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HomeMy WebLinkAboutFY21-22-JOHN CHILD & COMPANY-48^.'k SRN. �� F1rfAN.^.E I f 1 " DAT: -EC-E): ,SUN 0 7 202 ROU+ TO_—_._ ..._ f':'v.'}. Statement of Qualifir-ations of JOHN CHILD & COMPANY to provide Professional Real Estate Appraisal and Consulting Services June 2021 0 ,JOHN CHMD & COMPANY APPRAISERS & CONSULTANTS 0 JOHN CHILD & COMPANY APPRAISERS & CONSULTANTS June 7, 2021 Ms. Deanna Sako Director of Finance County of Hawaii 25 Aupuni Street, Suite 2103 Hilo, Hawaii 96720 C.I„[2111CI1C.Pi1C11CCM h'MaiiCOUW�.�1_0\ Dear Ms. Sako: Re: Notice to Providers of Professional Services Fiscal Year 2021- 2022 REAL ESTATE APPRAISAL h.�n rhar, a I.V, c:lzl: As requested in the Notice to Providers of Professional Services, John Child & Company is pleased to submit this letter of interest and qualifications to provide professional appraisal and consulting services to County of Hawaii. This letter summarizes information about the Company and provides names of clients who may be contacted. The qualifications of the Company and resumes of its professional team are attached. We are qualified to provide professional real estate and consulting services that may be required by the County of Hawaii during the fiscal year 2021 - 2022. JOHN CHILD & COMPANY A. John Child & Company has been established in Hawaii since 1937. Our principal place of business and sole office is at 841 Bishop Street, Suite 2115, Honolulu, Hawaii 96813, B. Our Company is more than 80 years old. For the past 5 years we have employed an average of about 5 full-time employees. C. The qualifications of the Company and resumes of its professional team are attached. CLIENT REFERENCES D. We are pleased to have provided professional services to a number of clients. We have provided services for the following clients: 841 Bishop Street, Suite 2115 • I Ionolulu, I law'au 96813 T808.533.2951 • F908 523.7672 • email infofn. johnchild.com Ms. Deanna Sako June 7, 2021 Page 2 Client contact Address Phone number Daryl Inaba County of Hawaii, Department of Finance (808)961-8567 Purchasing Division 25 Aupuni Street, Suite 1 101 Hilo, Hawaii 96720 Hamana Ventura/ Property Manager & Division Head (808)961-8069 Maxine Cutler County of Hawaii Department of Finance Property Management Division 25 Aupuni Street, Suite 1101 Hilo, Hawaii 96720 Lea Hong Hawaiian Islands Program Director (808)470-2141 The Trust for Public Land 1164 Bishop Street, Suite 1512 Honolulu, Hawaii 96813 Dawn Harflinger President & Chief Executive Officer (808)203-6163 Liliuokalani Trust 1100 Alakea Street, Suite 1100 Honolulu, Hawaii 96813 Recent assignments completed for the County of Hawaii have included: • Pahala Wastewater Treatment Plant (2021) • 81-6245 Mamalahoa Highway, Hokuha Bypass Project (2020) 0 Mass Transit Hub property, 15-3070 Pahoa-Kapoho Road (2019) • Waikapuna Conservation Easement (2019). 0 Ms. Deanna Sako June 7, 2021 Page 3 We appreciate having the opportunity to be considered to provide professional real estate appraisal and consulting services to the County of Hawaii. Please call us if you have any questions. Sincerely, JOHN CHILD & COMPANY, INC. N'-� -�'&-�' Paul D. Cool, MAI, CRE Vice President pdc a johnchild.com O�Apoi-- Shelly H. Tanaka, MAI, Al-GRS Vice President '-t ri iohnchildxom PDC 'ST'gaq Encl. STATEMENT OF QUALIFICATIONS FOR JOHN CHILD & COMPANY TABLE OF CONTENTS SCOPE OF PROFESSIONAL SERVICES Corporate Background Scope of Professional Services Real Estate Appraisal and Consulting Business Valuation REPRESENTATIVE ASSIGNMENTS Real Estate Appraisal and Consulting Business Valuation CLIENTS Private Industry Non-profit Organizations Public Agencies PROFESSIONAL TEAM QUALIFICATIONS SCOPE OF PROFESSIONAL SERVICES Background John Child & Company is a professional corporation that specializes in real estate appraisal and consulting and business valuation. It is the only company in Hawaii with expertise and professional designations in both real estate appraisals and business valuations. John Child & Company was established by John F. Child, Jr. in 1937. The Company was the first firm to specialize in market research in Hawaii. Since 1937, the Company has provided critical knowledge of real estate market conditions and trends gained from the strength of its market research. As a result, its clients have confidence that John Child & Company real estate appraisal and business valuation assignments are based on competent analysis and careful documentation, and its consulting assignments focus on the key