in conformance with the Uniform Standards of Professionalwas prepared in conformance with the Uniform Standards of ProfessionalAppraisal Practice ("USPAP") of The Appraisal Foundation.Appraisal Practice ("USPAP") of The Appraisal Foundation.Appraisal Practice ("USPAP") of The Appraisal Foundation.Appraisal Practice ("USPAP") of The Appraisal Foundation.Appraisal Practice ("USPAP") of The Appraisal Foundation.Appraisal Practice ("USPAP") of The Appraisal Foundation.

We appreciate the opportunity to serve you. Please call Sam V. Romanaggi at (503) 860We appreciate the opportunity to serve you. Please call Sam V. Romanaggi at (503) 860We appreciate the opportunity to serve you. Please call Sam V. Romanaggi at (503) 860We appreciate the opportunity to serve you. Please call Sam V. Romanaggi at (503) 860We appreciate the opportunity to serve you. Please call Sam V. Romanaggi at (503) 860We appreciate the opportunity to serve you. Please call Sam V. Romanaggi at (503) 860We appreciate the opportunity to serve you. Please call Sam V. Romanaggi at (503) 860We appreciate the opportunity to serve you. Please call Sam V. Romanaggi at (503) 860-8189 ifyou have any questions or if we can be of further assistance.

Sincerely,

Romanaggi Valuation Services, LLC

Hoyt Street Properties-Block 26 Memo

1/28/2015

2

ROMANAGGI VALUATION SERVICES,a limited liability company

Property AppraisedThis letter summarizes a Restricted Scope Appraisal process and is an attachment to the Hoyt StreetProperties Block 26 Appraisal Report. That provided the “As-Is” Fee Simple Market Value as ofSeptember 29, 2014, without consideration of the environmental condition of the property. ThisMemorandum is being reported to you and your assigns in a Restricted Report Format according toUSPAP. This letter report is not intended for conveyance to third parties. A more detailed narrative reportwould be necessary for such use as well as to fully convey and describe the appraisal process, marketresearch and analysis; thus it is deemed an attachment to the above referenced Appraisal Report.

The subject property is a 10,000 square foot corner vacant land parcel which was a portion of a larger taxparcel as of the date of the appraisal (since replatted), zoned Exd, and situated at the northeast corner ofNW 14th Avenue and Raleigh Street. The undersigned appraiser inspected the subject property onSeptember 29, 2014.

Property Rights AppraisedThe interest appraised is the fee simple estate of the subject property.

Purpose and Intended Use of the AppraisalThe purpose of this appraisal is summarized in the following paragraph which is an excerpt from theAmended and Restated Agreement for Development Between the City of Portland and Hoyt StreetProperties, LLC, Dated March 12, 1999 (“The Development Agreement or the DA”):Properties, LLC, Dated March 12, 1999 (“The Development Agreement or the DA”):Properties, LLC, Dated March 12, 1999 (“The Development Agreement or the DA”):Properties, LLC, Dated March 12, 1999 (“The Development Agreement or the DA”):Properties, LLC, Dated March 12, 1999 (“The Development Agreement or the DA”):Properties, LLC, Dated March 12, 1999 (“The Development Agreement or the DA”):

This appraisal-consulting memorandum is to be used solely by the client to determine an acquisition pricefor the subject property. This appraisal consulting report is dated January 28, 2015.

Brief Overview of City Investments in Public ProjectsIt is a well-established fact that the value of land is determined largely by its proximity to amenities. Inparticular, transportation networks and urban land values are closely linked because a transportationimprovement such as a streetcar station increases accessibility to other desirable destinations includingemployment, shopping, and schools. Locations with higher accessibility tend to command higher pricesfor land. When a new mass transit station is developed, land near the station tends to becomes morevaluable. Investment in public capital improvements on this land can synergistically generate capitalinvestment in less adjacent privately owned locations, further increasing the value of land further awayfrom the station.

Hoyt Street Properties-Block 26 Memo

1/28/2015

3

ROMANAGGI VALUATION SERVICES,a limited liability company

Similarly, the development of urban parks and recreation land also tends to increase land values inproximity to these amenities and supports increased capital investment in nearby properties increasingland values less proximate to the park.

This linkage between public improvements and increased land value is the basis for many urbanfinancing mechanisms used nationally including tax increment financing and special assessments suchas local improvement district assessments.

Although an in depth examination of economic data is beyond the scope of this modified appraisal,numerous economic and academic studies can readily be found confirming the positive impact of nearbytransportation improvements on land values. A 2007 study by the Transportations and Planning Divisionof Washington examined the effects that construction of a major highway has on the value of surroundingproperties. The results of that study show that when the highway significantly increased the accessibilityof the residences, property values increased by 12 to 15 percent. In a 1994 study by W. Huang, manystudies of the link between transportation improvements and land values were studied with effectsranging from almost nonexistent to over a 10 percent increase in property values over the region-widesale prices.

Sources: Impact of Highway Improvements on Property Values in Washington, Washington (State). PublicTransportation and Planning Division. Social and Economic Planning Section, Last Modified August 2,2007� <)5/�( �� � � � ��A% 0 -�� ..-+;:�6.�% 9)5:769;);165��5.9):;9<+;<9-�65� -)9*@�" 967-9;@�' )3<-: ��� �# -=1->�6.�;0 -�� 1;-9);<9-�BU.S. Department of Transportation, Center of Transit Oriented Development,^ Capturing the Value ofTransitB�2008

In the SL9A<: KVJ�@D D <;@8K<�E<@>?9FI?FF;�L9A<: KVJ�@D D <;@8K<�E<@>?9FI?FF;� as discussed later in thisas discussed later in thisas discussed later in this memorandum, our interviews withlocal area brokers, knowledgeable in the Pearl District, all indicated the streetcar line and parklocal area brokers, knowledgeable in the Pearl District, all indicated the streetcar line and parklocal area brokers, knowledgeable in the Pearl District, all indicated the streetcar line and parklocal area brokers, knowledgeable in the Pearl District, all indicated the streetcar line and parklocal area brokers, knowledgeable in the Pearl District, all indicated the streetcar line and parklocal area brokers, knowledgeable in the Pearl District, all indicated the streetcar line and parklocal area brokers, knowledgeable in the Pearl District, all indicated the streetcar line and parkimprovements are definite positives to the neighborhood.the neighborhood.the neighborhood.the neighborhood.

