December 19, 2012Temple UniversityVivacqua Hall, Suite 415P.O. Box 2843Philadelphia, PA 19122Attn: Ms. Linda Frazer, Director of Business ServicesMr. Richard Rumer, Associate Vice President of Business Services
RE: Summary Appraisal Report
Prospective Temple University BoathouseSiteKelly Drive, just south of StrawberryMansion BridgePhiladelphia, PA 19121File No.: 12249Dear Ms. Frazer and Mr. Rumer:In accordance with your request, we have appraised the captioned property and our findings arepresented in the following report. This is a Summary report as defined by Uniform Standards of Professional Appraisal Practice (USPAP) under Standards Rule 2-2(b). This format provides asummary of the appraisal process, subject and market data and valuation analyses to develop theappraiser's opinion of value. Supporting documentation concerning the data, reasoning andanalyses is retained in our file.
We have estimated the site to contain approximately 75,000 square feet of which about15,000 square feet is in the water.
We have been informed by the Fairmount Park Commission that the current zoning does notmatter and, for purposes of our valuation analysis; any use that is physically possible andfinancially feasible should be considered.
It is our understanding that the cost to repair the river retaining wall is approximately$1,500,000.
Considering the elevation of the site and its proximity to the river, any construction willrequire significant flood considerations.
Access to the site and parking on adjacent lot will be provided by a cross-easement.
We have assumed that the river retaining wall will be completely repaired in a timely fashionby the Fairmount Park Commission, at its sole cost.