APPRAISAL REPORT NORTH PLAINS MANAGEMENT LAND 243.59 ACRES 1) 10000 DEWDNEY AVENUE SW 29-17-20-W2 97.87 ACRES 2) 605 CONDIE ROAD NW 29-17-20-W2 145.72 ACRES NORTHEAST CORNER OF DEWDNEY AVENUE AND CONDIE ROAD REGINA, SASKATCHEWAN AS AT DECEMBER 23, 2014 PREPARED BY: PETER M. LAWREK, B.A., AACI, P. APP. LJB LAWREK JOHNSON BIRD APPRAISALS CONSULTING LTD. 2126 ROSE STREET REGINA, SASKATCHEWAN 014-0730 Non?h Plains Mgmt. LJB Appraisals LJB Lawrek Johnson Bird REAL ESTATE APPRAISALS AND CONSULTING LTD. COMMERCIAL - INDUSTRIAL - AGRICULTURAL - PROPERTY TAX ASSESSMENTS 2126 Rose Street Regina, Saskatchewan S4P 2A4 Peter Lawrek, B.A., AACI, P.App. Robin Johnson, M.A. Econ, AACI, Darren Bird, B.Admin., C.M.A., P.App. Samantha Lawrek, B.A., AACI, P.App. Rob Lawrence, AACI, PApp. Glen Veikle, B.A.. MA. Econ, Candidate Appraiser Saskatchewan Ministry of Highways Infrastructure 1650 Park Street Regina, Saskatchewan S4N 2G1 Attention: Ms. Nicole Anderson Land Property Manager, Southern Region Dear Madam: Email: ljbappraisals@sasktel.net Main Office (306) 721-5522 Fax (306) 721-5532 Adam Robitaille, B.Comm, AACI, P.App. Brent Lawrek, Appraisal Analyst Murray Grapentine, Appraisal Analyst Leanne McLeod, BEA, Candidate Appraiser Joanne Kydd, BAdn-rin, B.A. Econ, Candidate Appraiser December 23, 2014 Re: Appraisal Report North Plains Management Land 243.59 Acres 1) 10000 Dewdney Avenue SW 29-17-20-W2 97.87 Acres 2) 605 Condie Road NW 145.72 Acres Northeast corner of Dewdney Avenue and Condie Road Regina, Saskatchewan In accordance with your instructions, we have prepared an appraisal report of the above property. The purpose of the appraisal is to estimate the market value of the property as at December 23, 2014 which was the date of inspection. The intended use of the appraisal is to assist in the purchase of the land for a proposed roadway. We have personally inspected the property and have analyzed all available information considered pertinent. Based on this inspection and analysis the market value as at December 23, 2014 is estimated to be: 1) SW 29 97.87 Acres $40,000Iacre $3,915,000 A 145.72 Acres $2r0,0001acre $2,914,000 Total: $6,829,000 Note: 1) The estimate of market value is based on the assumption that the property will not be used for the proposed Regina Bypass. 2) The estimate of market value per acre for the remaining land after the bypass is no less than the before value except that the land remaining east of the bypass becomes severed without legal access and is therefore not saleable. The 10.15 acre parcel which will be created in the SW corner of SW 29 will reportedly have access. The following report outlines the market data collected and analyzed and the appraisal methods employed. Respectfully Submitted, LJB Lawrek Johnson Bird Appraisals Consulting Ltd. Peter M. Lawrek, B.A., P. App. PML/bl/Encl. 306-721-5523 C14-073O North Plains Mgmt. LJB Appraisals Table of Contents PART ONE INTRODUCTION Letter of Transmittal Table of Contents PART TWO - BASIS OF THE APPRAISAL Client and Intended Use of the Report Purpose of the Assignment Property Rights Appraised Type of Report Effective Date of Value De?nition of Market Value Scope of Work Assumptions Limiting Conditions PART THREE - FACTUAL INFORMATION Identi?cation of the Property Title Information Sales History Province of Saskatchewan Data City Data - Regina Neighbourhood Data Description of Land Site Analysis Assessment and Taxes Land Use Controls /Zoning PART FOUR - ANALYSES CONCLUSIONS Characteristics of the Market Principle of Highest and Best Use Land Value Estimate by the Direct Comparison Approach Exposure and Marketing Time Analysis Appraiser's Certification Appraiser's Quali?cations SUPPORTING DATA Aerial Photographs City of Regina - Boundary Alteration R.M. of Sherwood Map (After Jan. 1/14) R.M. of Sherwood Map (Before Jan. 1/14) Regina Bypass Map West Regina Bypass Maps Zoning Data Parcel Plans Certi?cate of Title C14-0730 North Plains Mgmt. CDU?I-b-b-h-A-b-b-h LJB Appraisals PART TWO - BASIS OF THE APPRAISAL Client and Intended Use of the Report The report is intended for use only by the client, Saskatchewan Ministry of Highways Infrastructure and those parties determined by the client. This report is intended to assist in the purchase of the land for a proposed roadway and no other use. Use of this report by others is not intended by the appraiser and any liability in this respect is strictly denied. Purpose of the Assiqnment To estimate the market value of the property as at the effective date. Propertv Riqhts Appraised Fee Simple ownership subject to any leases outlined in this report. Type of Report Short Narrative, current value. Effective Date of Value December 23, 2014 De?nition of Market Value As de?ned by the Appraisal Institute of Canada in the Canadian Uniform Standards of Professional Appraisal Practice. "The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this de?nition is the consummation of a sale as of the speci?ed date and the passing of title from seller to buyer under conditions whereby: 1) buyer and seller are typically motivated; 2) both parties are well informed or well advised, and acting in what they consider their own best interests; 3) a reasonable time is allowed for exposure in the open market; 4) payment is made in terms of cash in Canadian dollars or in terms of ?nancial arrangements comparable thereto; 5) the price represents the normal consideration for the property sold unaffected by special creative ?nancing or sales concessions granted by anyone associated with the sale." Market value as defined by International Valuation Standards 2000: ?Market value is the estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arms-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion." 014-0730 - North Plains Mgmt. LJB Appraisals Scope of Work Inspec?on We inspected the land. The identi?cation of the property also involved a review of mapping prepared by the local municipality, and our earlier ?les on the property. Type of Analysis This appraisal complies with the Standards of the Appraisal Institute of Canada and the International Valuation Standards. We are competent in this type of appraisal analysis and have appraised this type of property previously. Data Research We received our instructions from the client who provided information on the property. Publications produced by the local municipality provided information on applicable land use controls. Sources of market evidence included, as appropriate, the local real estate board, Land Title Of?ce transactions - including those reported by local assessors, real estate agents, vendors and purchasers active in the market. Information Services Corporation provided information on the state of title. Audits and Technical Investigations We did not cOmplete technical investigations such as: - Detailed investigations or engineering review of the plans of the structure; - An environmental review of the property; - A site or building survey; - Investigations into the bearing qualities of the soils - Audits of ?nancial and legal arrangements concerning the leases Veri?cation The analysis set out in this report relied on written and verbal information obtained from a variety of sources we considered reliable. Unless otherwise stated herein, we did not verify client-supplied information, which we believed to be correct. 014-0730 North Plains Mgmf. LJB Appraisals Assumptions Limitinq Conditions 1. The client to whom this report is addressed may use it in deliberations affecting the subject property only, and in so doing, the report should not be extracted, but used in its entirety. 2. While expert in appraisal matters, the author is not quali?ed and does not purport to give legal advice. it is assumed that: a) The legal description as furnished by the Land Titles Of?ce is correct; b) Title to the property is good and marketable; c) There are no encroachments, encumbrances, restrictions, leases or covenants that would in any way affect the valuation, except as expressly noted herein; d) The existing use is a legally conforming use which may be continued and the required building permits have been acquired for all improvements; e) Rights of way, easements or encroachments over other real property and leases or other covenants noted herein are legally enforceable. Because these assumptions have been made, no investigation, legal or otherwise, has been undertaken which would verify these assumptions except as expressly noted herein. 