issues and provide sound alternatives. The Company's professional team members' past and current local, regional, and national leadership positions in their professional organizations help to establish and promote the highest standards of professional practice and ethics for the industry. Real Estate Appraisal and Consulting The Company's real estate consulting and appraisal practice includes a range of specialized services covering real estate in Hawaii and the Pacific area. Professional services include: • Valuation of real estate • Litigation support • Arbitration • Market rent analysis • Highest and best use studies • Market and financial feasibility analyses • Economic and fiscal impact assessments • Purchase price allocation. Its assignments include all types of real estate interests such as fee simple, leasehold, leased fee, and other partial rights and fractional interests. Its assignments cover a variety of land uses and property types, including: • Office buildings and commercial property • Industrial property • Telecommunications facilities • Hotels and resort properties • Agricultural, conservation, and vacant land • Conservation and other easements • Shopping centers and retail facilities • Residential developments (single family, multifamily, and condominium) • Master -planned and mixed-use projects • Golf courses + Healthcare facilities Qualifications of John Child & Company 1 C SCOPE OF PROFESSIONAL SERVICES • Redevelopment projects • Special-purpose property. Business Valuation The Company's business valuation practice focuses on the valuation of closely -held businesses, including controlling and minority interests in corporations, partnerships, limited liability companies, and family limited partnerships. Its business valuation practice provides assistance in: • Estate planning + Tax reporting • Mergers, acquisitions, and sales + Stock transfers and redemptions • Financial reporting • Internal accounting • Litigation support. Qualifications of John Child & Company REPRESENTATIVE ASSIGNMENTS The Company has provided real estate appraisal and consulting and business valuations for more than 80 years. Real Estate Appraisal and Consulting The Company's real estate appraisal and consulting practice covers a variety of properties and property interests. Real estate interests include fee simple, leasehold, leased fee, and other partial rights and fractional interests. Representative projects are listed as follows: Redevelopment Aloha Tower Honolulu Waterfront Master Development Plan Resorts Hualalai Ka'anapali North Beach Kapalua Kauai Lagoons Ka'upulehu Hotels Embassy Suites Ka'anapali Four Seasons Resort Hualalai Halekulani Hotel Hilton Hawaiian Village Hotel Hana Maui Hyatt Regency Maui Shopping Centers Ala Moana Aloha Tower Marketplace Coconut Grove Downtown Kihei (proposed) Ewa Pointe Marketplace Hawaii Kai Shopping Center Hawaii Kai Towne Center Qualifications of Jahn Child & Company Kakaako Redevelopment Plan Kakaako Waterfront Park Kapalama Development Complex Kiahuna Plantation Ko Olina Makena Manini'owali Mauna Kea Hyatt Regency Waikiki Kahala Hilton Kea Lani Hotel Koa Kea Hotel King Kamehameha Kona Beach Hotel Kona Village Maui Marriott Kahala Mall Center Kamehameha Shopping Center Keauhou Shopping Center Keeaumoku Shopping Center King's Village Koko Marina Kukui Mall Lanihau Center Mililani Nimitz Business Center Pawaa Redevelopment Masterplan Puck's Alley/Moiliili Gateway Princeville Turtle Bay Waikoloa Beach Resnrt Wailea Resort Maui Prince Princeville Hotel Sheraton Kauai Resort Sheraton Waikiki W Hotel Wailes Beach Resort Waikiki Resort Hotel Pearl City Pearl City Shops Pearl Kai Center Piilani Shopping Center Princeville Royal Hawaiian Wailea Shopping Village Windward City Windward Mall REPRESENTATIVE ASSIGNMENTS 0 Golf Courses Asahi Kanko Olomana Course Dunes at Maui Lani Hawaii Country Club Hawaii Kai Golf Course Ka'anapali Kauai Lagoons (Kiele and Lagoons) Office Buildings 1164 Bishop Aina Haina Professional Building Ala Moana Building Ala Moana Pacific Center Amfac Towers ANA Kalakaua Center Arcade Building C. Brewer Building Industrial Properties Airport Industrial Subdivision Airport Trade Center Barbers Point Bougainville Bougainville Commercial Center Campbell Industrial Park Ewa Drum & Varona Village Halawa Center Residential Discovery Bay Ewa by Gentry Harbor Court Honolulu Park Place Imperial Plaza Kalele Kai Kamaole Heights Kamehame Ridge Ko Olina Fairways Lahaina Residential Ko Olina Mid-Pac Country Club Pearl Country Club Princeville (Makai and