Scope of the Appraisal e Consulting AssignmentThe scope of this assignment involves the systematic research and analysis necessary to reach amodified value conclusion for the Subject specific to, and in accordance with, the Development� >I<<D <EK�N@K?�%FPK�0KI<<K�-IFG<IK@<J�T%0-U��;8K<;�* 8I: ?�� � ��� � � � ���� E�<O: <IGK�=IFD �K?<�!� �=FCCFNJ�which elaborates the scope of work for this assignment and the greater scope of work which involves areview of this report by the designated mediator or t?<�T@E;<G<E;<EK�K?@I;�8GGI8@J<IU�8J�;<=@E<;�@E�K?<�!� ��in this case, Scott Henningsen, MAI.

YOnce the market value is determined pursuant to Section V. E. 3. B, the City may utilize itsappointed appraiser to develop a modified appraisal, or addendum thereto, which establishes, in7+(�$335$,6(5?6�23,1,21�7+$7�3257,21�2)�7+(�0 $5.(7�9$/8(�2)�7+(�3$5& (/�: +,& +�0 $;�% (�62/(/;�

$775,% 87$% /(�72�7+(�� ,7;?6�,19(670 (17�,1�7+(�� 29(-2;� 52-(& 7�7+(�!75((7& $5� 52-(& 7�7+(� $5.�Squares Project and the Neighborhood Park Project, if any, and acknowledging that HSP ismaking significant contributions to those Projects as well. This information shall be shared withHSP and the independent third appraiser within 30 days of the determination of the market valueof the parcel under Section V. E. 3. B. HSP may offer evidence and analysis to rebut the0 2' ,),(' �$335$,6$/�72�7+(�,1' (3(1' (17�7+,5' �$335$,6(5�: ,7+,1�7+,57;��� � �' $;6�2)�7+(�� ,7;?6�submission of the modified appraisal to the independent third appraiser. The independent thirdappraiser will review the modified appraisal and the evidence, analysis and rebuttal of HSP. Ifthe independent third appraiser concludes that the City has demonstrated that the market valuehas been increased as a result of the City infrastructure investments as described above, thepurchase price will be reduced by the amount of that increase. The independent third appraiser

Hoyt Street Properties-Block 26 Memo

1/28/2015

4

ROMANAGGI VALUATION SERVICES,a limited liability company

shall make a final determination within thirty (30) days of receipt of all information from the<@QSHDR'ZSource: Page 2626 excerpt from the Development Agreement, March 12, 1999

� �B <P�G?I8J<�@E�K?<�89FM<�<O: <IGK�@J�TK?8K�GFIK@FE�F=�K?<�D 8IB <K�M8CL<�F=�K?<�G8I: <C�N?@: ?�D 8P�9<�JFC<CP�8KKI@9LK89C<�KF�K?<� @KPVJ�@EM<JKD <EK�@E�K?<S -IFA<: KJ�U�1?@J�G?I8J<�@J�J@D @C8I�@E�@EK<EK�KF�language used ineminent domain appraising as it pertains to General or Specific Benefits. These are defined in theDictionary of the Appraisal Institute (fifth edition) as follows.

General Benefits: In eminent domain valuation, the benefits that accrue to the community at large as a result of thenew public work and the increased general property that accompanies development.Specific Benefits: In eminent domain valuation, the benefits that arise from the peculiar relation of the land inquestion to the public improvement, usually resulting from a change in its highest and best use. Special benefits mayaccrue to multiple parcels (such as all four quadrants for a newly constructed freeway interchange) because theparcels are directly benefitted in a similar manner, if not to the same degree.

This report is aligned with Benefits to the Subject from public investments, while it is not in any way aneminent domain appraisal assignment.

A brief description of each project, Lovejoy, Streetcar, Parks Squares and Neighborhood Park Project,: FCC<: K@M<CP�I<=<II<;�KF�@E�K?@J�I<GFIK�8J�K?<�T-IFA<: KU�FI�T-IFA<: KJU�@J�GIFM@;<;�FE�K?<�# FID LC8� 8C: LC8K@FE�Sheet and further described in the Development Agreement Section II.A (pages 3-4) in the Addenda.

1?<�K<ID �T-IFG<IKPU�@J�LJ<;�@E�K?@J�I<GFIK�@E�8�D 8EE<I�: FEJ@JK<EK�N@K?�K?<�!� �KF�;<J: I@9<�K?<�C8E;��primarily owned by HSP, which is the subject of the 1999 DA. When reference is made to the subject ofK?<�� GGI8@J8C�/ <GFIK��K?<�K<ID �T0L9A<: K�-IFG<IKPU�FI�T0L9A<: KU�N@CC�K?<�� GGI8@J8C�/ <GFIK��K?<�K<ID �T0L9A<: K�-IFG<IKPU�FI�T0L9A<: KU�N@CC�K?<�� GGI8@J8C�/ <GFIK��K?<�K<ID �T0L9A<: K�-IFG<IKPU�FI�T0L9A<: KU�N@CC�K?<�� GGI8@J8C�/ <GFIK��K?<�K<ID �T0L9A<: K�-IFG<IKPU�FI�T0L9A<: KU�N@CC�K?<�� GGI8@J8C�/ <GFIK��K?<�K<ID �T0L9A<: K�-IFG<IKPU�FI�T0L9A<: KU�N@CC�K?<�� GGI8@J8C�/ <GFIK��K?<�K<ID �T0L9A<: K�-IFG<IKPU�FI�T0L9A<: KU�N@CC�be used.

