HomeMy WebLinkAboutFY21-22-MEDUSKY & CO. INC.-48+.- Q7•; W!1 15. 7 Ca= FINANCE
MeduskySzCo., Inc.
REAL ESTATE CONSULTANTS
QUEEN'S COURT, SUITE 405 a 800 BETHEL STREET
HONOLULU, HAWAII 96813
PHONE (808) 531.2765 • FAX (808) 599.3736
EMAIL - medusky®meduskyandeo.com
Via Email(crystal lene.pacheco@hawaiicounty.gov)
Deanna Sako
Director of Finance
County of Hawai'i
25 Aupuni Street
Hilo, Hawaii 96720
Dear Ms. Sako:
„_,. JUN 1 4 2021
June 14, 2021
R. Medusky, MAI, CRE
Subject: Letter of interest to Provide Professional Real Estate Appraisal Services for
(Category No. 40) for Fiscal Year 202112022
In response to your Notice to Providers of Professional Services, Medusky & Co., Inc. (formerly known
as Cowell & Co., Inc.) is submitting this letter of interest to provide Real Property Appraisal services
(Category No. 40) for the July I, 2021 to .Tune 30, 2022 fiscal year.
Our office is located in downtown Honolulu in the Queen's Court building at 800 Bethel Street. Over the
past seven years, we have employed an average of two (2) full-time employees and one (1) independent
contractor. We have been in the real estate business for 40+ years with assignments covering an
extensive variety of properties and clients throughout the Pacific Basin. Services provided include
appraisal/valuation studies, arbitration, tax appeals, highest and best use/development studies,
acquisitional analysis, disposition analysis and market studies. Property types include commercial,
industrial, resort hotel, multi -family residential, subdivision, preservation and agricultural.
We have previously completed appraisal assignments for the County of Hawaii and believe that we are
well qualified to provide real estate appraisal/consulting services for the County of Hawaii in the future.
Please find enclosed herein qualifications of key members of our company (Jan R. Medusky, President
and Edward W. Becker, Real Estate Appraiser), the State of Hawaii DCCA Certified General Appraiser
licenses for said key members, our Certificate of Vendor Compliance, proof of E&O insurance and our
company brochure.
Item No. 4 of the "Notice to Providers of Professional Services" requests a list of our projects. Please
find enclosed herein a list of several recent projects encompassing many different property types.
Per your request, listed on a following page are five client contact names for assignments completed
within the past year to be used as references.
Real Estate Research a Counseling a Valuation a Feasibility a Investments
Deanna Sako
June 14, 2021
Page 2
1. Gil J. Farias, Jr.
Manager, Trust Real Estate Appraisal
Bank of Hawaii
P.O. Box 2900
Honolulu, Hawaii 96846
(808)694-4738
2. Trevor A. Brown, Esq.
Starn O'Toole Marcus & Fisher
733 Bishop Street, Suite 1900
Honolulu, Hawaii 96813
(808) 537-6100
Scott R. Rodie
Vice President - Appraisal & Environmental Risk Management
Bank of Hawaii
Wholesale Credit Administration
P.O. Box 2900
Honolulu, Hawaii
(808)694-4556
4. Scot J. Voronaeff, MAI, CCIM
Senior Review Appraiser
NAVFAC Pacific - Asset Management
Real Estate Support Branch (AM 12)
258 Makalapa Drive, Suite 100
JBPHH, Hawaii 96860-3134
(808) 473-0566
5. C. Michael Heihre, Esq.
Cades Schutte LLP
1000 Bishop Street, Suite 1200
Honolulu, Hawaii 96813
(808)521-9200
We provide a timeline for completion when submitting a proposal for an assignment and we and we strive
to adhere to that schedule. As such, there have not been any corrective actions or notices of deficiencies
for any of our completed assignments. In most cases, cost control is maintained by estimating a fixed fee
for an assignment prior to its commencement. However, if the scope of the assignment cannot be
determined prior to commencement, a minimum and maximum fee range is established. When required,
additional work is completed based on hourly rates. The current hourly rate for Edward Becker, MAI of
Medusky & Co., Inc. is $400 per hour and the current hourly rate for Jan R. Medusky, MAI, CRE is $450
per hour.