Prince) Sandalwood Golf Course Silversword Golf Course Waikapu Country Club Castle Professional Center Commerce Tower Davies Pacific Center Financial Plaza of the Pacific Grosvenor Center Harbor Court Hawaii National Bank Hawaiian Life Building HMSA Building Halawa Industrial Subdivision Hawaii Business Center Honokohau Harbor Iwilei & Iwilei Business Center Kalaeloa Kapolei Business Park Kona Industrial Subdivision La Tour Plaza Lihue Industrial Park Makalapua Business Center Manana Makakilo Maui Eldorado Mawaena Kai Mililani Napili Kai Nauru Tower One Archer Lane Royal Capitol Plaza Royal Kuhio The Kahala Beach Waikele Golf Course Waikoloa (Kings) Waikoloa Village (two proposed) Wailea (Blue, Emerald, and Gold) James Campbell Building Kailua Professional Center I and II Leilehua Building Pan Am Building Waialae Building Waikiki Bank of Hawaii Building Waikiki Trade Center Mapunapuna Mill Town Panasonic Technics Center Pier 38 Domestic Commercial Fishing Village Sand Island Business Park Waiau Waikele Storage Park Waipahu Waipio Business Center The Kalia, Inc. Uplands at Mauna Kea Victoria Tower Village Park Vineyard Court Wailea Golf Vistas Wailea Pualani Estate Yacht Harbor Tower Qualifications of John Child & Company 2 REPRESENTATIVE ASSIGNMENTS 1 0 Healthcare Adventist Health Hawaii Health Care Ponds at Punalu'u Arcadia Retirement Systems Corporation Queen's Health Systems Residence Kahuku Medical Center Regency at Hualalai Castle Medical Center Kapiolani Medical Center for Roselani Place Clinical Laboratories of Women and Children St. Francis Healthcare Hawaii Kauai Care Center Systems Diagnostic Laboratories Pali Momi Medical Center Straub Hospital & Clinic Services Palolo Chinese Home Wilcox Hale Mahaolu May's Landing Waikapuna Agricultural, Conservation, and Conservation Easements Campbell Palehua and Kealia Pond Paradise Park Kahe Ranch Kona Forest Unit Access Ponoholo Ranch Dunbar Ranch Kuamo'o Point Pupukea Property Conservation Galbraith Trust Lands Kukaiau Ranch Conservation Easement Hana Ranch Easement Pu'u O Hoku Ranch Honouliuli Forest Lipoa Point Turtle Bay Reserve Maka'alae Conservation Ulupalakua Ranch Kainalu Ranch Easement Conservation Easements Kalauao Valley May's Landing Waikapuna Kanepuu Conservation McCandless Ranch Waimea Valley Easement Conservation Easement Wao Kele O Puna Katipo Ranch Wai'u and Moanalua Valley Nu'u Lands Palmyra Atoll Special Purpose Cemeteries'Memorial Hawaii Newspaper Agency Outrigger Canoe Club Parks Building Quarries Chinese Cultural Plaza Hawaiian Home Land Claims Schools Churches Kapaa Land Fill State of Hawaii Airports Convents Kaumalapau Harbor Telecommunications sites Condominium and NAS Barbers Point Electrical Tokai University Residential Distribution System Visitor attractions Lease -to -Fee Conversions Oahu Club Wedding chapels Business Valuation The Company's business valuation practice focuses on closely -held businesses in Hawaii. Business valuation assignments typically estimate the market value of controlling and minority interests in closely -held corporations, limited liability companies, and partnerships that own real estate. These assignments are prepared to assist in estate planning and estate and gift tax reporting to the Internal Revenue Service, litigation, mergers, stock repurchase/redemptions, and acquisitions. Qual i ficattons of John Child & Company REPRESENTATIVE ASSIGNMENTS Valuations of closely -held businesses include: Aala Produce, Inc. Aaron Properties Partners of Hilo Advanced Fresh Concepts Food Service Baruch Bakar BFFP Incorporated Beth -EI Associates Caroline J. Robinson LLC CGB Partners Dowling Company, Inc. Fernandez Properties Finance Investment, Ltd. Gay & Robinson, Inc. Hawaii Aina Management Honolulu Open Medical Imaging, LLC Industrial Investors, Inc. Jas W. Glover Holding Company, Ltd. J.L.P. Robinson LLC K. Inouye Properties, Inc. Kaha Kai LLC Kamali'i Family Limited Partnership K.J.L. Associates KSM Associates LLC KVH Partners Lanihau Properties LLC Leong Brothers Livingston Family Limited Partnership Loyalty Associates Loyalty Development Company, Ltd. Loyalty Enterprises, Ltd. Loyalty Investments Maui Quest, LLC MLB Inc. Palani Ranch Company, Inc. Pawaa Court LLC Pohaku Koloa Ponoholo Ranch Limited Robinson Kunia Land LLC Royal Phoenix Corporation SCF Limited Partnership Second City Property Management Sen Plex Corporation SSFM Engineers Taihook Associates Taira Family Limited Partnership The Mark A. Robinson Trusts Qualifications of John Child & Company 4 CLIENTS The Company provides