Quantifying the specific increase in value of the Subject Property due only to specific capital investmentsspecific increase in value of the Subject Property due only to specific capital investmentsspecific increase in value of the Subject Property due only to specific capital investmentsspecific increase in value of the Subject Property due only to specific capital investmentsspecific increase in value of the Subject Property due only to specific capital investmentsspecific increase in value of the Subject Property due only to specific capital investmentsspecific increase in value of the Subject Property due only to specific capital investmentsspecific increase in value of the Subject Property due only to specific capital investmentsin the Projects and in isolation of other factors is the goal of this assignment. Both the Appraiser and thein the Projects and in isolation of other factors is the goal of this assignment. Both the Appraiser and thein the Projects and in isolation of other factors is the goal of this assignment. Both the Appraiser and thein the Projects and in isolation of other factors is the goal of this assignment. Both the Appraiser and thein the Projects and in isolation of other factors is the goal of this assignment. Both the Appraiser and thein the Projects and in isolation of other factors is the goal of this assignment. Both the Appraiser and thein the Projects and in isolation of other factors is the goal of this assignment. Both the Appraiser and thein the Projects and in isolation of other factors is the goal of this assignment. Both the Appraiser and the C@<EK��K?<�-FIKC8E;�%FLJ@E>�� LI<8L�T-%� U���I<: F>E@Q<�that this is a unique and restricted scope of work.The scope is restricted both in the type of analysis to be performed, as well as the time restraint stated inthe DA which only allows a 30-day period for PHB to perform this work.

Given the more than =@=K<<E�P<8I�G<I@F;�J@E: <�K?<�JK8IK�F=�K?<� @KPVJ�@EM<JKD <EKJ�@E�K?<�-IFA<: KJ��K?<�extended period of time over which the Projects were implemented, the scope of additional private andpublic investments in the Property and in the Central City, and the impact of many, many factors increating land values; it is not deemed feasible within the scope of this assignment to use a SalesComparison or Income Approach to establish the incremental value on the Subject Property attributableJFC<CP�KF�K?<� @KPVJ�@EM<JKD <EK�@E�K?<�-IFA<: KJ�N@K?@E�K?<�-IFG<IKP��&EJK<8;��8�M8I@8K@FE�F=�K?<� FJK�Approach is used in this analysis which is, in many ways, more of a financial exercise than a conventionalvaluation exercise. It is noted the intended scope of work or methodology of analysis is not discussed ordefined in the DA.

The selected scope of work as formulated between PBH and the Appraiser was previously discussed withHSP and presented to Scott Henningsen. This scope of work is captured in the following MethodologyStatement.

Hoyt Street Properties-Block 26 Memo

1/28/2015

5

ROMANAGGI VALUATION SERVICES,a limited liability company

Method@=@8H�D@�56D6B> :?6�D92D�A@BD:@?�@7�D96�> 2B<6D�F2=E6�C@=6=H�2DDB:3 ED23 =6�D@�D96�� :DHLC�investments in the Projects:

1.1. Research and record City expenditures made on the Lovejoy Project, the Streetcar Project,the Park Squares Project and the Neighborhood Park -IFA<: K�: FCC<: K@M<CP��K?<�T-IFA<: KJU��

2.2. Adjust the above expenditures to exclude expenditures made outside of the 34 acres defined@E�K?<�%0-� @KP�!<M<CFGD <EK�� >I<<D <EK�K?<�T-IFG<IKPU���1?@J�8;ALJKD <EK�@J�JG<: @=@: �KF�K?<�Street Car Project.

3.3. Sum the Total -IFA<: K� FJKJ�K?<�T1- U��4.4. Subtract the HSP investments made to date in the Projects within the Property.5.5. Divide the adjusted TPC by the square foot land area of the Property.6.6. 0L9KI8: K�K?@J�8D FLEK�=IFD �K?<�T8J-@JU�D 8IB <K�GI@: <�F=�� � �� � � �� � �

As discussed in the Appraisal Report, we have physically inspected the Subject Property, Project sites8E;�@EK<IM@<N<;�K?<� C@<EKVJ�I<GI<J<EK8K@M<J�8E;�ELD <IFLJ�G<FGC<�B EFNC<;><89C<�89FLK�K?<�I<8C�<JK8K<�market in the greater Pearl District.

The above methodology is exclusive of any environmental remediation costs. Such costs are typicallytreated as a deduction to the market value (or sales price) of a property. As of the date of thismemorandum, such costs are not yet available as it pertains to the Subject Property.

In consideration of the restricted Scope of Work one may typically use one of three standard approachesto value; the Cost, Sales Comparison, and Income Approaches. In this case neither the SalesComparison nor Income Approaches are appropriate for this phase of the analysis.

The Projects all involve municipal investments made through various divisions of the City over a longThe Projects all involve municipal investments made through various divisions of the City over a longThe Projects all involve municipal investments made through various divisions of the City over a longThe Projects all involve municipal investments made through various divisions of the City over a longThe Projects all involve municipal investments made through various divisions of the City over a longThe Projects all involve municipal investments made through various divisions of the City over a longperiod of time and involve a variety of public and private participants. Due to the time limitationsperiod of time and involve a variety of public and private participants. Due to the time limitationsperiod of time and involve a variety of public and private participants. Due to the time limitationsperiod of time and involve a variety of public and private participants. Due to the time limitationsperiod of time and involve a variety of public and private participants. Due to the time limitationsperiod of time and involve a variety of public and private participants. Due to the time limitationsperiod of time and involve a variety of public and private participants. Due to the time limitations of the DAfor performing this work and the limitations placed on the scope of work by the Client; there are limitationsfor performing this work and the limitations placed on the scope of work by the Client; there are limitationsfor performing this work and the limitations placed on the scope of work by the Client; there are limitationsfor performing this work and the limitations placed on the scope of work by the Client; there are limitationsfor performing this work and the limitations placed on the scope of work by the Client; there are limitationsfor performing this work and the limitations placed on the scope of work by the Client; there are limitationsfor performing this work and the limitations placed on the scope of work by the Client; there are limitationson this analysis. PHB collected estimates of city investments, and this information is relied upon by theon this analysis. PHB collected estimates of city investments, and this information is relied upon by theon this analysis. PHB collected estimates of city investments, and this information is relied upon by theon this analysis. PHB collected estimates of city investments, and this information is relied upon by theon this analysis. PHB collected estimates of city investments, and this information is relied upon by theon this analysis. PHB collected estimates of city investments, and this information is relied upon by theon this analysis. PHB collected estimates of city investments, and this information is relied upon by theon this analysis. PHB collected estimates of city investments, and this information is relied upon by theappraiser. No depreciation allowances are used, as might be done in a more conventional cost analysis,because the investments in Projects were made over an extended period of time and specific informationabout the timing of all investments is not available. Typical depreciation allowances would encompass allthree forms of depreciation: physical, functional, and economic obsolescence. Both functional andeconomic obsolescence are not considered in light of the type of public projects being considered in thisanalysis and positive market environment. Physical obsolescence is consideration of the wear and tear ofan improvement. In this case, each project involved the removal of an improvement (i.e. Lovejoy RampProject) or an ongoing operation into perpetuity that will be maintained by the City. Thus, whileunconventional, a lack of an estimated economic life or deprecation allowance does not appear to affectthe credibility of the results.