Deanna Sako
June 14, 2021
Page 3
If you have any further questions, please feel free to call our office. Thank you for considering Medusky
& Co., Inc. for your real estate appraisallconsulting needs. We look forward to working with you again in
the future.
Sincerely,
MEDUSKY A&ACO., INC.
Jan R. Medusky, MAI, CRE
President
Edward W. Becker, MAI
Real Estate Appraiser
EWB:cpj
Enclosures
QUALIFICATIONS OF JAN R. MEDUSKY, MAI. CRE
President, Medusky & Co.. Inc., Real Estate Consultants
Queen's Court, Suite 405, 800 Bethel Street, Honolulu, Hawaii
President (1990-1994). Cowell & Co.. Inc.
Licensed Real Estate Broker, State of Hawaii
(License No. RB -16915)
Member. Appraisal Institute (MAI), Hawaii Chapter
(Certificate No. 7313)
Past President, American Institute of Real Estate Appraisers
Honolulu Chapter No. 15
Member. The Counselors of Real Estate (CRE)
(Certificate No. 2560)
Past Chapter Chair. The Counselors of Real Estate Hawaii Chapter
lawaii State Certified General Appraiser (CGA -17)
C,DUCATION
Curer Militar) Academy. Culver. Indiana Graduated with honors. 1964-1968.
Bachelor of Science Degree. U.S. Military Academy, West Point, New York. 1968-1972.
University of Fla,%aii. Graduate courses in Business and Economics, 1975-1976.
Master of Business Administration Degree, Chaminade I Ini%ersit) of Honolulu. 1980.
SPECIAL COURSES
Graduate Real Estate Institute, Courses I and 11. Honolulu. 1979.
Stapleton School of Real Estate. Sales Licensing Course. Honolulu. 1979.
Various Appraisal Institute and American Institute of Real Estate Appraisal Courses.
Instructor for various seminars/classes regarding real estate valuation.
MILITARY
Captain. U.S. Army. 1972-1978. Field %arious positions including Commander. Air Defense Artillery Battery and Special Staff
Officer, 251s Infantry Di%-ision General Staff. Schofield Barracks, Hawaii.
FXPFRIENCF.
Engaged in real estate consultation and valuation throughout the Pacific Basin since 1979. Geographical areas covered include
the four counties of the State of Hawaii. the Territory of Guam. the Federated States of Micronesia. Republic of the Marshall
Islands. Republic of Palau. Saipan. American Samoa and selected locations on the West Coast of the United States Mainland.
Specializes in valuation for litigation purposes. tar appeals, leased fee conversions, arbitrations and rent renegotiations
COMMUNITY SERVICE
Hawaii Public Radio Board Member (2009 to 2018)
ALS Association Golden West Chapter Board Member (2014 to Present)
ALS Ohana of Hawaii Past President and Current Secretary (2013 to Present)
JAN R MEDUSKY
800 BETHEL ST STE 405
HONOLULU, HI 96813
CGA -17
NOTICE THIS POCKET ID CARD IDENTIFIES YOU TO THE PUBLIC AS BEING CURRENTL Y LICENSED
AND SHOULD BE KEPT IN YOUR POSSESSIONAT ALL TIMES.