3. The author is not a quali?ed surveyor. Sketches, drawings, diagrams, photographs etc. are presented in this report for the limited purpose of illustration and are not to be relied upon in themselves. 4. The author is not qualified to give engineering advice. It is assumed that there are no patent or latent defects in the subject improvements, that no objectionable materials such as Urea Formaldehyde foam are present, that they are structurally sound and in need of no immediate repairs, unless expressly noted within this report. No soil tests have been done, nor have tests been done of the heating, plumbing, electrical, air-conditioning or other systems and, for the purpose of this opinion, they are assumed to be in good working order. 5. No investigation has been undertaken with the local zoning office, the ?re department, the buildings inspector, the health department or any other government regulatory agency unless such investigations are expressly represented to have been made in this report. The subject property must comply with such government regulations and, if it does not comply, its non- compliance may affect market value. To be certain of compliance, further investigations may be necessary. 014-0730 Non?h Plains Mgmt. LJB Appraisals 10. 11. 12. 14-0730 - North Plains Mgmt. 7 Neither possession of this report nor a copy of it carries with it the right of publication. All copyright is reserved to the author and is considered con?dential by the author and his client. It shall not be disclosed, quoted from or referred to, in whole or in part, or published in any manner, without the express written consent of the appraiser. This is subject only to con?dential review by the Appraisal Institute of Canada. Market data has been obtained, in part, from documents at the land registry office, or as reported by the real estate board. As well as using such documented and generally reliable evidence of market transactions, it was also necessary to rely on hearsay evidence. Except as noted herein, a reasonable attempt has been made to verify all such information. Because market conditions, including economic, social and political factors, change rapidly and, on occasion, without warning, the market value expressed as of the date of this appraisal cannot be relied upon to estimate the market value as of any other date except with further advice of the appraiser. The compensation for services rendered in this report does not include a fee for court preparation or court appearance, which must be negotiated separately. However, neither this nor any other of these limiting conditions is an attempt to limit the use that might be made of this report should it properly become evidence in a judicial proceeding. In such a case, it is acknowledged that it is the judicial body which will decide the use of the report which best services the administration of justice. The appraiser is not quali?ed to comment on environmental issues that may affect the market value of the property appraised, including but not limited to pollution or contamination of land, buildings, water, groundwater or air. Unless expressly stated, the property is assumed to be free and clear of pollutants and contaminants, including but not limited to moulds or mildews or the conditions that might give rise to either, and in compliance with all regulatory environmental requirements, government or otherwise, and free of any environmental condition, past, present or future, that might affect the market value of the property appraised. If the party relying on this report requires information about environmental issues then that party is cautioned to retain an expert quali?ed in such issues. We expressly deny any legal liability relating to the effect of environmental issues on the market value of the property appraised. Extraordinarv Limitinq Condition One or two of the three traditional approaches to value may have been excluded. The reasons for any exclusion are explained in this report. Extraordinarv Assumption Refer to Letter of Transmittal regarding any Extraordinary Assumptions. LJB Appraisals PART THREE - FACTUAL INFORMATION Identi?cation of the Pronertv Title Information Address/ 1) 10000 Dewdney Avenue SW 29-17-20-W2 97.87 Acres Legal Description: 2) 605 Condie Road NW 29-17-20-W2 145.72 Acres Regina, Saskatchewan Title Information: Refer to enclosed Certificate of Title Sales Histom Owned by the current owner since at least 1999. Offer in March 2008 of $7,500,000 based on 243.59 acres in 1/2 29-17-20-W2 was countered at $9,500,000 but the counter offer was rejected. There have been no reported recent offers or listings. Province of Saskatchewan Data Location: Located in Western Canada between Alberta to the west and Manitoba to the east Population: 1,129,899 October 1, 2014 (Sask. Gov't Bureau of Statistics) Size: 250,000 square miles Key Economic Sectors: Agriculture: This original economic base saw the largest crop produced in the province?s history in 2013. Saskatchewan supplies more than a third of the world's total exported durum wheat and leads the world's exports of lentils and dried peas. (Economic Overview, 2013) Manufacturing: Manufacturing shipments were $15.2 billion in 2013 while international exports of manufactured goods were $33.0 billion in 2013, an increase of 4.7% from 2012. (MEIR Report February 2014) Mining: In 2012, Saskatchewan was the 3rd largest non-fuel mineral producing province in Canada. Saskatchewan accounted for 17% of the value of total Canadian mineral production, at $8.2 billion. Saskatchewan's mineral exploration spending was ?fth largest in Canada. (Natural Resources Canada) Saskatchewan remained the world's largest leading potash- producing jurisdiction and the second largest producer of uranium. Other signi?cant mineral production includes: gold, silica sand, salt and sodium sulphate, bentonite, clay, and coal. Oil Gas: Saskatchewan is the second highest producer of oil and third highest producer of natural gas in the country. Advanced Technology: Approximately 14,000 people in some 300 Saskatchewan companies generate more than $1 billion a year, providing innovative products and services in telecommunications, digital communications, software development, monitoring and remote sensing, computerized banking, geomatics, health and environmental systems. Research: Approximately 30% of Canada's ag-biotech research takes place in Saskatchewan. - CLS in Saskatoon is one of the 2 most powerful of its kind in N. America. - Boundary Dam by Estevan has the world's ?rst and largest carbon capture and sequestration project. Advantage: One of the cheapest places to do business in the world Workforce: One of the best educated in Canada - nearly 50% of employees have a post- secondary education. Trade: In 2012, Saskatchewan's highest valued exports were crude petroleum oil, potassium chloride (potash), and wheat accounting for nearly two thirds of the province's exports at $12.5. and $3.3 billion respectively. 