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DRAFT —12— 589 590 Michael Harvey: The appraisal is actually part of Attachment 1 in your packet beginning on 591 page 25. 592 593 Mike Wheeler: I have been sworn in. I came out of construction management in 1991 and went 594 into the appraisal business full time as an associate broker for a national franchise. In 1998, 1 595 decided to get into the appraisal side of the business and after two grueling years as a trainee, 1 596 applied for and received my certificate with the North Carolina Appraisal Board. In 2000 1 597 started my company 'The Real Estate Shop' and have been running it on a full time basis ever 598 since. 599 600 Bob Hornik: You prepared an Impact Analysis in respect to the Green Beagle Lodge 601 application? 602 603 Mike Wheeler: That is correct. 604 605 Bob Hornik: Did you arrive at a conclusion as to whether the project, if built and developed as 606 operated as proposed will enhance or maintain the value of contiguous properties? 607 608 Mike Wheeler: Yes. I would like to direct your attention to page 3 of the report, the last 609 sentence in the last paragraph in bold print: "Thus the surrounding properties and the 610 general neighborhood vicinity near the proposed Kennel project should maintain their 611 current market values, and over time, their respective appreciation levels." 612 613 Bob Hornik: What did you base your analysis on? 614 615 Mike Wheeler: I found two model facilities to use and then I examined the real estate sales 616 surrounding those two facilities over the past 10 years. One that I used was Sunny Acres Pet 617 Resort located in Orange County but has a Durham mailing address. I examined the residential 618 real estate sales to the east, to the west and to the south of that facility. There was nothing to 619 examine to the north because that is owned by the Eno River State Parks. The results of that 620 investigation showed that property values over the past 10 years have appreciated at the rate of 621 2.04 %. Please keep in mind this includes four years of recession. Our multiple listing services 622 has Orange County divided into sections not squares. These boundaries are normally county 623 lines and state highways. The section I used to examine the Sunny Acres Pet Resort properties 624 is identified at Section 214 which is a pretty large section. The overall properties for this entire 625 section over that same 10 years appreciated at a rate of 2.64% which is right in line with those 626 properties that are in a closer proximity to Sunny Acres. The next facility I used was Hampton 627 Point which is not a kennel. It is located at the intersection of Interstate 85 and Highway 86. 628 This is where the Wal -Mart is located and the Home Depot. Hampton Point was developed 629 after the majority of the sections surrounding that area had been developed. Property values 630 within the closed proximity to Hampton Point over the past 10 years have appreciated at a rate 631 of 2.43 %. Going back to our multiple listing sections, it is identified as Section 213. It is a much 632 smaller section than 214 but that entire section appreciated over. the past 10 years at a rate of 633 .86 %, not even one percent so those properties that are located within the closest proximity to 634 Hampton Point appreciated at a better rate than those who are in a further proximity. 635 636 Bob Hornik: Based on your investigation and analysis, is the conclusion that the Green Beagle 637 Lodge, if developed as proposed, will retain the value of contiguous properties, the properties 638 immediately surrounding the site. 639 640 Mike Wheeler: Yes it is. 641 642 Bob Hornik: No further questions. OC Board of Adjustment — 5/14/2012 Page 12 of 41