LICENSE NUMBER I EXPIRATION DATE
CGA -17 12/31/2021
STATE OF MAVAN DEPARTItENT OF [ ONNERCE ANO CONSONERAFFMRS
CERTIFIED GENERAL APPRAISER:� I
tE CF k�
" �' W9 ,C ❑ 0 � jf6
JAN R MEDUSKY g
800 BETHEL ST STE 40 f
HONOLULU, HI 96813
�. k r
G� 1
OF LICENSEE
QUALIFICATIONS OF EDWARD W. BECKER, MAI
Real Estate Appraiser, Medusky & Co., Inc., Real Estate Consultants
Queen's Court, Suite 405, 800 Bethel Street, Honolulu, Hawaii
EDUCATION
Bachelor of Arts Degree
University of Hawaii at Manoa, Honolulu, Hawaii
Political Science Major
SPECIAL COURSES
State Certification Courses
Appraising the Single Family Residence
Foundations of Real Estate Appraisal
Real Estate Appraisal Methods
Uniform Standards of Professional Appraisal Practice
Appraisal Institute Courses
550 - Advanced Applications
540 - Report Writing and Valuation Analysis
530 - Advanced Sales Comparison and Cost Approaches
520 Highest & Best Use and Market Analysis
510 Advanced Income Capitalization
430 - Standards of Professional Practice, Part C
420 - Standards of Professional Practice, Part B
410 Standards of Professional Practice, Part A
Appraisal Institute Seminars, Programs
An Introduction to Valuing Commercial Green Buildings
Business Practices and Ethics
Eminent Domain and Condemnation Appraising
Feasibility, Market Value, Investment Timing: Option Value
FHA and the Appraisal Process
New Industrial Valuation
Review Theory General
Site Use and Valuation Analysis
Small Hotel.Motel Valuation
The Appraiser as an Expert Witness: Preparation and Testimony
Uniform Appraisal Standards for Federal Land Acquisitions
Valuation of Conservation Easements
University of Hawaii at Manoa, Small Business Management Program, Real Estate Licensing Course
EXPERIENCE
Engaged in real estate consultation and valuation since 1993. Geographic areas covered include the four counties of
the State of Hawaii, the Republic of the Marshall Islands, Republic of Korea and American Samoa. Property types
include agricultural, industrial, office, preservation, residential, resort, shopping center, subdivision and various other
property types.
EDWARD W BECKER
370 KUPAUA PL
HONOLULU, HI 98821
CGA -581
NOTICE THIS POCKET ID CARD IDENTIFIES YOU TO THE PUBLICAS BEING CURRENTLYLICENSED
AND SHOULD BE KEPT IN YOUR POSSESSION AT ALL TIMES.
LICENSE NU!n I EV RATION DATE
CGA -581 12131/2021
.oR as eww OM rr ar taemece un caesura
CERTIFIED GENERAL APPRAISER
EDWARD W BECKER
370 KUPAUA PL
HONOLULU, HI 98821
, ( f
YOrAIUr[ OF L1G[110F!
v
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Department of Commerce and Consumer Affairs
CERTIFICATE OF GOOD STANDING
I, the undersigned Director of Commerce and Consumer Affairs
of the State of Hawaii, do hereby certify that according to
the records of this Department,
MEDUSKY & CO., INC.
was incorporated under the laws of Hawaii on 08/14/1975 ; and
that it is an existing corporation in good standing, and is
duly authorized to transact business.
AMERCE AV0
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TQT� OF ftA`NP
IN WITNESS WHEREOF, I have hereunto set
my hand and affixed the seal of the
Department of Commerce and Consumer
Affairs, at Honolulu, Hawaii.
Dated: May 18, 2021
F� cg�
Director of Commerce and Consumer Affairs
To check the authenticity of this certificate, please visit: http://hbe.ehawaii.gov/documentsi:authenticate.htm1
Authentication Code: 397388 -COGS PDF -29306D1
1 �
LIA Administrators i& Insurance Services
APPRAISAL, VALUATION AND PROPERTY SERVICES ASPEN
PROFESSIONAL LIABILITY INSURANCE POLICY
DECLARATIONS
Aspen American Insurance Company
,11cferred to below a., the "Compan)
590 Madison AVCnul', 7th Fluor
New York, NY 10022
877-245-3510
Date Issued Policy Number Precious Policy Number
111/28/21124) ;\-111X)7310-06 ,A A [1107 3 1 0-0 5
T[ IN ISA CLAIMS \IAI1 .AND RI:POR-l'1_D POI,ICI'. COV[:R:AGI:IS f.l\[C[1:0'fU 1.11BllJ Y FOR ONLYT IOSIt'
CLAIMS THAT :ARI: FIRS"I' MAIN: %GAINS'[' Till: INSURED
DURI%G
-1-III: POLICY PERIOD ;AND I[II \
RI:PORI[:D TO '1111: (;(l\IP:ANY IN WRITING NO ].ATEA THAN
tilt -I'1'
(60) DAN'S ;A111=11 [?\P[RATIO\ OR
TI:R\IIN ATiON OI' THIS POLICY, OR DURING THF EXTENDED
REPORTING PERIOD, IF APPLI(:ABIJ�„ 1�OR A
WRONGFUL ACT COLMN1111-1;D ON OR Ah1'1:R Till: RETROACTIVE
DATE .AND BI:hOlth. '1'111-' FND OF 11H.'