64.5% of exports went to the USA, while 15.7% went to China. Japan, Indonesia, and Mexico. The USA was also the greatest source of imports for the province, accounting for 86.2%, while Mexico, China, Germany, and Japan contributed to 7.3% of the total. Summary: Saskatchewan has experienced steady growth. GDP statistics: Year 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 (F) Canada 3.1% 3.0% 2.8% 2.2% 0.7% 2.8% 3.2% 2.5% 1.8% 2.0% 2.8% Saskatchewan 4.7% 2.8% 3.5% 4.9% 2.5% 4.9% 2.2% 4.8% 2.0% Source: Stats Canada, RBC Economics Research forecasts (Real GDP Growth Rates) North Plains Mgmt. LJB Appraisals City Data Reqina Location: Economic Base: - Capital of Province of Saskatchewan 100 miles north of the US border near the south end of the province Located on the Trans-Canada Highway Agriculture service - Retail and distribution centre - High civil service numbers Some of the largest employers are Evraz Inc. NA (steel plant), The Co?op Refinery Complex (upgrader), Canada Life Insurance, The Global Transportation Hub, Farm Credit Canada, Mosaic (potash), and Viterra (grain company) Unemployment Rate November 2014 (Seasonally Adjusted) Regina 3.1% Saskatchewan 3.4% Canada 6.6% Saskatoon, Saskatchewan 3.6% Winnipeg, Manitoba 5.6% Edmonton, Alberta 5.3% Calgary, Alberta 4.4% Source: statcan. gc. Industries/Sectors that Drive the Regina Economy 1) 5) 7) 9) 014-0730 North Plains Mgmt. Evraz Inc. NA steel plant (formerly lnterprovincial Steel Company, IPSCO) employs approximately 1,000 full time employees. They have been expanding and expect continued growth in the future. The Co?op Refinery Complex (Oil Refinery and Upgrader) employs over 800 full time people, and hires over 1000 additional employees and contractors during peak periods. They have been expanding and should continue to grow in the future. Head Office of Viterra grain company (formerly Saskatchewan Wheat Pool) employs 260 people in their Regina office. Western Canada Regional Head Office of Canada Life approximately 700 employees. No expansion is expected. Farm Credit Canada moved from Ottawa to Regina in about 1992 and employs 766 full- time and part?time employees at their corporate and field offices in Regina. FCC is Canada's leading agricultural tender, with a healthy portfolio of more than $26 billion and 20 consecutive years of portfolio growth. Government of Saskatchewan: They are the largest user of Regina office space. SaskPower Corp. employs approx. 1,000 full time employees in Regina, SaskEnergy Inc. employs about 450 full time employees, SaskTel employs approx. 2,069 full time employees. All of the Crown Corporations have grown in recent years and predict continued growth in the near future. Government of Canada: They have a substantial number of employees in Regina. The Global Transportation Hub (GTH) employs over 732 full time people on site, the majority at the Loblaw one million sq. ft. warehouse and distribution centre. Private sector investment in the GTH has topped $485 million to date (Spring 2014). Companies such as CP, Loblaw, Morguard Investments, Saskatchewan Liquor and Gaming Authority, and SaskPower will operate out of the GTH. New investments are anticipated in the coming year. Mosaic Potash (formerly IMC/Cargill) employs approximately 350 people in the Regina of?ce and at their mine in nearby Belle Plaine. Insurance employs LJB Appraisals Regina Population History: Local Economy: Real Estate Market Residential: Multi-Family: lndustrialNVarehouse: Of?ce: Retail: Comments: Demand for Subject Property: 014-0730 North Plains Mgmt. 10 June 30 2003 184,006 2004 186.766 2005 187,772 2006 185,010 2007 188,065 2008 192,232 2009 192,912 201 1 204,120 2012 207,429 2013 215,004 Source: Government of Saskatchewan, Health The Regina economy is relatively strong and growing. Stable market. Highest demand is for low to mid-range homes. Good demand by investors due to low interest rates and low vacancy rates. Vacancy rate (CMHC Housing Market Outlook April/14). Average rent of a two bedroom unit (new and existing) is $1,053 per month. Strong demand by tenants. Good demand especially for smaller buildings. Vacancy rate as of January 2014 was 3.52% and was 2.33% in January 2013 (Survey by Commercial). 2013 year end vacancy was 3.59% (Report by Avison Young realtors). Colliers March 31/14 vacancy report was 1.89%. Colliers September 30, 2014 vacancy report was 2.75% Good demand by investors and tenants but vacancy is rising due to new buildings constructed. Dec. 31, 2009 2.72% Sept. 2010 2.50% Sept. 201 1 1.73% March 2012 1.63% August 2012 1.42% February 2013 4.28% Sept 2013 5.25% February 2014 9.09% August 2014 11.07% Source: Harvard Real Estate Survey Relatively good demand especially for high quality locations. Vacancy rate as of January 2014 was 2.97% and was 2.52% in January 2013. (Survey by Avison Young realtors). The overall real estate market is relatively good. Good demand for land like the subject. LJB Appraisals 11 Year Number Value 1990 1 751 102 791.7 1995 1 221 100 651.7 2000 1 462 113 331.8 2005 1 670 241 529.0 2006 1 919 276 927.9 2007 2 186 337 685.6 2008 387 342 372.1 2009 2 307 458 354.2 2010 2 539 426 790.7 2011 790 547 721.3 2012 3,342 773.2726 2013 3,300 7134,7365 2014 11 mths) 3,002 686.2927 Source: City of Regina, Construction Compliance Department Housin Starts Re ina CMA Historical Year Detached 1990 1995 2000 2005 2006 2007 2008 2009 2010 2011 2012 151 804 Total 471 371 093 2013 1,246 1,876 3,122 2014 (11 mths) 667 1,430 2.097 Source: cmhc?schl.gc. ?cat=58&itm=1 &lang=en&fr=1 34452514 78 75 Neighbourhood Data Refer to the maps in the Supporting Data section. The subject land was annexed into the City of Regina effective January 1, 2014. It is located at the northeast corner of Dewdney Avenue and Condie Road extending north one mile in west Regina. Neighbouring Pronerties 320 323 459 572 749 864 979 569 708 958 1 289 North: Canadian National Railroad than farmland. North of Dewdney Avenue Within SW 29: Two industrial lots including an old fertilizer production plant. West (Across Condie Rd.) Farmland. Northwest: City of Regina lagoons. East: Railway line and land owned by Spectra Energy Empress Management Inc. which is a petroleum transmission management company. South (Across Dewdney Ave): Global Transportation Hub which is within the Regina city limits. Conclusion The neighbourhood is a good location for the subject land although the City of Regina lagoons immediately northwest are a negative factor. 014-0730 - North Plains Mgmt. LJB Appraisals 12 Description of Land Site Analvsis Loca?on Land Size: Services: Topography: Access: Conclusion: Assessment and Taxes 2014 Assessment: Taxable Assessment 2014 Taxes: Land Use Controls Zoning Northeast corner of Dewdney Avenue and Condie Road extending north one mile in west Regina. 1) SW 29 97.87 Acres 2) NW 29 145.72 Acres Total: 243.59 Acres No services. Generally level, adequate drainage. Dewdney Ave. on south side which is a paved road and Condie Rd. on east side which is a gravel road. Good access and exposure. 605 Condie Road 10000 Dewdnev Ave. Totals $248,600 $206,900 $455,500 $136,700 $1 13,700 $250,400 $707.50 $474.31 $1,181.81 According to City of Regina Zoning Bylaw No. 9250, the subject property is zoned: UH - Urban Holding This zoning is designed to protect lands required for future urban development. Note: The subject site was zoned I: industrial when it was in the Rural Municipality of Sherwood #159. 614-0 730 North Plains Mgmt. LJB Appraisals 13 PART FOUR - ANALYSES CONCLUSIONS Characteristics of the Market There is a good demand for land like the subject. There are very few competing sites currently for sale. Princi le of Hi hest and Best Use De?nition: That reasonably probable and legal use of vacant land or an improved property which is physically possible, appropriately supported, ?nancially feasible and that results in the highest value. The highest and best use of a property is a major factor affecting market value. The value of a property results from its use and varies with the present and prospective, actual and anticipated pro?t. Highest and best use can be simply stated as that use likely to produce the greatest net return over a given period of time. Criteria for determining highest and best use include: 1) The use must be legal and in compliance with zoning and building restrictions. 2) The use must be within the realm of probability; a likely one, not speculative or conjectural. 3) A demand for such use must exist. 4) The use must be pro?table. 