Another factor to consider is the proximity, or distance, of each Project to the Subject Property andwhether a proximity adjustment factor should be made. In our analysis we have considered how theD 8IB <K�@E�><E<I8C��8E;�JG<: @=@: 8CCP�K?<� @KP�F=�-FIKC8E;��?8M<�8CI<8;P�GIFM@;<;�: FEJ@;<I8K@FE�F=�8�-IFA<: KJV�impact on a particular site due to GIFO@D @KP�FI�C8: B �K?<I<F=���� K�K?@J�K@D <�K?<I<�8I<�<O@JK@E>�T) F: 8C�&D GIFM<D <EK�!@JKI@: KU�8JJ<JJD <EKJ�FI�T) &!JU�@E�GC8: <�=FI�K?<�0KI<<K: 8I�-IFA<: K�K?8K�@D G8: K�G8I: <CJ�8CFE>�that line, as well as broader SDC assessments for park improvements within the Central City whichencompasses the Property boundaries. Based upon interviews with Kathryn Levine, a representative ofK?<�-FIKC8E;�� LI<8L�F=�1I8EJGFIK8K@FE�T-� , 1U���K?<�8: KL8C�) &!�8JJ<JJD <EK�8E;�8CCF: 8K@FE�D <K?F;FCF>P�would not impact the Subject Property. Further, based upon an interview with Maija Spencer, the-IF>I8D �� ;D @E@JKI8KFI�=FI�K?<�0PJK<D �!<M<CFGD <EK� ?8I><�T0! U��GIF>I8D �N@K?�K?<�-8IB J�� LI<8L��EF�SDC charges for park improvements are applied to the Subject as a vacant parcel. A flat rate assessmentis applied equally for all properties within the Central City based upon the type of use (i.e. residential orcommercial) and only applied upon application for a building permit. Thus consideration of anyadjustments for LIDs or SDCs does not appear appropriate.

Hoyt Street Properties-Block 26 Memo

1/28/2015

6

ROMANAGGI VALUATION SERVICES,a limited liability company

The data, costs and area measurement used herein specific to the above steps in the MethodologyStatement have been provided by PHB and relied upon by the Appraiser. Within the time constraints ofthis assignment, PHB has made good faith, due-didiligent efforts to estimate the City investment in Projectsby contacting the appropriate Bureaus, collecting Project-specific data, and making adjustments toexclude any expenditures that were not made within the boundaries of the Property or were not specific toany Projects. In consideration of the intent of the Development Agreement and the time allotted in the!� ��@K�8GG<8IJ�K?8K�-%� VJ�<==FIKJ�8I<�: I<;@9C<�

AnalysisStep 1: Research and record City expenditures made on the Lovejoy Project, the Streetcar Project, the-8IB �0HL8I<J�-IFA<: K�8E;�K?<�+ <@>?9FI?FF;�-8IB �-IFA<: K�: FCC<: K@M<CP��K?<�T-IFA<: KJU� .

The various costs for Step 1 haveve been researcheded and provided to the appraiser by PHB.Details are presented in the Addenda of this Memorandum

Step 2: Adjust the above expenditures to exclude expenditures made outside of the 34 acres defined inK?<�%0-� @KP�!<M<CFGD <EK�� >I<<D <EK�K?<�T-IFG<IKPU���1?@J�8;ALJKD <EK�@J�JG<: @=@: �KF�K?<�0KI<<K� 8I�Project.

Inclusive within the Addendum documents mentioned above in Step 1 isis the adjustment to thetotal project cost to reflect solely expenditure within the Property boundaries, as provided by PHB.These costs are summarized on the following Formula Calculation Sheet.

Step 3: Sum up Total ProjecKJ� FJKJ�T1- U��KJ� FJKJ�T1- U��KJ� FJKJ�T1- U��

� J�J?FNE�FE� FCLD E�" ��T @KP�0L9KFK8CU�FE�K?<�FormulaFormula Calculation Sheet, the total TPC is$50,256,967; this is prior to further adjustments.

Step 4: Subtract the HSP investments made to date in the Projects within the Property.

As showE�FE� FCLD E�# �T" OG<E;@KLI<J�FE�K?<J<�GIFA<: KJ�9P�%FPK�0KI<<K�-IFG<IK@<JU��K?<�KFK8C�contribution by HSP is reportedly $5,892,995. As disclosed in Section B of the Addendadocument, it has been modified by PHB to exclude those costs that are not part of the fourProjects specified in the DADA or not in the Property boundary.

Step 5: Divide the adjusted TPC by the square foot land area of the Property.

As shown in the lower section of the Formula Calculation Sheet, the Square Foot land area of theProperty is 1,481,040 square feet, which indicates an amount of $29.35/SF. This land areaamount is shown in the map in the Addendum, Exhibit 1. This map derived from Exhibit A-1 TheProperty of the Development Agreement.

Step 6: 0L9KI8: K�K?@J�8D FLEK�=IFD �K?<�T8J-@JU�market price of $1,500,000.