POLICY PERIOD. PLEASE READ TI ll. 11OIJCY ('ARI:I+U1.lN.
1. Customer ID: 135056
Named Insured:
\11iDUSK1' & CO, INC.
800 Bethel St., Suite 405
1 lonolulu, 11196813
2. Policy Period:larom: 11/10/2020 To: 11/1012MI
12:01 .A.,\I Standard'I'tmc at the address stated in 1 abov -
3. Deductible: Sli?;10 Each Claim
4. Retroactive Date: 09/09/1995
S. Inception Date: 11/10/2015
6. Limits of Liability: A. $1,000,000 Itach Claim
B. 52,000,000 Aggregate
Subpoena Response: 55,000 Supplemental Payment Coverage
Pre -Claim Assistance: S5,000 Supplemental Payment Coverage
Disciplinary Proceeding: 512,500 Supplemental Payment Coverage
Loss of Earnings: 5500 per day SUPPICMLnral payment Coverage
7. Covered Professional Services (as defined in the Policy and/or by Endorsement):
Real Itistatc ;Appraisal and \'aluanon:
AyesX
No
Residential Property:
Yvs X
No
Commerciall'ropertm':
1'478 X
No
Bodily Injury and irroperty Damage Caused
During :Appraisal Inspecnon (S 100,000 Sub -Limit):
Yes X
No If "yes", added by endorsement
Right of Way Agent and Relocation!
Ayes
No X
\Iaehiner• and Equipment Valuation_
Yea
No X
Personal Property Appraisal;
Yes
No X (if "lyes", added by endorsement
Real Estate Sales/ Brokerage:
Yes
No X If "yes", added by endorsement
.Aspen .\mcrtcan Insurance (:omPaey 112 e I of 2
1,1. \01)1 {04/ 19)
$, Report Claims no: LI A AdminisiratthnL & Ittwnncc tier+uca, SIR) -3114-0652, PO Box 1317, 1600 \nacapa tit,
tiann Barbara, California 93101
9. Annual Premium- $2,157.00
10. Forms attached at issue- 1.1.1002 (04/19) MA Hl (05/19} I.I;1013 (05/19)1.1;1018 (05/19)1.1;1164 (05/19)1.1;1165
(05119}
This heclarauons Page, together with the completed and signed Pulicv Apphcarion including all anaehmcnn and cshibus ncLrcto, and
the Pnlic}, shall con aiture the contract between rhe Named Insured and the Compan) .
10/28/2020
IM
Date .luthorizcd kpresclrmslivt
lspen American Insurance Compatn Page 2 of 2 [.ax[ ID- 11$1156
1.IAW1 m4/191
Appraisal, Valuation and Property
Services Professional Liability Insurance Policy
Named Insured: MEDI;SKY & CO., INC. Policy Number: AA1007310-06
Effective Date: 11 10.2020
Customer ID: 135056
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFT'LLY.
ADDITIONAL COVERED PROFESSIONALS ENDORSEMENT
In consideration of the premium charged, it is agreed that Section IV. DEFINITIONS (I) "Insured" is amended to include:
"Insured" means:
The persons identified below, but only while acting on behalf of the Named Insured:
Name
Jan R. Medusky
Edward Becker
Coverage
Effective Date
1111012020
11110!2020
All other terms, conditions, and exclusions of this Policy remain unchanged.
Aspen American Insurance Company
LIA012 (05,19)
Page I of 1
MEDUSKY & CO., INC.
800 BETHEL STREET
QUEEN'S COURT, SUITE 405
HONOLULU, HAWAII 96813
PAST ASSIGNMENTS
I. Property Type: Oceanfront Land
Client: Department of Interior
TMK: (3) 8-5-7-27 et al.