5) The use must provide the highest net return to the land. 6) The use must produce the return for the longest possible time. The subject land is currently used for grain production. It was zoned industrial when it was in the RM. of Sherwood prior to January 1, 2014 and it had an approved industrial subdivision when it was in the RM subject to proving a water source (either cisterns, wells or City of Regina water). The City of Regina long term plan for the land is industrial use. Based on this analysis and with consideration to all factors the Highest and Best Use is future industrial use. 014-0730 North Plains Mgmt. LJB Appraisals 14 Land Value Estimate bv the Direct Comparison Approach This method involves the gathering, analyzing and comparing of data on similar properties that have been sold recently in the vicinity of the subject property. This approach to value af?rms the principle of substitution which briefly states that a prudent purchaser will not pay more for a property than it would cost to buy an equally desirable substitute, provided that there is no delay in making substitution. The following land sales are analyzed: Index No. 1 Loca?on: Sale Price: Sale Date: Land Size: Zoning: Sale Price Per Acre: Comments: immediately south of Highway #1 RM. of Shenn/ood #159 2.5 miles west of Regina, Saskatchewan 1/2 mile west of intersection of Pinkie Road and Highway #1 . 1) NW Parcel #110426712 2) SW 32-16-20-W2 Parcel #1 10426701 1) $600,000 2 2 100 000 $2,700,000 Titles transferred April 5, 2013. Title 143458151, 143458173, 143458229, 143458049, 143458083, 143458139. 1) 147.66 acres 2) 159.84 acres 307.50 acres A Agriculture $8,780 per acre Seller: Harjinder Binning, Singh Gurdip Rana, Singh Balvinder Sandhu Buyer: Robert Tappauf Enterprises Ltd., Walter Tappauf Sons Ltd., TC Real Estate Ltd. Note: 1) The values on the title were reversed by mistake. They should be: NW 32-16-20-W2 $2,100,000 147.66 acres $14,222 per acre SW 32-16-20-W2 $600,000 159.84 acres $3,754 per acre 2) The seller (Binning, etc al) purchased for $639,000 or $2,078 per acre June 12, 2007 title transfer #133783588, etc. Yard site on NW 32-16-20-W2 include approx. 1,200 sf (plus solarium) bungalow built in 1962. Central air, newer furnace, newer roof. One bathroom. Half of basement developed. 3 car detached garage. Old barn converted to machine shed. 2 good steel bins. 3) Sold on MLS October 30, 2012 for $2,400,000 from Binning to Stroeder who did not take title but sold his interest for $2,700,000 to Tappauf who took title. 014-0730 - North Plains Mgmt. LJB Appraisals Index No. 2 Loca?on: Sale Price: Sale Date: Land Size: Zoning Sale Price Per Acre: Comments 15 All of Section 26-17-21-W2 North side of Dewdney Ave. NW of the Global Transportation Hub. RM. of Sherwood #159 $3,105,000 February 06, 2013 November 18, 2013 title transfer #144364956 etc. 621.00 acres NW 26: 153.88 acres NE 26: 153.65 acres SE 26: 156.87 acres SW 26: 156.60 acres A - Agriculture $5,000 Seller: Muriel Joyce Morris and Mary Sandra Dorosz Buyer: 101225232 Saskatchewan Ltd. Regina developer with a long term view for development, no immediate plans Note: The front parcels were listed at $10,000/acre and the rear parcels were listed at $4,000/acre for an average price per acre of $7,029 by D'Arcy Skwara (Colliers International) 789-8300 Index No. 3 Loca?on: Sale Date: Sale Price: Land Size: Zoning: Sale Price Per Acre: Seller: Buyen Listing Agent: Comments: 014-0730 North Plains Mgmt. Westport Industrial Park, NW NE 16-17-20-W2 Immediately west of City of Regina Airport, south of CP Railway and east of Pinkie Rd. and the Regina City limits, RM. of Sherwood #159 June 2014. October 31, 2014 title transfer #143897442 $4,443,000 NW 156.65 acres NE 139.37 acres Total296.02 acres AG1 Agriculture but rezoned to Industrial in new proposed zoning bylaw. $15,009/acre Marathon Development Corp. 101263489 Saskatchewan Ltd. Dale Griesser (Avison young) 306.359.9799 Asking price was $29,000/acre. Two sales at $25,000 per acre fell through. Offers were accepted but buyers did not remove conditions and complete deal. LJB Appraisals Index No. 4 Loca?on: Sale Price: Sale Date: Land Size: Zoning: Sale Price Per Acre: Seller: Buyer Index No. 5 Loca?on: Sale Price: Sale Date: Land Size: Zoning: Sale Price Per Acre: Seller: Buyen North Plains Mgmt. 16 NE Just west of City of Regina Airport and the Regina City limits at the SW corner of Centre Road and the future West Regina Bypass. One mile west of Regina city limits at time of sale. RM. of Sherwood #159 $2,304,720 December 2011 Sale fell through in mid 2013 104.76 acres AG1 Agriculture $22,000 McNally Enterprises Ltd. Kal Tire who decided to- not proceed with their intended truck tire sales and retread plant. NE NW 21-17-20-W2 Portions of SE SW 21-17-20-W2 Just west of the RCMP training grounds and northwest of the Regina City airport within the Regina City limits. Dewdney Avenue is to the north, Pinkie Road is to the west, Courtney Street is to the east and 13th Avenue is to the south. $11,330,500 50% $5,665,250 Early 2012. Title transfer April 4, 2013. Title nos. 143452391, 143452380, 143452403, 143452436. 523.69 acres UH Urban Holding $21,636 Seller: Sherwood Multitech Estates Ltd. Buyer: Harvard Developments purchased 50% interest in Westerra Development Corp. based on $21 ,636/acre for 100% interest. Future use is residential, commercial and light industrial subdivision called Westerra. LJB Appraisals Index No. 6 Loca?on: Sale Price: Sale Date: Land Size: Zoning: Sale Price Per Acre: Seller: Buyer: Index No. 7 Loca?on: Sale Price: Sale Date: Land Size: Zoning: Sale Price Per Acre: Seller: Buyen Comments: North Plains Mgmt. 17 SW 20-17-18-W2 1/2 mile west of Southwest corner of Highways #1 and #362 which is the Pilot Butte access road. 4 miles east of Regina RM of Edenwold #158 $3,250,000 May 4, 2012 Title #142139998 133.58 acres Agriculture $24,330 Ronald Mildred Leonard Gary L. Redhead Holdings Ltd. who will use for a new Redhead Equipment building (industrial equipment and large truck sales). There will be some excess land which Redhead will either develop or sell off. NW 18-18-19-W2, Parcel #110907491 R.M. of Sherwood #159 One mile north of Regina city limits North of Sherwood industrial Park East Side of Highway #6 North $2,695,000 (asking price was $2,695,000) June 28, 2011 on MLS Title transfer August 4, 201 1 (#141030762) 107.78 acres Agriculture $25,005 King Farm Syndicate Holding lnc. Degelman Industries Ltd. who will immediately use 20 acres for yard storage. Degelman plant is located to west across Highway Highest previous offer was $1,500,000 June 2011 by an industrial subdivision developer. This is a high sale due to special motive. LJB Appraisals Index No. 8 Loca?on: Sale Price: Sale Date: Land Size: Zoning: Sale Price Per Acre: Seller: Buyen Comments: Index No. 9 Loca?on: Sale Price: Sale Date: Land Size: Zoning Sale Price Per Acre: Comments 014-0730 North Plains Mgmt. 18 5 miles east of Regina city limits NW 22-17-18-W2 Parcel #1 10908065 North Service Road Trans Canada Highway #1 RM. of Edenwold #158 Across Highway from Great Plains Industrial Park. Across road to east of Balzer?s Canada Inc. $2,950,000 (asking price was $3,200,000) June 20, 2011 MLS Title transfer August 4, 201 1 (#14027612) 141.27 acres Agriculture $20,882 Emerald Plains Properties Inc. Aquila Holdings Ltd. (owned by Carson Energy) who intends to use portion for their own new building and use remainder for a light industrial/commercial subdivision Sask. water line is nearby and also natural gas and electricity SE 23-17-19-W2 Parcel #107277251 Southwest corner of Highway #1 East and Tower Road RM. of Sherwood #159 East of Regina, Saskatchewan $7,000,000 July 15, 2012, title transfer Dec. 7/12 #143021876 141.22 acres, A - Agriculture $49,568 Seller: SFJ Inc. Buyer: 101217530 Saskatchewan Ltd. Harvard Developments Inc. Forster Projects Inc. Buyer intends to have this land annexed into the City of Regina and develop into a retail centre similar to the Grasslands Retail development in Harbour Landing in southwest Regina. LJB Appraisals Index No. 10 Loca?on: Sale Price: Sale Date: Land Size: Zoning: Sale Price Per Acre: Seller: Buyer Index No. 11 Loca?on: Sale Price: Sale Date: Land Size: Zoning: Sale Price Per Acre: Comments: Index No.12 Loca?on: Sale Price: Sale Date: Land Size: Zoning: Sale Price Per Acre: Seller: Buyen Comments: 014-0730 Non?h Plains Mgmt. 19 Ptn. of SW 4-17-20-W2 Ext. 2 Parcel #166114717 mile northeast of the northeast corner of Trans- Canada Highway #1 The West Regina Bypass. 