Based upon the a9FM<�;8K8�8E;�: 8C: LC8K@FEJ�K?<�T� mount ofof City Discountq is presented in theFormula Calculation Sheet, as follows:

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Hoyt Street Properties-Block 26 Memo

1/28/2015

8

ROMANAGGI VALUATION SERVICES,a limited liability company

Foror additional anecdotal information we interviewed apartment managers and realtors ofcondominiums located in the immediate Pearl neighborhood and situated along either thestreetcar or a park. Participants included Niels Brownlow of Coldwell Banker Seal, DebbieThomas of Debbie Thomas Real Estate, Seth Cooper of Portland Condos, Marilyn Andersen ofHoyt Street Properties, Ashley of the Franklin Ion apartments. The consistent and repeated replyfrom all is that such Projects as the Streetcar and parks do add value to the neighborhood. Onedoes not have to be adjacent to the specific Project to enjoy the particular benefit. Being within afew blocks from the streetcar line is not a measureable premium over being adjacent to it. NielsBrownlow emphasized that it is a specific condominium project itself and its amenities thatcreates the greatest draw to a typical buyer, not whether or not it is adjacent to a park orstreetcar; that said, the Projects are added amenities to the immediate neighborhood. Whilemost brokers would not or could not a specific premium level, Debbie Thomas, one of the mostexperienced brokers in this district, JK8K<;�T1?<�JKI<<K: 8I�8E;�G8IB J�?8M<�8�?L><�9<E<=@K��&K�@J�?8I;�KF�J8P�9LK�KILCP�9<KN<<E�8�� � �KF�� � �GI<D @LD �@J�I<8C@JK@: U��0?<�J<<J�K?@J�@E�K?<�@E: I<8J<;�CevelF=�;<M<CFGD <EK�8CFE>�K?<�JKI<<K: 8I�K?8K�@J�TD FI<�C@M<CP��M@9I8EK�8E;�J8=<U.

Conclusion

The above analysis reflects a modification to the as-is market value conclusion in the AppraisalReport in the amount of $29299,546 or a 19.9797% modification. In light of the significant costs andcharacter of the four projects specified in the DA and positive impact upon of these urbanamenities on the surrounding district, this modification does not appear unreasonable, and seemsconsistent with the intent of the DA.

Based upon the above analysis the modified market value of the fee simplele interest of the 10,000SF Subject, Hoyt Street Properties Block 26,SF Subject, Hoyt Street Properties Block 26,SF Subject, Hoyt Street Properties Block 26, as ofas ofas of September 29, 2014 isSeptember 29, 2014 isSeptember 29, 2014 is concluded as follows:

* 8IB <K�38CL<�T8J-\fq6 $1,500,000$1,500,000$1,500,000$1,500,000$1,500,000 ($150/SF)($150/SF)!@J: FLEK�=FI� @KPVJ� FEKI@9LK@FEJ� $ 2929299,546 ($($29.95/SF)Adjusted Market Value: $1,20200,454Rounded: $1,200,000 ($($12120/SF)

&E�;<K<ID @E@E>�K?<�JL9A<: KVJadjusted market value, we have relied upon the above modified costapproach methodology. Accordingly, our opinion of the modified fee simple market value of thesubject, as of September 29, 2014, is concluded to be:

ONENE MILLION TWOWO HUNDRED THOUSAND DOLLARS

$1,200,000

The attached limiting conditions accompany this restricted report.

Hoyt Street Properties-Block 26 Memo

1/28/2015

9

ROMANAGGI VALUATION SERVICES,a limited liability company

Certification

We certify that, to the best of our knowledge and belief:n The statements of fact contained in this report are true and correct.n The reported analyses, opinions, and conclusions are limited only by the accompanyingassumptions and limiting conditions and are our personal, unbiased professional analyses,opinions, and conclusions.n RVS has provided a prior appraisal of the subject property, a portion of Block 26 with avaluation date of September 29, 2014. We have no present or prospective interest in the propertythat is the subject of this report, and we have no personal interest or bias with respect to theparties involved in the past three year.n Our compensation is not contingent upon the reporting of a predetermined value ordirection in value that favors the cause of the client, the amount of the value estimate, theattainment of a stipulated result, or the occurrence of a subsequent event.n Our analyses, opinions, and conclusions were developed, and this report has beenprepared, in conformity with the Uniform Standards of Professional Appraisal Practice.n Sam Romanaggi, MAIAI and Rick Barrier, staff appraiser, made a personal inspection ofthe property that is the subject of this report on September 29, 2014.n No one provided significant professional assistance to the person signing this report.n We have performed within the context of the competency provision of the UniformStandards of Professional Appraisal Practice.n This report was not based on a requested minimum valuation, a specific valuation, or theapproval of a loan.n Sam V. Romanaggi, MAI currently holds an appropriate state certification allowing theperformance of real estate appraisals in connection with federally related transactions in the stateperformance of real estate appraisals in connection with federally related transactions in the stateperformance of real estate appraisals in connection with federally related transactions in the stateperformance of real estate appraisals in connection with federally related transactions in the stateperformance of real estate appraisals in connection with federally related transactions in the stateperformance of real estate appraisals in connection with federally related transactions in the statein which the subject property is located.in which the subject property is located.n The reported analyses, opinions, and conclusions were developed, aThe reported analyses, opinions, and conclusions were developed, aThe reported analyses, opinions, and conclusions were developed, aThe reported analyses, opinions, and conclusions were developed, aThe reported analyses, opinions, and conclusions were developed, aThe reported analyses, opinions, and conclusions were developed, aThe reported analyses, opinions, and conclusions were developed, and this report hasbeen prepared, in conformity with the requirements of the Code of Professional Ethics and thebeen prepared, in conformity with the requirements of the Code of Professional Ethics and thebeen prepared, in conformity with the requirements of the Code of Professional Ethics and thebeen prepared, in conformity with the requirements of the Code of Professional Ethics and thebeen prepared, in conformity with the requirements of the Code of Professional Ethics and thebeen prepared, in conformity with the requirements of the Code of Professional Ethics and thebeen prepared, in conformity with the requirements of the Code of Professional Ethics and thebeen prepared, in conformity with the requirements of the Code of Professional Ethics and theStandards of Professional Appraisal Practice of the Appraisal Institute.n The use of this report is subject to the requirements of the Appraisal Institute relating toreview by its duly authorized representatives.n As of the date of this report, Sam V. Romanaggi, MAI has completed the requirements ofthe continuing education program of the Appraisal Institute.

te Certified General AppraiserOregon Certificate No.: C000182, exp. December 31, 2015

Hoyt Street Properties-Block 26 Memo

1/28/2015

1010

ROMANAGGI VALUATION SERVICES,a limited liability company

STATEMENT OF GENERAL ASSUMPTIONS AND LIMITING CONDITIONS

This appraisal report is subject to the following general assumptions and limiting conditions:

1.1. No investigation has been made of, and no responsibility is assumed for, the legaldescription of the property being valued or legal matters, including title orencumbrances. Title to the property is assumed to be good and marketable unlessotherwise stated. The property is further assumed to be free and clear of any liens,easements or encumbrances unless otherwise stated, and all improvements areassumed to lie within property boundaries.