professional services to a range of clients representing private, non-profit, and public interests. Selected clients are listed. PRIVATE INDUSTRY Attorneys Alston Hunt Floyd & Ing Ashford & Wriston Bays Lung Rose & Holma Bendet Fidell Cades Schutte Carsmith Ball Case & Lynch Case Lombardi & Pettit Chun Kerr LLP Cox Wooten Lerner Crockett & Nakamura Damon Key Leong Kupchack Hastert Ekimoto & Morris Goodsill Anderson Quinn & Stifel Huilin Dong, Attorney at Law Imanaka & Asato Ing Horikawa, Jorgensen & Endo Banks/Lenders American Savings Bank Bank of Hawaii Central Pacific Bank Citibank, N.A. First Hawaiian Bank Kobayashi Sugita & Goda Law Offices of Thomas Watts MacDonald Rudy O'Neill & Yamauchi McCorriston Miller Mukai McKinnon Ning, Lily & Jones Oshia Chuh Fong & Chung Price Okamoto Himeno & Lum Rush Moore Schneider Tanaka Radovich Andrew & Tanaka Settle Law Starn O'Toole Marcus & Fisher Tom Petrus & Miller, LLLC Torkildson Katz Moore Hetherington & Harris Tsugawa Biehl Lau & Muzzi Van Buren & Shimizu, LP Wagner Choi Verbrugge Watanabe Ing LLP Hawaii National Bank The Chuo Mitsui Trust & Banking Co., Ltd. The Industrial Bank of Japan, Lid. The Long -Term Credit Bank of Japan, Ltd. Wells Fargo Bank Closely Held Corporations/Limited Partnerships/Family Trusts Baruch Bakar and Beth -el Associate Lanihau Properties, LLC BFFP Incorporated Leong Brothers Caroline J. Robinson LLC Livingston Family Limited Partnership Gay & Robinson Loyalty Development Hawaii Aina Management Co. LL Loyalty Investments Jas. W. Glover Holding Company, Ltd. Maui Quest LLC J.L.P. Robinson LLC MLB, Inc. Kaha Kai LLC Norman & Amy Hirohata-Goto LLC Kamalii Family Limited Partnership Nua Family Limited Partnership K.J.L. Associates Palani Ranch KVH Partners and CGB Partners Pawaa Court LLC Knudsen Trusts Pohaku Koloa LLC Qualifications of John Child & Company I CLIENTS 0 Closely Held Corporations/Limited Partnerships/Family Trusts, Continued Ponoholo Ranch, Limited Sheridan Ing Marital Trust Royal Phoenix Corporation Taira Family Limited Partnership SCF Limited Partnership The Mark A. Robinson Trusts Second City Property Management Inc. WBL, Inc. Sen Plex Corp. Developers/Landowners A&B Properties, Inc. Aloha Tower Associates Bedford Properties, Inc. (fka Kaiser National Housing Corporation Development Company) Cuzco Development U.S.A. LLC Dole Food Company Dowling Company, Inc. Elleair Hawaii, Inc. Finance Realty Gentry Companies Hana Ranch Partners Hanalei Land Company Haseko (Hawaii), Inc. Resort Operators/Owners Alpha U.S.A., Inc. Kapalua Land Company, Ltd. Kaupulehu Makai Venture (Hualalai Resort) Namalu LLC (Makena Resort) Retailers 7 -Eleven (Hawaii), Inc. Alakai Mechanical Corporation Kyotaru International McDonald's Restaurants of Hawaii Trust Companies and Trusts Bank of Hawaii Trust Department First Hawaiian Trust Hawaiian Trust Co., Ltd. NON-PROFIT ORGANIZATIONS Adventist Health Bobby Benson Center Castle Medical Center Hemmeter/Tokyu Waterfront Joint Venture James Campbell Company Kamehemeha Schools Kaneohe Ranch Kapolei Property Development, LLC Krausz Properties McCandless Land & Cattle Company MW Group, Ltd. Niu Pia Farms Pauahi Management Corp. Queen Emma Land Company Sam Koo Pacific, LLC Tesoro Hawaii Corporation Ulupalakua Ranch Inc. Princeville Development Company Shinwa International Turtle Bay Resort Wailea Resort Company, Inc. Pint Size Corporation Safeway, Inc. Sears Holding Corporation Knudsen Trusts Lili'uokalani Trust Mark A. Robinson Trusts Chaminade College Hawaii Conference Foundation Hawaii Health Systems Corporation Qualifications of John Child & Company 2 CLIENTS NON-PROFIT ORGANIZATIONS, Continued Hawaii Opera Theatre Hawaii Pacific Health Hawaii Pacific University Honolulu Community Action Program, Inc. (HCAP) lolani School Japan Association of Real Estate Appraisers Kahuku Medical Center Kamehameha Schools KCAA Pre -Schools of Hawaii Manoa Valley Theatre Maui Coastal Land Trust National Tropical Botanical Garden PUBLIC AGENCIES Bank Regulatory Agencies Federal Depository Insurance Corporation (FDIC) City & County of Honolulu Honolulu Authority for Rapid Transportation Honolulu Public Transit Authority Department of Housing and Community Development County of Hawaii Department of Finance County of Kauai Department of Water Federal Agencies Internal Revenue Service National Business Center, Appraisal Services Directorate U.S. Attorney General U.S. Department of Agriculture, Forest Service Pacific Buddhist Academy Punahou School Queen's Health Systems Segull Schools, Inc. The Fathers