Date of Assignment: 11/24120
Nature of Assignment: Appraisal Services Regarding ALKA Ki'ilae Estates, South Kona, Island of
Hawaii, Hawaii
2. Property Type: Agriculture Land
Client: Agribusiness Development Corporation
TMK: (1) 6-4-3-16 et al.
Date of Assignment: 01112121
Nature of Assignment: Appraisal Services Regarding Fair Market Rent for Pasture Land, Waialua,
Oahu, Hawaii
3. Property Type: I'se and Occupancy Agreement
Client: Halewaiolu Senior Development, LLC
TMK: (1) 1 -7 -Por. 6
Date of Assignment: 12.1"15'20
Nature of Assignment: Appraisal Services Regarding Market Value of Two Use and Occupancy
Agreements for Electrical and Water Line Purposes, Vineyard Boulevard,
Honolulu, Oahu, Hawaii
4. Property Type: Commercial Land
Client: Kawa Capital Management
TMK: (2) 4 -4 -2 -52 -CPR 1 to 5
Date of Assignment: 10114120
Nature of Assignment: Appraisal Services Regarding Medical Facility Property, Lahaina, Maui,
Hawaii
5. Property Type: Commercial Improvements
Client: Army Corp of Engineers
TMK: (1) 2-1-47-1
Date of Assignment: 10+119;120
Nature of Assignment: Appraisal Services Regarding Office Space, 711 Kapiolani, Honolulu, Oahu,
Hawaii
6. Property Type: Telecommunication Site
Client: KIUC/AT&T
TMK: (4) 4 -5 -5 -5 -Por. 14
Date of Assignment: 03131/21
Nature of Assignment: Appraisal Services Regarding Telecommunication Property, Kapaa, Kauai,
Hawaii
MEDUSKY & CO., INC.
800 BETHEL STREET
QUEEN'S COURT, SUITE 405
HONOLULU, HAWAII 96813
7. Property Type: Commercial Property Acquisition
Client: Cindy Brown
TMK: N/A
Date of Assignment: 05114120
Nature of Assignment: Counseling Regarding Sherwin Williams #8554, Bend, Oregon
8. Property Type: Conservation Land
Client: Nature Conservancy
TMK: (2)
Date of Assignment: 10131119
Nature of Assignment: Appraisal Services Regarding Conservation Easement on Residential Land at
Kealakekua Ranch, Island of Hawaii, Hawaii
9. Property Type: Industrial
Client: S&F Land Co., Inc.
TMK: (2) 3 -8 -5 -Por. 3
Date of Assignment: 01/27-21
Nature of Assignment: Appraisal Services Regarding Industrial Property, Puunene, Maui, Hawaii
10. Property Type: Multi -Family
Client: James A. Cameron
TMK: (1) 7-5-27-10-25 et al.
Date of Assignment: 05/07/21
Nature of Assignment: Appraisal Services Regarding Five Leased Fee Interests, Hidden Valley
Estates, Wahiawa, Oahu, Hawaii
11. Property Type: Single -Family Residential
Client: Mancini Welch & Geiger
TMK: (2) 4-8-3-45
Date of Assignment: 06/01/21
Nature of Assignment: Appraisal Services Regarding Residential Property, Olowalu, Maui, Hawaii
12. Property Type: Single -Family Residential (Condo)
Client: Case Lombardi & Petit
TMK: (1) 2-1-55-41 CPR 387
Date of Assignment: 02/19/20
Nature of Assignment: Appraisal Report Regarding Apt. 4210, The Collection, Honolulu, Oahu,
Hawaii
MEDUSKY & CO., INC.
Real Estate Consultants
A professional organization providing real estate consulting services to clients in the Pacific
Basin requiring responsible, comprehensive and creative guidance to assist in formulating
informed decisions and viable solutions to difficult real estate problems.
Mediuky & Co.. Inc.
I
BACKGROUND AND CONCEPT
During recent years, problems with real estate ownership and development have become
increasingly complex due to worldwide economic factors, governmental policies and regulations,
and the competitive nature of real estate activities. in order to maximize earnings and profits
while reducing losses and risks, individuals, corporations and institutions involved in real estate
ownership and development often require the services of informed and objective consultants.