2.2. Information furnished by others, upon which all or portions of this appraisal is based, isbelieved to be reliable, but has not been verified in all cases. No warranty is given as tothe accuracy of such information.

3.3. It is assumed that all required licenses, certificates of occupancy, consents or otherlegislative or administrative authority from any local, state, or national government orprivate entity or organization have been or can readily be obtained or renewed for anyuse on which the value estimate contained in this report is based.

4.4. Full compliance with all applicable federal, state and local zoning, use, occupancy,environmental and similar laws and regulations is assumed, unless otherwise stated.

5.5. No responsibility is taken for changes in market conditions and no obligation is assumedto revise this report to reflect events or conditions which occur subsequent to thereport to reflect events or conditions which occur subsequent to thereport to reflect events or conditions which occur subsequent to thereport to reflect events or conditions which occur subsequent to thereport to reflect events or conditions which occur subsequent to thereport to reflect events or conditions which occur subsequent to theappraisal date thereof.

6.6. The opinion of value is predicated on the financial structure prevailing as of the date ofThe opinion of value is predicated on the financial structure prevailing as of the date ofthis appraisal.

7.7. Responsible ownership and competent property management are assumed.

8.8. Areas and dimensions of the property were obtained from sources believed to bereliable. Maps or sketches included in this report are only to assist the reader invisualizing the property and no responsibility is assumed for their accuracy. Noindependent surveys were conducted.

9.9. 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 suchconditions or for arranging engineering studies that may be required to discover them.Please refer to the following special assumptions.

10. No soil analysis or geological studies were ordered or made in conjunction with thisreport, nor was an investigation made of any water, oil, gas, coal, or other subsurfacemineral and use rights or conditions.

11. Neither Romanaggi Valuation Services nor any individual signing or associated with thisreport shall be required by reason of this report to give further consultation, providetestimony, or appear in court or other legal proceedings unless specific arrangementstherefore have been made.

12. This report has been made only for the purpose stated and shall not be used for anyother purpose. Neither this report nor any portions thereof (including, without limitation,

Hoyt Street Properties-Block 26 Memo

1/28/2015

1111

ROMANAGGI VALUATION SERVICES,a limited liability company

any conclusions, the identity of Romanaggi Valuation Services or any individuals signingor associated with this report, or the professional associations or organizations withwhich they are affiliated) shall be disseminated to third parties by any means without theprior written consent and approval of Romanaggi Valuation Services.

13. The date of value to which the opinion expressed in this report applies is set forth in theopinion letter at the front of this report. Our value opinion is based on the purchasingpower of the United States dollar as of that date.

14. Unless otherwise stated in this report, no hazardous material, which may or may not bepresent on or near the property, was observed. We have no knowledge of the existenceof such materials on, or in, the property; however, we are not qualified to detect suchsubstances. The presence of potentially hazardous substances such as asbestos, urea-formaldehyde foam insulation, or industrial wastes may affect the value of the property.The value estimate herein is predicated on the assumption that there is no such materialon, in, or near the property that would cause a loss in value. No responsibility isassumed for any such conditions or for any expertise or engineering knowledge requiredto discover them. The client should retain an expert in this field if further information isdesired.

15. This appraisal has been made in conformance with the Uniform Standards ofProfessional Appraisal Practice of the Appraisal Foundation.

16. The allocation in this report of the total valuation among components of the propertyapplies only to the program of utilization stated in this report. The separate values forany components may not be applicable for any otheany components may not be applicable for any otheany components may not be applicable for any otheany components may not be applicable for any otheany components may not be applicable for any otheany components may not be applicable for any other purpose and must not be used inconjunction with any other appraisal.conjunction with any other appraisal.conjunction with any other appraisal.

17. This report may not be included or referred to in any Securities and ExchangeThis report may not be included or referred to in any Securities and ExchangeThis report may not be included or referred to in any Securities and ExchangeThis report may not be included or referred to in any Securities and ExchangeThis report may not be included or referred to in any Securities and ExchangeThis report may not be included or referred to in any Securities and ExchangeThis report may not be included or referred to in any Securities and ExchangeThis report may not be included or referred to in any Securities and ExchangeCommission filing or other public document.

18. 0@E: <�<8IK?HL8B <J�8I<�EFK�LE: FD D FE�@E�K?<�JL9A<: KJV�8I<8s, no responsibility isassumed due to their possible effect on individual properties unless detailed geologicreports are made available. No current report has been provided to the appraisers.

19. 1?<�� D <I@: 8EJ�N@K?�!@J89@C@K@<J�� : K�T� !� U��9<: 8D <�<==<: K@M< January 26, 1992. Wehave not made a specific compliance survey and analysis of this property to determinewhether or not it is in conformity with the various detailed requirements of the ADA. It ispossible that a compliance survey of the property, together with a detailed analysis ofthe requirements of the ADA, could reveal that the property is not in compliance withone or more of the requirements of the Act. If so, this fact could have a negative effectupon 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 ADA in estimatingthe value of the property.

20. We have not operated nor viewed the subject equipment in operation. All machineryand other equipment are assumed to be in normal operating condition unless statedotherwise.

Hoyt Street Properties-Block 26 Memo

1/28/2015

1212

ROMANAGGI VALUATION SERVICES,a limited liability company

ADDENDUM

The following Exhibits are provided:

1.1. !<M<CFGD <EK�� >I<<D <EKVJ�" O?@9@K�T� -&U�1?<�-IFG<IKP�* 8G

2.2. Portland Bureau of Transportation-PBOT Streetcar Project costs within the Property

3.3. Portland Development Commission-PDC Streetcar Project costs within the Property

4.4. Portland Bureau of Transportation-PBOT Lovejoy Ramp Project Sources and Uses

5.5. Portland Development Commission-PDC Parks Project Expenditures

6.6. City of Portland Parks Squares Project Cost

7.7. Summary of Hoyt Street Properties (HSP) Investments

8.8. Amended and Restated Agreement for Development Between the City of Portland andHoyt Street Properties, LLC, Dated March 12, 1999