of the Sacred Hearts The Sisters of the Sacred Hearts St. Francis Healthcare Systems of Hawaii The Nature Conservancy The Trust for Public Land Waianae Cost Comprehensive Center Young Women's Christian Association (YWCA) Federal Home Loan Bank Board (FHLBB) Department of Design and Construction Department of the Corporation Counsel Department of Public Works U.S. Department of Agriculture, Natural Resource Conservation Service U.S. Department of the Army U.S. Department of the Navy U.S. Department of Interior, Fish & Wildlife Service Qualifications of John Child & Company 3 CLIENTS Utilities Aloha Solar Energy Fund Citizens Utilities Company Kauai Electric D.R. Fortress State of Hawaii Attorney General Department of Hawaiian Home Lands Department of Land & Natural Resources Department of Transportation Qualifications of John Child & Company Eurus Energy America Corporation Hawaiian Electric Industries (HEI, Inc.) Pacific Resources, Inc. Hawaii Community Development Authority Hawaii Housing Finance and Development Corporation Office of Hawaiian Affairs PROFESSIONAL TEAM QUALIFICATIONS 0 The professional team has a wide range of real estate experience gained through a variety of field experience, professional accomplishments, training, and education. Team members have earned their reputation for quality work and professional service. Professional Designations Team members hold designations earned from the major professional organizations. Team members have earned the MAI and AI-GRS designations from the Appraisal Institute, the CRE (Counselor of Real Estate) from The Counselors of Real Estate, and ASA (Accredited Senior Appraiser) from the American Society of Appraisers. State Certification Members of the professional team are Certified General Appraisers under the State of Hawaii license and certification program. Other Qualifications and Training Professional team members are qualified as expert witnesses in the courts of Hawaii; actively participate in and serve as arbitrators and review appraisers; and continue to attend courses, seminars and workshops to strengthen their own specialized appraisal skills and education. Professional Team Members Professional team members include: • Karen Char, MAI, CRE, ASA, President • Paul D. Cool, MAI, CRE, Vice President • Shelly H. Tanaka, MAI, Ai-GRS, Vice President • Masayo Allen, MAI, Esq., Appraiser The education and professional experiences of team members are outlined in their accompanying resumes. Qualifications of John Child & Company QUALIFICATIONS OF JOHN CHILD & COMPANY KAREN CHAR, MAI, CRE, ASA President As President of John Child & Company, Karen is responsible for developing and managing the Company's professional practice that includes real estate appraisal and consulting and business valuation. She specializes in complex real estate and business valuation assignments. Karen originally joined the Company in 1973 and has over 40 years of professional experience. She has served in elected and appointed national and international leadership positions in the Counselors of Real Estate and the Appraisal Institute. In 2010 she received the prestigious James Felt Creative Counseling Award from The Counselors of Real Estate. Education • Master of Business Administration, University of Hawaii, 1972 • Bachelor of Business Administration, University of Hawaii, 1970 + Punahou School, 1967 • Successfully completed various courses, workshops, and seminars sponsored by the Appraisal Institute and The Counselors of Real Estate Professional Associations Member, The Counselors of Real Estate (CRE designation) - 2010 James Felt Creative Counseling Award - Chief Delegate to the Pan Pacific Congress of Real Estate Appraisers, Valuers, and Counselors: New Zealand, 2000; Singapore, 1998; Sydney, 1996; Yokohama, 1994; Speaker: New Zealand, 1988 and Korea, 1990 - Member, National Board of Governors, 1995 - 2000 - National Vice President, 1997 - Vice Chair, National Ethics & Professional Practice Committee, 1995; Member, 1993 - 1998 and 2000 - 2002 Member, National Finance Committee, 1995 - 1997 - Member, International Task Force (fka International Activities Committee), 1992 - 1999 - Member, National Communications Committee, 1993 - 1995, 2001; National Public Relations, 1998 - 2001, Technology Committee, 2001 Chair, Honolulu Convention Committee, 1992 Member, Appraisal Institute (MAI designation) - Member (representing Region VII, Arizona, Hawaii, Southern California, and Southern Nevada), National Appellate Division (serves as National Ethics Appeal