Recognizing the expanding need for professional real estate consulting services, Medusky & Co.,
Inc. (previously known as Cowell & Co., Inc.) was established in 1975. The firm's extensive
experience in the field allows it to provide its clients with a wide variety of specialized real estate
consulting services, including valuation studies, feasibility studies, market studies and market
expertise. Such background includes real estate consulting, appraising and brokerage.
In addition to the above services, Medusky & Co., Inc also specializes in identifying major real
estate investment opportunities in the Pacific Basin for financial institutions, corporations and
private and foreign investors. Acting through his brokerage firm (Realty Advisors, Inc.), Mr.
Medusky is able to represent clients in major real estate transactions.
Mednsk} d Co., Inc.
2
TYPES OF SERVICES PERFORMED
APPRAISAL IAL UA TION STUDIES
Detailed valuation studies completed for a wide variety of purposes, including mortgage
loan financing, rent renegotiation, litigation, disposition, acquisition, asset management,
leased fee conversions, etc.
ARBITRA TION/LITIGA TION
Available for service as an arbitrator, consultant and/or expert witness for disputes
involving real estate, including rent renegotiations, valuation and other matters.
REAL PROPERTY TAX APPEALS ANALYSIS
Review real property tax assessed values and associated real property taxes. Services
include valuation analysis for real property tax appeal purposes.
HIGHEST AND BEST USE/DEVELOPMENT STUDIES
Conduct market investigations, prepare feasibility analyses and counsel clients regarding
the most productive utilization for sites proposed for development. Such studies can be
incorporated into the planning process to maximize income, profits and potential.
ACQUISITIONAL ANALYSIS
Conduct land use investigations and market analyses for clients acquiring vacant and/or
improved properties. In addition to providing market research and recommendations,
specialized services available include acquisition and lease negotiation. Relocation
studies are prepared for clients desiring facilities for their own occupancy.
DISPOSITIONANALYSIS
Analyze corporate real property holdings and conduct market investigations to determine
which properties should be sold or retained. Marketing strategies are also formulated in
conjunction with disposition recommendations.
MARKETING CONSULTANT
Establish marketing strategies and prepare marketing brochures for various types of real
property. Services include client counseling regarding probable selling price, sale terms
and potential buyers.
MARKET STUDIES
Conduct research regarding office, industrial, hotel, retail and residential development
opportunities. Market data is analyzed and utilized to estimate rent levels, price levels,
absorption rates, market demand and related factors. The results of the market study can
be incorporated into architectural planning for development.
Medusky & Co., hne.
3
MAJOR STUDIES AND ASSIGNMENTS
CONDUCTED BY MEDUSKY & CO., INC.
1. Valuation of all privately owned property on the Island of Guam, Mariana Islands, for
real property tax purposes. This major study, initiated by the Government of Guam and
completed over a 2l -month time frame from 1993 through 1995. involved approximately
50,000 properties, including land and improvements. The study covered all types of
privately owned real estate ranging from agricultural and residential properties to office
buildings, hotels, shopping centers and industrial properties.
2. Counseling and valuation analyses involving all State-owned commercial, industrial and
resort land located in Koror State, Republic of Palau. The purpose of this assignment,
which was completed for the Koror State Government, was to provide land/lease rent
counseling services in order to establish ground rent for various commercial/industrial
properties located throughout Koror State in the Republic of Palau. A similar study was
also completed for the Palau national government.
3. Leased fee analyses for purposes of converting leasehold residential properties to fee
simple status. Over the last 25 years, the firm has been involved in the conversion of
over 30 single-family residential tracts and 200 condominium/co -operative apartment
projects located throughout the State of Hawaii. This work has been done for lessors,
lessees, and lending institutions.
4. Market rent study for 9,404 acres of land comprising of The National Park of American
Samoa on the islands of Tutuila, Ta'u, Ofu and Olosega, Territory of American Samoa.
This study was completed for the U.S. National Park Service and served as the basis of
establishing ground rent for the park payable to landowners in American Samoa.
5. Served as consultant for Hawaii investors involved in 1031 tax deferred exchanges
regarding the acquisition of properties on the mainland United States. Such sales
involved the acquisition of the First Technology Federal Credit Union Building in
Portland, Oregon, for $5 million, as well as other transactions.