9.9. Qualifications of the Appraiser

Hoyt Street Properties-Block 26 Memo

ADDENDUM

ROMANAGGI VALUATION SERVICES,a limited liability company

1.1. DEVELOPMENT AG* � � % � & ,L+�� 0 !� !,�J� -!K�, � �( * ' ( � * ,1�% � (

Hoyt Street Properties-Block 26 Memo

ADDENDUM

ROMANAGGI VALUATION SERVICES,a limited liability company

2.2. PORTLAND BUREAU OF TRANSPORTATION-PBOT STREETCAR PROJECTCOSTS WITHIN THE PROPERTY

0;988;769 .$#

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Hoyt Street Properties-Block 26 Memo

ADDENDUM

ROMANAGGI VALUATION SERVICES,a limited liability company

3.3. PORTLAND DEVELOPMENT COMMISSION-PDC STREETCAR PROJECTCOSTS WITHIN THE PROPERTY

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Hoyt Street Properties-Block 26 Memo

ADDENDUM

ROMANAGGI VALUATION SERVICES,a limited liability company

4.4. PORTLAND BUREAU OF TRANSPORTATION-PBOT LOVEJOY RAMP PROJECTSOURCES AND USES

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Hoyt Street Properties-Block 26 Memo

ADDENDUM

ROMANAGGI VALUATION SERVICES,a limited liability company

5.5. PORTLAND DEVELOPMENT COMMISSION-PDC PARKS PROJECT EXPENDITURES

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Hoyt Street Properties-Block 26 Memo

ADDENDUM

ROMANAGGI VALUATION SERVICES,a limited liability company

6.6. CITY OF PORTLAND PARKS SQUARES PROJECT COST

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Hoyt Street Properties-Block 26 Memo

ADDENDUM

ROMANAGGI VALUATION SERVICES,a limited liability company

7.7. SUMMARY OF HOYT STREET PROPERTIES (HSP) INVESTMENTS

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Hoyt Street Properties-Block 26 Memo

ADDENDUM

ROMANAGGI VALUATION SERVICES,a limited liability company

8.8. AMENDED AND RESTATED AGREEMENT FOR DEVELOPMENT BETWEEN THECITY OF PORTLAND AND HOYT STREET PROPERTIES, LLC, DATED MARCH12, 1999

Hoyt Street Properties-Block 26 Memo

ADDENDUM

ROMANAGGI VALUATION SERVICES,a limited liability company

9.9. QUALIFICATIONS OF THE APPRAISER

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Romanaggi Valuation Services, LLC sromanaggi@gmail.com Phone: (503) 860-8189

Contact Information

4805 SW Oleson Rd.Portland, OR, 97225

Phone: 503-860-8189Email:

sromanaggi@gmail.com

Professional Licenses& Memberships

Certified General REAppraiser Licenses—Oregon & WashingtonMAI: MemberAppraisal InstituteOSFMRA: OROR Societyof Farm Manager &Rural Appraisers

Education

Real Estate Finance &Marketing, BA,University of Oregon,1987

Appraisal Institute(AI), All course workand exams to attainingthe MAI designation,1998

Select Seminars

Yellow BookReviewers Cert. 2011

Yellow Book Seminar2009,

Timberland Valuation,ConservationEasement Appraising,

CondemnationAppraisal Practices,

Career Practice

I have over 20 years of commercial real estate valuation, reviewing, acquisitions andunderwriting experience working in diverse boutique, corporate and banking positions. I’veserveded public agencies, institutional, high-net worth and corporate clients. I am adept withanalyzing complex property characteristics, valuations and cash flows. I’ve appraised mostall common and special use property types. I have advised both employers and clients in avariety of real estate matters throughout the United States. In addition to appraising, myexperiences include loan-portfolio and investment acquisition due diligence, dispositionstrategy for troubled assets, valuation services for debt origination, pension funds assetmonitoring and appraisal management. Consultations for legal purposes includebankruptcy, restructuring, estates/trusts, eminent domain and partial interests valuations.Recent experiences include FASB financial reporting activities for audit and tax purposes ininmulti-disciplined assignments with business and equipment valuers.

Relevant Government Job Related Experiences

" USFLA-YELLOW BOOK APPRAISALS have been performed recently for the OR.R.Department of Parks & Recreation, USDA-Natural Resources Conservation Services(NRCS), WA. Department of Natural Resources (DNR), Trust for Public Lands (TPL),Columbia Land Trust, and others.

" FULL APPRAISAL MANAGEMENT FUNCTIONS on behalf of The Seattle MonorailAgency, on all eminent domain acquisitions for station sites. This project involved theselection of appraisers, contracting and reviewing as well as dealing with relocation orlegal issues with Agency attorneys and relocation experts. Years prior worked with thePortland Development Commission on Real Estate relocation and appraisal matters.

" REVIEW APPRAISER AND CONSULTANT TO HUD. While at Arthur Andersen Iworked with a team of appraisers consulting to HUD in Washington D.C. on theirappraisal review methodologies to enhance enforcement against fraudulent appraisers.I was the West Coast liaison. In this capacity I worked a review with the Tulalip IndianReservation in Washington.

" PORTFOLIO APPRAISAL AND LITIGATION SUPPORT FOR THE CONFEDERATEDTRIBES OF THE GRAND RONDE. I lead a team of appraisers to value a portfolio ofcollateralized assets. The scope of work included consulting to the Tribes Board anddeposition testimony during the litigation stages of this service.

" APPRAISAL MANAGEMENT AND REVIEW FOR THE MEPT PENSION. I was theWest Coast provider of appraisal management and review functions on behalf of theMulti-Employers Pension Trust. These include proposed, underdevelopment and postdevelopment holdings of institutional complex assets.

" HEAD REVIEW APPRAISER –1STST

BANK BEVERLY HILLS. As their only designatedMAI, I reviewed all the larger and more complex appraisal holdings including assets in ‘REO’ and loan workout. I. Ialso advised the REIT subsidiary on project feasibility through disposition strategies and analysis.

" Pertaining to land management issues I’ve performed “Yellow Book Appraisals” as well on timberland, ranch, andrural property appraisals.