0.5 miles west of Regina, Saskatchewan R.M. of Sherwood #159 $772,958 March 10, 2014 title #144790993 55.21 acres A - Agriculture $14,000 Lyndon Marion Skelton Government of Saskatchewan (Highways) for future West Regina BypassSherwood #159 North of Regina Northwest corner of Inland Drive and VWnnipeg St. North. $2,000,000 January 2012, title transferred March 13, 2012 #141892746, etc. 120.36 acres A - Agriculture $16,617 Seller: Orville and Evelyn Williams Buyer: DBR Developments Ltd. who intends to use for industrial subdivision. LSD 2 (Ext 6) Parcel #111618570 Portion of SE 1/2 mile east of intersection of Inland Drive and Hwy#6 North, immediately east of Sherwood Industrial Park R.M. of Sherwood #159, 1/2 mile north of Regina city limits $1,675,000 January 16, 2012 title #141688637 40.1 acres Agriculture $41,771 Calvin Patricia Kelly 101 196187 Saskatchewan Ltd. Buyer intends to use for industrial subdivision LJB Appraisals Index No. 13 Loca?on: Sale Price: Sale Date: Land Size: Zoning Sale Price Per Acre: Comments Index No. 14 Loca?on: Sale Price: Sale Date: Land Size: Zoning: Sale Price Per Acre: Seller: Buyen Index No. 15 Loca?on: Sale Date: Sale Price: Land Size: Zoning: Sale Price Per Acre: Seller: Buyer Note: 014?0730 North Plains 20 SE Parcel #110907479 NW corner of Fleet St. extension and Inland Drive extension, one mile north of Regina city limits RM. of Sherwood #159, Saskatchewan $2,500,000 Title transfer October 23, 2012 (#142831919) 159.85 acres AG1 - Agriculture $15,640 Seller: Hellen Marie Husum Buyer: First West Properties Inc. for a new industrial subdivision called Parker Industrial Park. 2151 Pinkie Road Block Plan 101942322 Regina, Saskatchewan $1,000,000 December 3, 2013 title #144432884 13.31 acres A Agriculture $75,131 Leasing Ltd. Westerra Development Corp. South portion of NE Adjacent of north side of CP Rail main line. Immediately west of Global Transportation Hub. Parcel A Plan 102104064 Ext. 0 October 18, 2013 title #144250343 $443,733 24.48 acres A Agriculture $18,126 James Farley Province of Saskatchewan who then sold to Canadian Pacific Railway Company Dec. 11/13 title #144466667. To be used by Canadian Pacific for extension of Global Transportation Hub. This was a negotiated deal. It was not an expropriation. LJB Appraisals Index No. 16 Loca?on: Sale Date: Sale Price: Land Size: Zoning: Sale Price Per Acre: Seller: Buyer Comments: Index No. 17 Loca?on: Sale Price: Sale Date: Land Size: Zoning: Sale Price per Acre: Seller: Buyen Comments: C14-073O North Plains Mgmt. 21 Northwest corner of Pasqua St. Shenivood Rd. SE 23-18-20-W2 Adjacent to the Sherwood Industrial Park 1 mile north of Regina, Saskatchewan May 8, 2014 title #145031824 $1,600,000 160.30 acres A - Agriculture $10,000 Dennis and Anne Wendel 101214346 Saskatchewan Ltd. Purchased for development of an industrial subdivision. SE 4-17-20-W2, Parcel #164699331 RM. of Shem/00d #159 North side of Trans-Canada Highway #1 immediately west of Regina city limits. NW corner of Courtney St. and Hwy $2,225,000 October 2014, condition removal date Jan. 31/15. Possession date is Sept. 1/15. 154.24 acres Agriculture $14,426 Gary Lynda Skelton Con?dential One pipeline runs east/west on north side. One pipeline runs east/west in middle, One pipeline runs north/south on east side. Future use would probably be annexation by City of Regina for residential use but this is very long term. (over 10 years perhaps 20 years) LJB Appraisals Index No. 18 Loca?on: Sale Price: Sale Date: Land Size: Zoning Sale Price Per Acre: Comments Seller: Buyen Listing Agent: 014-0730 - North Plains Mgmt. 22 Block B, Plan 89R66653 Frontage on and north of 9th Avenue North and east of Pinkie Road. The future West Regina Bypass will be adjacent and immediately west. RM. of Sherwood #159, but annexed into Regina effective Jan. 1/14. $2,600,000 Oct. 30/12 option agreement with payments over time Sept. 10/14 title transfer #145700399 160.30 acres A - Agriculture $16,220 Wellman et al. Dream Asset Management Corporation Paul Mehlsen/Micky Schmitz Commercial) 525-3344. Future use is residential subdivision, Coopertown. LJB Appraisals Index Analvsis Table 23 C14-0730 North Plains Mgmt. Land Size Sale Price Index Location Sale Price Sale Date (Acres) Zoning Per Acre 1 NW 32?1 6-20-W2 $2,100,000 Apr?1 3 147.66 A $14,222 1A SW 32-16-20-W2 $600,000 Apr?1 3 159.84 A $3,754 2 26-17-21-W2 $3,105,000 Feb-13 621 A $5,000 3 NW NE $4,443,000 Jun-14 296.02 A $1 5,009 4 NE 8-1 7-20-W2 $2,304,720 Dec-1 1 104.76 A $22,000 5 NE NW 21-17-20-W2 $5,665,250 Early 12 523.69 UH $21,636 6 SW 20-17-18-W2 $3,250,000 May-12 133.58 A $24,330 7 NW $2,695,000 Jun-1 1 107.78 A $25,005 8 NW 22-17-1 8-W2 $2,950,000 Jun?11 141.27 A $20,882 9 SE 23-17-1 9-W2 $7,000,000 Jul-12 141.22 A $49,568 10 Pm. of SW $772,958 Mar-1 4 55.21 A $14,000 11 Pm. of SE 1 8-18?1 9-W2 $2,000,000 Jan-12 120.36 A $16,8?18-1 $1,675,000 Jan-12 40.1 A $41,771 13 SE 16-18-19-W2 $2,500,000 Oct-12 159.85 A $15,640 14 21 51 Pinkie Rd. $1,000,000 Dec-13 13.31 IB $75,131 15 NE 14-17-21-W2 $443,733 Oct?1 3 24.48 A $1 8,126 16 SE 23-1 8-20-W2 $1,600,000 May-14 160.3 A $10,000 17 SE 4-1 7-20-W2 $2,225,000 Oct-14 1 54.24 A $14,426 18 9th Ave. Pinkie Rd. $2,600,000 Oct-12 160.3 A $16,220 Minimum $3,754 Maximum $75,131 Median $16,617 Index Location Map "g f? a i nut-..- 4,1,ma.? 3' vs. I LJB Appraisals 24 Analysis Conclusion Index 1 is inferior to SW 29. Index 2 is 2 miles west of the subject on Dewdney Ave. but is larger and outside the Regina city limits. Index 3 is larger but has a superior location compared to the subject NW 29. Index 4 is a good location but is an old sale. Index 5 ($21 ,636/acre) is a superior location and is intended for a combined residential, commercial and industrial subdivision. However, it is larger and an old sale. Index 6 Index 8 are located on Highway #1 east of Regina. They are larger. Index 8 is an old sale. Both have very good exposure. Index 7 is located on Highway #6 and is larger than SW 29. Index 9 is on the Trans-Canada highway and in intended for future commercial use. It is superior to the subject land but sold in July 2012 and land prices have since increased. Index 10 Index 17 are located on Highway #1 west of Regina. They are smaller but are outside the Regina city limits. Indexes 11 13 ($15,640 - $41 ,771/acre) are intended for industrial subdivision but are old sales and prices have since increased. Index 14 is in the subject neighbourhood but is smaller and the buyer had special motivation. Index 15 is considered a high sale since it is a small parcel and the buyer was very motivated. Index 16 has an inferior location. Index 18 is one mile north of the subject and is superior to the subject NW 29. The indicated value for the subject SW 29 is higher than $25,005/acre and less than $49,568/acre. The subject NW 29 has no Dewdney Avenue frontage, is adjacent to the City of Regina lagoons and is larger. Therefore it is inferior to SW 29. The indicated value for NW 29 is higher than $15,000/acre and near $20,882/acre. Based on this analysis and with consideration to all factors the subject land value estimate is. SW 29 97.87 acres $40,000 /acre $3,914,800 NW 29 145.72 acres $20,000 lacre $2,914,400 Total: $6,829,200 Rounded to: $6,829,000 North Plains Mgmt. LJB Appraisals 25 Exposure and Marketing Time Analvsis Exposure Time The estimated length of time the property being appraised would have been offered on the market before the hypothetical consummation of a sale at market value on the effective date of the appraisal. Marketing Time Amount of time it might take to sell the property at the concluded market value during the period immediately after the effective date of the appraisal. Conclusion Based on a review of comparable sales and interviews with Realtors the estimate of market value is based on a 6 month exposure period. This would also be the marketing time. (314-0730 North Plains Il/lgmt. LJB Appraisals 26 Appraiser's Certification I certify that, to the best of my knowledge and belief: 1) 2) The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased professional analyses, opinions and conclusions. 