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Mr. Robert D. Greenberg <br /> September 10, 1993 <br /> Page Three <br /> One of the questions that must be asked is the reasoning for installing the rubberized mat approach <br /> Improvements to the Terminal Road railroad crossing in the first place. Traffic flows on Walnut Street <br /> are slightly higher than those on Terminal Road, and the existing rail crossing just north of the subject <br /> building has no such rubberized approach improvements to it. The only difference between these two <br /> rail and street intersections is that the Walnut Street crossing is a single track versus the double track <br /> on Terminal Road., Given that the majority of the traffic approaching the 614 Company's Walnut Street <br /> warehouse comes by way of Walnut-Street from the westerly and tomitherly access routes and not <br /> from Terminal Road lying to the southeast, I believe that it is highly questionable that any great impact <br /> on the market value of the 614 Company warehouse building would result from these track <br /> improvements. From my experience in valuing and brokering commercial real estate, public projects <br /> such as a redone railroad track crossing some distance removed from a subject property would have <br /> little positive impact on that real estate. Although, upgrading this railroad crossing would have a very <br /> small general macro-economic impact on the greater neighborhood, by the time this relates to the <br /> specific market value impact to any one particular property, it would be so diluted as to be virtually <br /> negligible and unmeasurable. Thus, if the cost of these street improvements are assessed against <br /> distantly situated properties in the neighborhood, the result can only be a negative impact on their <br /> overall market value due to the increased expense level they must bear that is not typically experienced <br /> in the marketplace for like property. <br /> Therefore, it would be my conclusion that the subject railroad track crossing improvements would have <br /> little or no positive influence on the market value of the 614 Company warehouse, and if the costs of <br /> these improvements were to be assessed against this property, would conversely have a deleterious <br /> effect on this property"s market value over the time period the special assessment must be repaid. <br /> If you have further questions on this, please do not hesitate to call me. <br /> incerelyi, <br /> Z MASSOPU S),RE & COON INC. <br /> i . <br /> lRobert . L , CR I <br /> Principal <br />