Prior Work Experience

" KPMG LLP, Manager, Portland Real Estate Valuation Practice, 2007-2009

I was invited to open the Portland valuation practice by the Partner of the Pacific Northwestst Valuation Practice; myformer boss at Arthur Andersen LLP. Working inin a public accounting firm required the ability to integrate real estateacumen in numerous corporate transactions, strategic decisions and advisory services. I worked together withbusiness and equipment valuers in numerous multi-disciplined engagements. Experiences included valuations forlitigation support on a Lumber-Timber Bankruptcy, merger & acquisitions, Audit Assurance reviews, hiring, training,and mentoring new staff.

-#) 0" ,+)#*#&&'! )#'Continued

Romanaggi Valuation Services, LLC sromanaggi@gmail.com Phone: (503) 860-8189

" PACIFIC SECURITY CAPITAL, DIRECTOR-RESEARCH & ANALYTICS DEPARTMENT & SENIOR ANALYST-INVESTMENT MANAGEMENT., 2004-2007

I was recruited into this start-up integrated real estate firm to create a centralized analysts team to enhance the qualityand performance of their services: Development, Investment Sales & Leasing, Capital Markets/Finance, AdvisoryServices and Investment/Asset Management. I developed numerous cash-flow templates, selected research andanalytics tools and coordinated staff services. Responsibilities included acquisition due-diligence for PSC or client’sbehalf, loan underwriting, developing loan request packages, Argus modeling, development and cost modeling, assetmanagement reporting to investors and daily analytical needs. In the capacity of Investment Management I wasresponsible for all Argus cash-flows and market research for investing opportunities.

" CUSHMAN & WAKEFIELD, Director Valuation Services, 2003-2004

I provided advisory services to owners, asset managers, lenders, attorneys, and developers on real estate mattersincluding valuation, highest & best use and financial feasibility analysis on a wide variety of properties in multiplestates. A key engagement was project manager to The Seattle Monorail Agency on all eminent domain acquisitionsfor station sites.

" ARTHUR ANDERSEN LLP, Manager, Real Estate Advisory Services Pacific NW, 1998-2003

Through my continued hard work and attention to client needs I was promoted from Senior Analyst to being relocatedto Seattle to build the Real Estate Valuation and Consulting Group in Washington. I built a foundation for working withcorporate clients in a diverse professional service firm. I worked together with business and equipment valuers innumerous multi-disciplined engagements. Experiences included being the West Coast Director of appraisal and assetmanagement services on behalf of the MEPT Pension Fund. Leading valuation teams for portfolios throughout theU.S. I was a lead team member on the financial modeling and valuations of over 350 nursing/assisted facilities forrestructuring.

" FIRST BANK BEVERLY HILLS-WFSG, SENIOR Real Estate Analyst, 1997-1998

I worked for the bank, wholly owned subsidiary of the Wilshire Financial Services Group. Responsibilities includedmarket due-diligence, portfolio and individual property valuations for securitized loan pools acquisitions. As part of thecollateralized assets team I performed acquisition due-diligence on loans throughout the U.S. Assisting WSFG’s REITsubsidiary in the disposition of real estate assets and performing financial projections on land development projects. Iwas the sole MAI review appraiser for the bank involved in troubled asset portfolio acquisition and loan servicing.

" MOSCATO OFNER & HENNINGSEN, Senior Staff Appraiser, 1989-1998

Here I provided advisory and valuation services to a wide mix of clients, primarily focused on lending institutions forfinancing purposes. I developed and refined my skills for high quality in-depth analysis and research of a wide varietyof complex properties, including all standard property types and special use real estate.

" PORTLAND DEVELOPMENT COMMISSION, Property Management Assistant, 1987-1988

I assisted in managing three offices occupied by the Commission. During my tenure the Commission underwentsubstantial changes that altered its real estate requirements. My function during this period included working with thearchitectural design team and department heads on all stages of floor plan layouts. I coordinated the office remodelingand relocations, including working with contractors. Finally, I devised and implemented a new inventory control systemfor office personal properties.

Skills

" Competent with UASFLA Standards including required course work" Proficient using Argus, Word, Excel, CoStar, Power Point" Strong writing, reviewing and analytical skills" Successful working in Sensitive, Tense and Confidential situations" Sound management and interpersonal and professional skills, a team player

-#) 0" ,+)#*#&&'! )#'Continued

Romanaggi Valuation Services, LLC sromanaggi@gmail.com Phone: (503) 860-8189

Education, Licenses and Memberships

" Member Appraisal Institute (MAI): All course work, peer reviews, demonstration report, and comprehensive examstoward attaining the MAI designation, 1998

" Continuing Education, Select Seminars & Courses:

-The Yellow Book Seminar, Uniform Appraisal Standard of Federal Land Acquisitions (UAFSFA)-(A.I.);

-UASAFLA Appraisal Reviewers Course-by WA. Dept. of Natural Resources;

-Challenges and Misconceptions in UASFLA appraisals-by AI;

-Federal Land Acquisitions & Wetland Enhancement- by OR Soc. of Farm Mgrs & Rural Appraisers (OSFMRA);

-Litigation Skills for the Appraiser-by A.I; Condemnation Appraising-by A.I.;

-Timberland Valuations-by OSFMRA;

-Argus Cash flow analysis-by Argus; CCIM 101,

-Financial Analysis for Commercial Investments-by CCIM;

-Financial Accounting 201, Portland State University;

-Business Valuation, 101, The American Society of appraisers (ASA);

and numerous other valuation and educational offerings.

" University of Oregon, Eugene Oregon: B.A Real Estate Finance & Marketing, 1987

" University Per Stranieri, Perugia Italy: Italian Language Studies, 1984

" State Licensed General Certified Appraiser, Oregon;

" State Licensed General Certified Appraiser, Washington;

" Supervising Appraiser, Oregon;

" Member of the Appraisal Institute (1998);

" Member of the Oregon Farm Managers and Rural Appraisers (2009);

Select Community Activities

" Appraisal Institute’s Oregon Chapter experiences - Board Member, sub-chapter Chair and Education CommitteeChair for the Appraisal Institute’s Oregon Chapter,

" National Appraisal Institute - Leadership Development & Advisory Committee and lobbying in Washington D.C." Board Member, Junior Chamber of Commerce" Member of the Commercial Real Estate Economic Coalition (CREC)" Finance Committee, St. Philip Neri Church

" Doerenbecher’s Children’s Hospital Ski Program

" Camp Fire USA – assistant in two club groups

References-Available Upon Request