3) I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest with respect to the parties involved. 4) I have no bias with respect to the prOperty that is the subject of this report or to the parties involved with this assignment; 5) My engagement in and compensation for this assignment were not contingent upon developing and reporting predetermined results, the amount of the value estimate, or a conclusion favouring the client; 6) My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP) and the International Valuation Standards 7) I have the knowledge and experience to complete the assignment competently; 8) I have made a personal inspection of the property that is the subject of this report. 9) No one provided signi?cant professional assistance to the person signing this report. 10) The Appraisal Institute of Canada has a mandatory continuing professional development program for designated members. As of the date of the report I have ful?lled the requirements of the program. 11) I am a member in good standing of the Appraisal Institute of Canada 12) Effective Date of Appraisal: December 23, 2014 13) Date of Inspection: December 23, 2014 14) Date of Report/Certi?cation: December 23, 2014 15) Location: North Plains Management Land 243.59 Acres 1) 10000 Dewdney Avenue SW 29-17-20-W2 2) 605 Condie Road NW 29-17-20-W2 Northeast corner of Dewdney Avenue and Condie Road Regina, Saskatchewan 16) Estimate of Market Value: $6,829,000 I, I .- Certi?ed and Inspected by: North Plains Mgmt. The statements of fact contained in this report are true and correct. Peter M. Lawrek, B.A., AACI, P, App. LJB Appraisals 27 Appraiser's Quali?cations Peter M. Lawrek May, 1975 - University of Regina, Bachelor of Arts Degree (Economics). December, 1981 AACI (Accredited Appraiser Canadian Institute) from the Appraisal Institute of Canada. July, 1975 - September, 1979 - Employed with the Canada Mortgage and Housing Corporation as an Appraiser/Program Administrator. September, 1979 - present independent appraiser specializing in Industrial, Commercial, Agricultural and Investment properties. Have appeared as an expert witness in Court of Queen's Bench and at Surface Rights Arbitration Board hearings. Chairman, Regina Chapter, Appraisal Institute of Canada 1983-1984 and 1984-1985. President, Saskatchewan Association, Appraisal Institute of Canada 1987-1988. Member of Executive Committee Saskatchewan Association, Appraisal Institute of Canada 1983 1993. Member of Sask. Assn. Professional Development Committee since early 1999. Member of Editorial Advisory Board, National Publications Committee, Appraisal Institute of Canada (1983-1985) and member of National Membership Services Committee (1985-86). Member of the National Admissions Committee (1989-90). Member of Appraisal Institute National Adjudicating Committee 1999 2010 including 2 year term as Chair. Member of Appraisal Institute National Appeal Committee since September 2011. Regina area farm owner and past operator. Licensed member of the Association of Regina Realtors. Client list includes, City of Regina, City of Weyburn, City of Estevan, Province of Saskatchewan, Government of Canada, Texaco, Royal Bank, Imperial Oil, Ford of Canada, Toronto Dominion Bank, Bank of Montreal, Canadian Imperial Bank of Commerce, Credit Union Central, Dome Petroleum, Home Oil, Crown Zellerbach, various Trust companies, Shell Oil, Touche Ross, Esso Canada, Petro Canada, Canada Mortgage Housing Corporation, Saskatchewan Housing Corporation, Saskatchewan Dept. of Highways, Metropolitan Trust, Harvard Developments, Greystone Investments, numerous national investment fund companies and trust companies. 014-0730 Non?h Plains Mgmt. LJB Appraisals 28 Quali?cations of Peter M. Lawrek, Appraiser (Cont'd) Major Appraisals Completed: - McCallum Hill Centre - Tower I, Regina - 20 storey hi-rise of?ce tower, 161,500 rentable sq.ft. - Bank of Montreal Tower, Regina - 13 storey office tower, 140,000 rentable sq.ft. - McCallum Hill Centre Parkade 5 stories, 433 stalls. - Park Plaza of?ce building, 54,000 sq.ft. - Sherwood Place Of?ce Complex, 220,000 sq.ft. - Saskatchewan Place of?ce building, 84,000 sq.ft. - Midtown Centre - Regina (now known as Scotia Place) - 130,000 sq.ft. hi-rise of?ce/retail centre plus 12 level parkade. - Canada Post Building 2150 - 2200 Saskatchewan Drive - Regina - 193,000 sq.ft. multi-storey. - Of?ce Tower - Regina 184,000 sq.ft. plus 220 stall underground parkade. - Toronto Dominion Bank Office Tower - Regina - 145,000 sq.ft. plus underground parkade. - Reed Stenhouse Of?ce Building, 2201 11th Avenue - Regina - 57,500 sq.ft. - Park Centre Of?ce Building, Hillsdale St. Wascana Parkway -Regina - 54,000 sq.ft plus underground parkade. - General Motors Of?ce/Warehouse, 580 Park St. - Regina - 80,000 sq.ft. - Gold Square retail/of?ce complex, Albert. St. Parliament Ave. - Regina - 31,000 sq.ft. - Carling Corner, retail mall, Albert St. 4th Ave. - Regina - 36,000 sq.ft. - Avon Shopping Centre, Avonhurst Drive Albert St. - Regina - 80,000 sq.ft. - Dominion Bridge Steel Plant - Regina - 58,000 sq.ft. on 23 acres - Gardiner Village - Regina - 84 unit multi?family rental - 2001 Cornwall St. - Regina - 118 unit apartment plus main ?oor commercial and parkade - Taylor Motors - Regina - 34,000 sq.ft. automobile dealership - Wheaton Chev Olds - Regina - 20,000 sq.ft. - MacCosham Warehouse, 1502 Quebec St. - Saskatoon - 143,000 sq.ft. - Titan Building, Henderson Drive - Regina 100,000 sq.ft. - MacCosham Warehouse, 316 1st Ave. - Regina, - 55,000 sq.ft. - Regina Golf Course Lands - Public Works Canada - Numerous automobile dealerships in Saskatchewan Various country hotels, motels, motor inns, restaurants, car washes, gas bars, roller rinks. - Variety of partial taking and expropriation appraisals - Farmland across Saskatchewan including 50,000 acre White Bear Indian Land Claim Appraisal, 20,000 acre appraisals for Rafferty Dam acquisition for Souris Basin Development Authority. - Grasslands National Park Lands Appraisals for Public Works Canada, over 50,000 Acres. - City of Weyburn, appraisal for flood control land assembly project. - Numerous smaller retail strip malls, office buildings and industrial buildings. - James Tires Centres - 11 locations in Saskatchewan - Claims Centre, Broad St. - Regina. - Marathon Realty (C.P.R.) Lands - Regina 014-0730 North Plains Mgmt. LJB Appraisals 014-0730 - Non?h Plains Mgmt. SUPPORTING DATA 29 LJB Appraisals Aerial Photoqraphs 014-0730 Non?h Plains Mgmt. 3O ?:wa LJB Appraisals C7 4?0730 - North Plains Mgmt. LJB Appraisals Rga 4 ?ga,2? a City of Reqina Boundary Alteration ,gats 31 32 RM. of Sherwood Map (After Jan. 1/14) 1: unknown-n Inna - - ?g I .. 7; yummy: us u: m: gm can?: myArmour Randycan:le 1 Dnu'ad- 3m can, mp I Rmnomm, tame? HARLE. x? . ??lm LTD, 35.15.13 DNA-9M .memnd um" ,1 rm.? ?1 may: mum; . Mara?. ?avg-M rm G- ??ato (din. L'Thlomm ?mam. nnlu?. we; mung-(Po ad ,m .mm90?? ,1 - hunt-n . 4 - . I 2mmimi? 35 HAM. dL mm m? . Kn.? ume Q-I I .q 4.--. ., ., -1 h. ?hr-w ++~amwam i .1 .Iu'm ?um .-. '1 . erlu City Of ?v?u/W Regina . . - W1 Ho. m. 21 I Chip I 3? . - i . mmum- 5mm Iv?ag?n? mi? 1 . i 13:59, ?ma-Inn m9 is war-IA 15 3 . 3 Human. um, w: Im a 5 mm. Hum. 3 JAR-WHO i mo? i i fiat meaty" 3 Canny . . M, . swoon-uh Icmnn?smu-v "1 mm" :1 3 ?my. BMW. I A Jaw-?P. :5 911.16. any: man I qmwan. - m. merch rum-m, 3 Llr? Am mans-A Jum nub i tum-Am. :r . rm. m. euzreox mum 3: ?3?qu 5m,? 3? Arm-Dd Wan?. aux-?u sue-um s. I Hoth an ?0 '.w2v"mun" W35.