Board), 1997 - 1999 - Vice Chair, National Admissions Committee of the General Appraisal Board, 1991 - Governing Councilor, 1986 - 1988 - Vice Chair, National Bylaws Committee, 1986 - 1989 Vice Chair, Organizing Committee, Pan Pacific Congress of Real Estate Appraisers, Valuers and Counselors, Honolulu, 1986 Member, National Bylaws Committee, 1985 - Member, National Admissions Committee, 1982 1990 - Chairman, National Evaluation Report Subcommittee, 1982 1161 QUALIFICATIONS OF JOHN CHILD & COMPANY KAREN CHAR, MAI, CRE, ASA Page 2 President Member, Appraisal Institute, (continued) - President, 1986; Vice President, 1985; Secretary, 1984; Honolulu Chapter No. 15 - Grader, National Board of Examiners, 1982 - 1983 - Admissions Chairman, Southwest Region, 1983 • Accredited Senior Appraiser, American Society of Appraisers, (ASA designation, specializing in business valuation) • Member, Aloha Chapter of Lambda Alpha International, an Honorary Land Economics Society Other Real Estate and Charitable Associations and Community Activities • Director, Board of Directors, Hawaii Women's Legal Foundation, 2002 to present • Vice President and Director, Board of Directors, Hawaii Opera Theatre, 2004 to 2020. • Nonlawyer Member, Magistrate Judge Merit Selection Panel, District of Hawaii, 2018 • Author, "Creative Counseling: Preserving the Hawaii Opera Theatre" Real Estale Issues, Volume 36, November 1, 2011; 41-45 • President, Hawaii Chapter of the National Association of Office and Industrial Properties (NAIOP Hawaii), 1998 - Member, Board of Directors, 1996 - 1998 - Chair, Leasehold Issues Committee, 1996 - 1997 - Responsible for writing NAIOP's reports as follows: - Ground Lease Renegotiation Issuav and Practical Alternatives, September, 1996 - Lease Ren! Arbitration and USPAP, January, 1997 Professional Experience • President and Chief Executive Officer, John Child & Company, Inc., 1984 to present • Senior Manager, Peat, Marwick, Mitchell & Co. (now known as KPMG Peat Marwick), 1979 - 1984 • Appraiser, John Child & Company, Inc., 1973 - 1978 Professional Designations • The Appraisal Institute conducts a voluntary program of continuing education for its designated members. Members who meet the standards of this program are awarded periodic educational certification. Karen Char, MAI is certified under this program. • The American Society of Appraisers conducts a mandatory program of recertification through continuing education and/or participation in professional activities every five years. Karen Char, ASA, is certified under this program. State Certification • Certified General Appraiser, State of Hawaii, License Number CGA -184, expiring December 31, 2021. Court Testimony • Qualified as an expert witness in the valuation of real property and closely -held businesses in the Courts of the State of Hawaii. QUALIFICATIONS OF JOHN CHILD & COMPANY PAUL D. COOL, MAI, CRE Vice President Paul joined John Child & Company in 1972. He has appraised property on all the major islands in Hawaii. With this perspective, Paul understands the cyclical nature of Hawaii's real estate markets. Education + Bachelor of Business Administration, Business Economics and Quantitative Methods, University of Hawaii, 1980 Successfully completed various courses, workshops, and seminars, including: — Appraisal Institute, National USPAP Update Course, 2020 — Appraisal Institute, Business Practices and Ethics, 2020 — Appraisal Institute, Valuation of Conservation Easements, 2018 Appraisal Institute, Uniform Appraisal Standards for Federal Land Acquisitions, 2017 Appraisal Institute, Complex Litigation Appraisal Case Studies, 2014 — Appraisal Institute, IRS Valuation, 2012 Professional Associations • Member, Appraisal Institute (MAI designation) President, Hawaii Chapter, 2001 Director, 2014 - 2016 Member, The Counselors of Real Estate (CRE designation) — Chairperson, Hawaii Chapter, 2012, 2001 — Treasurer, Hawaii Chapter, 2009, 2020, 2021 Altemate Chief Delegate, 20" Pan Pacific Congress - Auckland, New Zealand, 2000 Alternate Chief Delegate, 19'h Pan Pacific Congress - Singapore, 1998 Other Real Estate Associations Member, Hawaii Chapter ofNAIOP (NAIOP Hawaii) Vice President, Hawaii Chapter, 2015 - 2019 — President, Hawaii Chapter, 2002 — Director, Hawaii Chapter, 2011-2014 Public Service • Advisory Committee Member, Regulated Industries Complaints Office, Department of Commerce and Consumer Affairs, State of Hawaii, 2004 - 2021 • Chair, Real Estate Appraiser Advisory Committee, Professional & Vocational Licensing Division, Department