- f?xw??t "any 1 - Wyn-w th'mvtt tub-u as?:ng Burma!? i a? Bun-L u: ND. ?pm-Hews. '7 - y- \Wmasa ?0 musnom ms in.? cam g? ?mm! ?9m? f; r. mam m? .. ?aw. mum. (fawn! ?week! L: i am mum lwi? 9., [gem 5 3 p1,, "m c, u? nl ?40-13?Will-WK? 3:"In-ll and ?lms" In wk imi- WWZII. mm?: ?3 wrest. en . . saw-.5" :rmmxL-MM um" I Mama mug. sauce was: inc-MIN. - - ?mw mum w: wrap. cum-In a a" 385 In? ., Una-I un? .: I, ?7 . :vw. - woman? some?. ,cmwm i Nu? ?may Wu 1 v; - wand - - t: Lei-dam um an? cl. - km?, ?mum smut-egg 3?9; 3? M1331: 11:33 . namnm? . 014?0730 - North Plains Mgmt. LJB Appraisals 33 RM. of Sherwood Map (Before Jan. 1/14} 32w M.th UH friq?a?93mg (fh?ulav charm, - 5 mum 5 mm?: a. 2 moan?: mm Fnumn: mum?ma ?marinas gamma - . ?mum - Ach-?a m3. 8'1th JD I mg ml . fomnn Harmanmam") ml? 1; a. WRNS . mummnimruma 1 Imus ?in? mer nun I gen-mu L. Faun? um: MINE . . . . 20 . ??xmcn . Ink {1711. . gum?; . mm m1 r. tmobrdl. Mam ?ux-mt. mums. F'g?usu wry. Run? '0 (Enujk? I .3121" my". 5 Mama: 1; wont-Luml?. - - 1 maven: I I a mm! .?am 8W gfwuum wmwe magma-hams "Ami .F Rum? ?Ehum I ?Rug L75. "12:11 1 Dru ?in? J. manna 5 43.179315#91: win a! A Ware, a" 3L . . Lust - - - I?m-n8 .PsbinM V. ?13.41 Hummus nun: Muir: any; ?rm, I mum! Ln) t1?) Cough? \k 5 mm . Farmsuuo?mm?'r . mm; L10. mm mm 611-5me ?in?ow Road - :mua ,i Mme. - was. .: ITD. 4 Hum 1 Caught! ruf?e?): Dwain J- . .W. him Law-am. i I ?v?zsxm annasm?s mm? . ?m um wank:chM-I - I . . 1??.st i mm?. - 1 :?rjru 3- ?m31? {Tn Acg?suvn? Dummy IL 5?huhmll . mu: a - . whine, . a ?Ll-ma 2.1mm 33cm.va ?Nani Limit?alum(?mum. vmma. Mmef 5 i Mm, wax-ma. ?ms 3- 'Knn?hny mum-mks i 7 am - ml; jug". ColmKhams, . 3 1 11:331.! 1 mums mapqu 355'1'3- 1. mayor M?c 4? Jami? thm? sq: Rm? i humori- 38 .. lemon: mma may; we us. . Erna-531.. aommL jr ?Emu aim?- NmmaE :1 arch {?34 .?uwuuws "u ,0 Mum: Lw I =m-M ?on r" f: I ?nk-?{mm dvr?vv .. .mm And-"W .. I . Regina NC. 3415 97$: 5 I V, I ?rx?z. ,Lt 0mm wanna .2 I51 i1 1 r-?E ?may - a mango; m1?, .. vm?xnumai mules. 3mm" mvulu?mm mum?s?. . A A .3 a aumtmza can? [macrme .5 He. map autumn "Emma, Balm. astound. ?ka sun um rm (en-I6 ?mum must mum: ?3 Khan Kg} p; 1" if I?M!?th LTD. caqu 3 1?an. . Lem-C14-0730 Non?h Plains Mgmt. LJB Appraisals Non?h Plains Mgmt. LJB Appraisals man-Ru{warr?ln .. .. A . . Nun-l I u. .. 0535 A30 2.0 .. . .. Hf. pm?! .3 a? I. . ?win?zn ?urry. grits-:2? 63? I3 *5 mm n?u? .4b 2.314 ti?ikww)?: nyln. a 02 I 3.15 .961. 5 Rina. Z: {In?.1 Riv}; IQ inc.1. Reqina vaass Map 34 m?mmxmaq83-30 ms. @1525 .7 I FOR PROPERTY ACQUISITION ONLY Emma?! MAL mm waver s- I. . . n? ham' mu smaan and wuulm moth-v md?muh? ?My? my." mam?c?q?nle?ulaqr . . NIL SIZE ?dazed ?m mmuumwm-mwlh A A maul?Inn .. MW ., kg? REGINA BYPASS PRELIMINMY DRAWINGE: Hilly? 99 37 Zoning Data 9C3 URBAN HOLDING ZONE (UH) 9.1 Imm?r (1) The UH zone is designed to protect lands required for future urban develome from premature subdivision and development Speci?cally, the zone is intended to: provide for orderly transition of agricultural land to other uses in areas planned for eventual urban development; defer urban development until the City and other local government bodies determine that adequate public facilities can be provided at reasonable costs; ensure that future urban development is compatible with local land use plans and policies; and provide opportunities for periodic review to determine Whether all or part of the lands should be transferred to another zone. (2) Recognizing that the City is situated on and surrounded by prnne agricultural land, agricultural uses that are not associated with nuisance factors will be allowed [1992:9250] City of Regina Zoning Bylaw No. 9250 O?ce Consolidation 614-0730 Non?h Plains Mgmt. LJB Appraisals 9.4 9.6 014-0730 Non?h Plains Mgmt. 38 SPECIAL ZONE REGULATIONS Chapter 9 Appucanox The zone will be generally applied to recently annexed or urbanized areas where lands are predominantly in agricultural or related open space use, but where conversion to non-agriculhxral uses is expected in the near future. 15.525 As speci?ed in Table 5.4 of Chapter 5. [1992/9250] USES As speci?ed in Table 5.4 of Chapter 5. [19923250] STANDARDS As speci?ed in Table 5.9 of Chapter 5. Exceptions to the development standards in Table 5.9 are speci?ed in Pan QB. [1992:9250] ADDITIONAL REGULATIONS 1) General Development Regplations The general development regulations in Chapter 4 shall apply to developments in this zone. Overlav Zones The Overlay Zone regulations in Chapter 10 shall apply to any portion of this zone that lies within an overlay zone. (3) mom Accessory uses in this zone shall be subject to the provisions in Chapter 11. (4) Tempora_ry Uses Temporary uses in this zone shall be subject to the regulations in Chapter 12. (5) Non?conforming Uses Non-conforming uses in this zone shall be subject to the provisions in Chapter 13. LJB Appraisals (5) (7) (3) (9) (10) 014-0730 - Non?h Plains Mgmt. 39 Parking and Loading Parking and loading facilities in this zone shall be provided in accordance with the provisions in Chapter 14.. Landscaping and Bu?elng' Landscaping and buffering in this zone shall be provided in accordance with the provisions in Chapter 15. ?ees The erection of signs in this zone shalt be in accordance with the provisions in Chapter 16. Public Amenities The development of public amenities in this zone in exchange for ?oor area bonuses shall be in accordance with the regulations in Chapter 17. Development Permits Applications for development permits in this zone shall be made in accordance with the provisions in Chapter 18. [19925250] LJB Appraisals 40 Parcel Plans Informa?on Surface Parcel Number: 109553856 services LLD: NW 2947-20-2 Ext 0 Corporation Parcel Class Code: Parcel (Generic! Area: 53.972 hectares (145.72 acres) Request Date: 10-Oct-2014 1:12:34 o'clock PM CST II we! PE. 109445744 109553935 109553317 109505044 46633 109505011 32103 109505022 .1 - . 0829 l. 1 151019549 a 2 109553390 3 100553056 3 a 111cc 541 3 111265321 744.45 6? 153785661 109553579 161365481 153785650 DISCLAIMER: THIS is NOT A PLAN OF SURVEY. it is a consolidation of plans to assist in identifying the location, size and shape of a parcel in relation to other parcels. Parcel boundaries and area may have been adjusted to ?t with adjacent parcels. To determine actual boundaries, dimensions, or area of any parcel, refer to the plan, or consult a surveyor. 014-0730 - North Plains Mgmt. LJB Appraisals 41 Information Surface Parcel Number: 153785661 Services LLD: SW 29-17-20-2 Ext 46 Corporation Parcel Class Code: Parcel (Generic) Area: 39.606 hectares (91.81 acres) Request Date: 10-Oct-2014 1:55:42 o'clock PM CST m?s 109553890 109553856 111 0 Edi 111265321 744.45 163.25 264.33 153785650 no 161368487 1..) 3 109553878 111600908 a, 153785661 427.63 a: 3 109447949 m? -vi m: 164715 17 199 ?my a? 10330: 10 ?042667 202981608 165025414 1 50255 50 109553788 502 53 DISCLAIMER: THIS IS NOT A PLAN OF SURVEY. it is a consolidation of plans to assist in identifying the location. size and shape of a parcel in relation to other parcels. Parcel boundaries and area may have been adjusted to ?t with adjacent parcels. To determine actual boundaries, dimensions. or area of any parcel, refer to the plan, or consult a surveyor. 014-0730 North Plains Mgmt. LJB Appraisals 42 Certificate of Title TilleDda? Province of Saskatchewan Land Titles Registry Title Title #1 104384774 As of: 10 Oct 2014 13:15:35 Title Status: Active Last Amendment Date: 26 May 2014 14:14:25.400 Parcel Type: Surface Issued: 16 Jan 2002 20:37:50.980 Parcel Value: Title Value: Municipality: CITY OF REGINA Converted Title: 99RA28059 Previous Title and] or Abstract 99RA28059 This title is subject to any registered interests set out below and the exceptions, reservations and interests mentioned in section 14 of The Land Titles Act, 2000. Interest 103121008 CW Easement Value: Reg'd: 30 Dec 1963 01:20:16 Interest Register Amendment Date: 17 Jan 2011 13:48:10 Interest Assignment Date: Interest SdIeduled Expiry Date: Expiry Date: Holder: The City of Regina MIA, Saskatchewan, Canada Client 101481005 Int. Register 101207786 Converted Instrument 63R48161 Feature #2 100208988 Interest 103121019 CNV Common Law Easement {Dominant} Vaiue: NIA Reg'd: 19 Jan 1967 00:03:10 Interest Register Amendment Date: Interest Assignth Date: 1:21-10 014-0730 - North Plains Mgmt. LJB Appraisals 43 TitleDetzil Interest Scheduled Expiry Date: Expiry Date: NE Plan 65R02256 Holder: The Current Dominant Tenement n/a, Saskatchewan, Canada 3V7 Client 100009099 Int. Register 101207797 Converted Instrument 67R01895 Interest 103121020 CNV Common Law Easement Value: Reg'd: 21 Sep 1971 00:49:29 Interest Register Amendment Date: Interest Assignment Date: Interest Scheduled Expiry Date: Expiry Date: SE SW 29?17-20?W2m, Plan 71R25576 Holder: The Current Dominant Tenement n/a, Saskatchewan, Canada 549 3V7 Client 100009099 Int. Register 101207809 Converted Instrument 71R29691 Interest 103121031 CNV Easement Value: Reg?d: 29 Aug 1978 01:11:15 Interest Register Amendment Date: 01 Dec 2011 11:32:09 Interest Assignment Date: 26 May 2014 14:14:25 Interest Scheduled Expiry Date: Expiry Date: Holder: WESTERN POTASH CORP. 1500 1874 SCARTH ST. REGINA, SK, Canada 54? 4E9 Client #2 127251750 Int. Register 101207810 Converted Instrument 781142750 Feature #2 100035098 Interest 103121042 CNV Common Law Easement Value: Reg'd: 11 Jun 1984 00:54:48 Interest Register Amendment 15351300 012014 1:22:10 - North Plains Mgmt. LJB Appraisals Title Deni! Interest 103121053 Interest 103121064 Interest #2 160871 71 1 Date: Interest Assignment Date: WA Interest Scheduled Expiry Date: Expiry Date: SE 8: SW 29-17-20~W2m, Pian Holder: The Current Dominant Tenement n/a, Saskatchewan, Canada 849 3V7 Client 100009099 Int. Register 101207821 Converted Instrument 341232876 CNV Caveat Value: Reg'd: 07 Feb 1989 00:11:04 Interest Register Amendment Date: Interest Assignment Date: Interest Scheduled Expiry Date: Expiry Date: Holder: Bank of Montreal Balfour, et al 700-2103411511 Ave Regina, Saskatchewan, Canada $413 461 Client 102854178 Int. Register 101207663 Converted Instrument 89R06640 CNV Easement Value: Reg'd: 24 Nov 1989 01:55:33 Interest Register Amendment Date: NIA Interest Assignment Date: 01 Mar 2011 16:23:32 Interest Scheduled Expiry Date: Expiry Date: Holder: CONSUMERS COOPERATIVE REFINERIES LIMITED BOX 10.50 SASKATOON, SK, Canada 57K Client 100256352 Int. Register 101207832 Converted Instrument 89R69331 Feature 100041107 Power Corporation Act Easement 44 0- 1:22:10 North Plains Mgmt. LJB Appraisals Ti?eDeh? (5.2.3) Vatue: Reg?d: 13 Nov 2012 09:47:30 Interest Register Amendment Date: Interest Assignment Date: Interest Scheduled Expiry Date: Expiry Date: Holder: SASKATCHEWAN POWER CORPORATION 2025 VICTORIA AVE REGINA, SK, Canada S4P Client 100307618 Int. Register 118773917 Wake; Name Address Owner: North Mains Management Ltd. Box 4226 Regina, Saskatchewan, Canada S4P 3A2 Client 103027159 Hates; Farce! Class Code: Parcel (Generic) 45 1.1210 C14-O73O Non?h Plains Mgmt. LJB Appraisals 46 TideDeiaa'l Province of Saskatchewan Land Titles Registry Title Title 129418870 As of: 10 Oct 2014 13:56:13 Title Status: Active Last Amendment Date: 26 May 2014 14:14:25.440 Parcel Type: Surface Issued: 14 Jul 2005 17:37:04.483 Parcel Value: Title Value: Municipality: CITY OF REGINA Converted Title: 998A28059 Previous Title and/or Abstract 104384796 ~21 ?a tau akme?i 1153,; 3&7?34' ?a teresm set out beiow and the exceptions, reservations and interests mentioned in section 14 of The Land Titles Act, 2000. Interest 128963908 CNV Common Law Easement (Dominant) Value: Reg'd: 19 Jan 1967 00:03:10 Interest Register Amendment Date: Interest Assignment Date: Intemt Sdleduled Expiry Date: Expiry Date: NE Plan 65R02256 Holder: The Current Dominant Tenement n/a, Saskatchewan, Canada S49 3V7 Client 100009099 Int. Register 101207797 Converted Instrument 671101895 Interest 128963919 CNV Common Law Easement Value: Reg'd: 21 Sep 1971 00:49:29 Interest Register Amendment Date: Interest Assignment Date: 2:02:33 014-0730 North Plains Mgmt. LJB Appraisals Tide Detail Interest #2 128963920 Interest 1 2896 393 1 Interest 128963942 Interest Scheduled Expiry Date: Expiry Date: SE 8t SW 29-17-20-W2m, Plan 711125576 Holder: The Current Dominant Tenement nla, Saskatchewan, Canada S413 3V7 Client 100009099 Int. Register #2 101207809 Converted Instrument 71R29691 CNV Easement Value: Reg'd: 17 Jan 1972 00:02:21 Interest Register Amendment Date: WA Interest Assignment Date: Interest Scheduled Expiry Date: Expiry Date: SW Holder: Saskatchewan Power Corporation Saskatchewan, Canada Client 100871063 Int. Register 101207843 Converted Instrument 72R01413 CNV Caveat. Value: NIA Reg'd: 16 Apr 1974 00:22:32 Interest Register Amendment Date: Interest Assignment Date: NIA Interest Scheduled Expiry Date: Expiry Date: SW Holder: Saskatchewan Power Corporation Victoria Ave Scarth St Regina, Saskatchewan, Canada Client #2 100907568 Int. Register 33: 101207854 Converted Instrument 74R13516 CNV Easement Value: NIA Reg'd: 29 Aug 1978 01:11:15 Interest Register Amendment 47 2:02:33 C14-0730 - North Plains Mgmt. LJB Appraisals 48 TideDetzil Date: 01 Dec 2011 11:32:09 Interest Assignment Date: 26 May 2014 14:14:25 Interat Scheduled Expiry Date: Expiry Date: Holder: WESTERN POTASH CORP. 1500 - 1874 SCARTH ST. REGINA, SK, Canada ?54? 4E9 Client 127251750 Int. Register 101207810 Converted Instrument 78R42750 Feature 100035098 Interest 128963953 CNV Easement Vatue: Reg?d: 19 Aug 1981 01:02:04 Interest Register Amendment Date: Interest Assignment Date: 30 Sep 2008 10:48:58 Interest Sdieduled Expiry Date: Expiry Date: SW Holder: KINDER MORGAN COCHIN ULC 1500 - 1874 SCARTH STREET REGINA, SK, Canada S4PA4E9 CIient e: 100407642 Int. Register 101207865 Converted Instrument 81037240 Feature 100035751 Interest 128963964 CNV Common Law Easement Value: Reg'd: 11 Jun 1984 00:54:48 Interest Register Amendment Date: Interest Assignment Date: Interest Scheduled Expiry Date: Expiry Date: SE 8: SW 29?17?20-W2m, Dian 701116769 Holder: The Current Dominant Tenement n/a, Saskatchewan, Canada 3V7 Client 100009099 Int. Register at: 101207821 Converted Instrument 84R32876 10233 014-0730 Non?h Plains Mgmt. LJB Appraisals Title Detail Interest 128963975 Interest 128963986 Interest 1 28963997 CNV Caveat Value: Reg'd: 07 Feb 1989 00:11:04 Interest Register Amendment Date: Interest Assignment Date: Interest Scheduled Expiry Date: Expiry Date: Holder: Bank of Montreal Balfour, et al 700-2103-11th Ave Regina, Saskatchewan, Canada 545? 461 Client #2 1028541?8 Int. Register 101207663 Converted Instrument 891206640 CNV Easement Vaiue: Reg'd: 24 Nov 1989 01:55:33 Interest Register Amendment Date: NIA Interest Assignment Date: 01 Mar 2011 16:23:33 Interest Scheduled Expiry Date: Expiry Date: Hoider: CONSUMERS REFINERIES LIMITED BOX 1050 SASKATOON, SK, Canada SFK 3M9 Client 100256352 Int. Register 101207832 Converted Instrument 89R69331 Feature 100041107 Miscellaneous Interest Value: $59,424.00 CAD Reg'd: 15 Jan 2003 13:24:57 Interest Register Amendment Date: Interest Assignment Date: Interest Scheduled Expiry Date: Expiry Date: Holder: ENVIROCARE ENVIRONMENTAL SERVICES LTD, 19 MCNAUGHTON AVE. REGINA, SK, Canada 54R 4L9 Client 100832510 Int. Register 106802973 49 138031012014 2:02:33 14-0730 North Plains Mgmt. LJB Appraisals TideDeizil Interest 153034804 Public Easement Value: Reg'd: 13 Oct 2010 16:04:59 Interest Register Amendment Date: Interest Assignment Date: Interest Scheduled Expiry Date: Expiry Date: Holder: Petroieum Transmission Company PO. Box 1116:, Suite 1100, 1055 West Georgia Street Vancouver, British Columbia, Canada VGE 3R5 Client 100939901 Int. Register 116852788 Interest 153217919 Pipelines Act - Easement Value: Reg'd: 30 Oct 2010 10:07:06 Interest Register Amendment Date: 05 Dec 2013 13:29:03 Interest Assignment Date: Interest Scheduled Expiry Date: Expiry Date: Plan102126798 Holder: Kinder Morgan Cochin ULC #68 80 Chippewa Road Sherwood Park, Alberta, Canada TBA 4W6 Client 121164397 Int. Register #2 116900759 Name Address Owner: PLAINS MANAGEMENT LTD. PO. BOX 426 REGINA, SK, Canada S4P 3A2 Ciient 100099177 Mi; Parcel Class Code; Parcel (Generic) 50 2.02133 C14-0730 North Plains Mgmt. LJB Appraisals