of Commerce and Consumer Affairs, State of Hawaii, 2007 - 2015 • Member, City & County of Honolulu Leasehold Conversion Task Group, 2004 QUALIFICATIONS OF JOHN CHILD & COMPANY PAUL D. COOL, MAI, CRE Page 2 Vice President Publications • Paper presented to the 19`h Pan Pacific Congress of Real Estate Appraisers, Values, and Counsellors, "Leasehold Home Ownership on Oahu, Hawaii: Long Term Influence on Value and Marketability," 1998 • Paper presented to the 20`h Pan Pacific Congress of Real Estate Appraisers, Values, and Counsellors, "Resort Residential Investment in Hawaii: Recovery of a Market," 2000 Professional Experience • Vice President, John Child & Company, Inc. (1972 to present) Professional Designation • The Appraisal Institute conducts a voluntary program of continuing education for its designated members. Members who meet the standards of this program are awarded periodic educational certification. Paul D. Cool, MAI is certified under this program. State Certification • Certified General Appraiser, State of Hawaii, License Number CGA -71, expiring December 31, 2021. Court Testimony • Qualified as an expert witness in the valuation of real property in the Courts of the State of Hawaii. QUALIFICATIONS OF JOHN CHILD & COMPANY SHELLY H. TANAKA, MAI, AI-GRS Vice President Shelly estimates the value of closely -held businesses and real estate in Hawaii. Because of her expertise in both real property and business valuation, she is able to effectively assist clients with their estate planning and gifting decisions, tax reporting, acquisitions and mergers, stock transfers and redemptions, and purchase price allocations. Shelly's real estate valuations include resort, commercial, industrial, residential, agricultural, and conservation properties on Oahu, Maui, Kauai, and Hawaii. Assignments have included appraisals of conservation and right-of-way easements, hospitals, and other complex or limited -market properties, as well as market assessments, feasibility analyses, and fiscal and economic impact studies for a variety of projects including senior living facilities, hotels, shopping centers, residential subdivisions, and two master -planned communities on Oahu and Maui. She also serves as an arbitrator, expert witness, and has worked on several class-action lawsuits providing complex and timely analysis to assist in trial preparation and settlement negotiations. Education • Master of Business Administration, University of Hawaii at Manoa, 1998 • Bachelor of Arts, Psychology, University of California at Los Angeles, 1994 • [olani School, 1990 • Various courses, workshops and seminars including: Appraisal Institute, Uniform Appraisal Standards for Federal Land Acquisitions, 2017 - Appraisal Institute, General Review Theory, 2014 - Appraisal Institute, Complex Litigation Appraisal Case Studies, 2014 - Appraisal Institute, Fundamentals of Separating Real Property, Personal Property, and Intangible Business Assets, 2012 Professional Designations The Appraisal Institute conducts voluntary programs of continuing education for its designated members. The MAI Membership designation is held by professionals who can provide a wide range of services relating to all types of real property, such as providing opinions of value, evaluations, review, consulting and advice regarding investment decisions, among others. The A[-GRS Review designation is conferred upon professionals who have demonstrated the knowledge and skills needed to provide appraisal reviews for a wide range of property types in order to satisfy issues related to due diligence and risk management. Shelly H. Tanaka, MAI, AI-GRS is designated under both programs. State Certification Certified General Appraiser, State of Hawaii, License Number CGA -648, expiring December 31, 2021. QUALIFICATIONS OF JOHN CHILD & COMPANY SHELLY H. TANAKA, MAI, AI-GRS Page 2 Vice President Court Testimony • Qualified as an expert witness in the valuation of real property and business valuation in the Courts of the State of Hawaii. Professional Associations • Appraisal Institute - Director, National Board of Directors, 2017 - 2020 - National Finance Committee, 2018 - 2021 - Women's Initiative Committee, 2020 Finance Chair, Region VII, 2014 - 2015 President, Hawaii Chapter, 2014 • Trustee and Vice -Chair, Appraisal Institute Education Trust, 2017 - 2018 • Director and Board Chair, Appraisal Institute Education and Relief Foundation, 2019 - 2020 Professional Experience • Vice President, John Child & Company, Inc. (2015 - present) • Appraiser, John Child & Company, Inc. (1998 - 2014) Other Service • Real Estate Appraiser Advisory Committee, Professional & Vocational Licensing Division, Department of Commerce and Consumer Affairs, State of Hawaii Member, 2016 - 2018 - Vice -Chair, 2019 - 2021 • Board of Directors, Hawaii Appleseed Center for Law and Economic Justice (2019 -present) • Volunteer, Drill Team Hawaii Booster Board • Volunteer, Girls Scouts of Hawaii QUALIFICATIONS OF JOHN CHILD & COMPANY MASAYO ALLEN, MAI, CCIM, ESQ. Appraiser Masayo specializes in complex real estate valuation assignments. Her valuations are used for estate planning and gifting decisions, acquisitions and mergers, tax reporting, and litigation, arbitration, and mediation negotiations. Masayo's real estate valuations have included a variety of industrial, retail, commercial and medical office, multifamily, land, conservation easements, partial takings, and fiscal and economic impact studies. She also provides real estate consulting and market assessments for rent renegotiations and litigation support. Education Appraisal Institute: Valuation Impacts of COVID-19 Condemnation Appraising: Principles and Applications Appraising Unique and Special Purpose Properties General Demonstration Report -Capstone Program General Demonstration Report Writing Quantitative Analysis Real Estate Finance, Statistics, and Valuation Modeling Business Practices and Ethics Advanced Concepts and Case Studies Advanced Market Analysis and Highest & Best Use Advanced Income Capitalization Advanced Residential Applications and Case Studies General Appraiser Report Writing and Case Studies General Appraiser Market Analysis and Highest & Best Use General Appraiser Income Approach General Appraiser Site Valuation and Cost Approach General Appraiser Sales Comparison Approach 7 -Hour National USPAP Update Course 15 -Hour National USPAP — Supervisory Appraiser. -Trainee Appraiser Basic Appraisal Procedures Basic Appraisal Principles CCIM Institute: Investment Analysis for Commercial Investment Real Estate User Decision Analysis for Commercial Investment Real Estate Market Analysis for Commercial Investment Real Estate Financial Analysis for Commercial Investment Real Estate Preparing to Negotiate Ethics • Bachelor of Arts, Business Economics, University of California, Los Angeles, 1996 • Master of Science in Real Estate, University of San Diego, San Diego, 2015 • Juris Doctor, Loyola Law School, Los Angeles, 2000 QUALIFICATIONS OF JOHN CHILD & COMPANY MASAYO ALLEN, MAI, CCIM, ESQ. Page 2 Appraiser Professional Associations • Appraisal Institute (2014 -Present) — Hawaii Chapter (2019 -Present) — Northern California Chapter (2015-2019) — San Diego Chapter (2014-2019) • CCIM Institute (2020 -Present) Hawaii Chapter (2021 -Present) • Hawaii State Bar Association (2013 -Present) • The State Bar of California (2001 -Present) Professional Experience + Appraiser, John Child & Company, Inc., Hawaii (2019 - Present) • Appraiser, Valbridge Property Advisors, Northern California (2017 - 2019) + Research Analyst, Valbridge Property Advisors, Northern California (2015 - 2017) • Intern, Jones, Roach & Caringella, San Diego (2015) • Senior Associate Attorney, Anderson, McPharlin & Conners LLP, Los Angeles (2007-2013) • Associate Attorney, Garrett & Tully, APC, Pasadena (2002 - 2007) Professional Designations The Appraisal Institute provides educational programs for valuation professionals, and the organization's MAI Membership designation is held by professionals who have demonstrated their ability to provide a wide range of services relating to all types of real property, such as providing opinions of value, evaluations, review, consulting and advice regarding investment decisions, among others. Masayo Allen, MAI, is designated under this program and regularly completes continuing education to maintain her designation. For more than 50 years, Certified Commercial Investment Members have been recognized as leading experts in commercial investment real estate. The CCIM Institute's certification denotes that the designee has completed advanced coursework in financial and market analysis and demonstrated extensive experience in the commercial real estate industry. Masayo Allen, CCIM, is certified under this program and regularly completes continuing education to maintain her certification. State Certifications • Certified General Appraiser, State of Hawaii, License Number CGA -1350, expiring December 31, 2021. • Certified General Appraiser, State of California, License Number AG -3003579, expiring August 23, 2022.