6. Consultant to JMB Realty (Chicago, Illinois) for real property valuation matters
regarding the merger of Amfac, Inc. with JMB Realty. This major study involved
preliminary valuation of all real estate holdings of Amfac, Inc. located throughout the
Hawaiian Islands.
7. Broker representing buyers in several transactions involving leased fee interests in land
under condominium projects. Recent sales include The Mahana ($11.2 million),
Kaanapali Shores ($22.4 million), Luana Kai ($4.5 million), Royal Kahana ($12.0
million) and Pohailani Maui ($5.8 million).
Medus4, & Co., Inc.
4
REPRESENTATIVE CLIENT LIST:
FinanciaMending Institutions
Bank of America
Bank of Hawaii
Churchill Mortgage Corporation (Los Angeles)
City Bank
Deutsche Bank Mortgage Capital (New York)
First Hawaiian Bank
Property Manaement Companies
Certified Management
Chaney Brooks & Company
Property Owners/Developers
Alexander & Baldwin, Inc.
Aineron HC&D
Castle & Cooke, Inc.
Hawaiian Electric Industries (HEI, Inc.)
Government Agencies
State/County
County of Kauai
Department of Hawaiian Home Lands
Department of Land and Natural Resources
Federal
Department of Agriculture
Department of the Interior
Department of Justice
Pacific Basin
Government of American Samoa
Government of Guam
Attorneys
Alston Hunt Floyd & Ing
Ashford & Wriston
Carlsmith Ball LLP
Cades Schutte Fleming & Wright
Damon Key Leong Kupchak Hastert
Gelber Gelber Ingersoll Klevansky
Goodsill Anderson Quinn & Stifel
Hawaii National Bank
Sanwa Bank (New York)
The Long -Term Credit Bank of Japan (Japan)
The Mitsui Trust & Banking Co., Ltd. (Japan)
TIAA — CREF (New York)
Wells Fargo Bank
Colliers Monroe & Friedlander
Hawaiiana Management
MW Group
Mauna Kea Properties, Inc.
Mitsui Construction
Nauru Phosphate Royalties (Honolulu), Inc.
Department of Transportation
Department of Agriculture
State Attorney General's Office
Department of the Navy
General Services Administration
Veteran's Administration
Guam Airport Authority
Koror State Government, Republic of Palau
Kemper & Watts
Kuniyuki & Chang
McCorriston Miho Miller & Mukai
Neeley & Anderson
Paul Johnson Park & Niles
Reinwald O'Conner Marrack Hoskins & Playdon
Rush Moore Craven Sutton Morry & Beh
Medurky & Co., hic
5
COMPENSATION
Medusky & Co., Inc. is compensated on a fee basis. Typically, a fixed fee is estimated for an
assignment before its commencement. However, if the scope of an assignment cannot be
determined prior to commencement, a minimum and maximum fee range is established.
It is our standard practice to require a retainer fee upon acceptance of our proposal and prior to
commencement of the assignment. The balance is due upon completion of the assignment or as
may otherwise be arranged.
Consulting services are also available on a retainer fee basis. The fee is subject to review and
adjustments if the scope of services provided changes substantially from that originally
anticipated.
Our professional fees are based on the following factors:
Complexity of the assignment
Professional talents required
Time required for assignment completion
Personnel involved
Urgency of the assignment
Magnitude of the assignment
Responsibility involved
Medusky & Co., Inc.
6
JAN R. MEDUSKY, MAI, CRE
Corporate President
PROFESSIONAL BACKGROUND
Associate of Medusky & Co., Inc. (previously known as Cowell & Co., Inc.) since 1979, initially as
Research Analyst and, subsequently as Staff Appraiser, Senior Appraiser, Vice President and President.
PROFESSIONAL AFFILIATIONS
Member, The Counselors of Real Estate (CRE), Certificate No. 2560.
2003 Chapter Chair, Hawaii Chapter of the Counselors of Real Estate.
Member, Appraisal Institute (MAI), Certificate No. 7313.
1990 President, Honolulu Chapter No. IS, American Institute of Real Estate Appraisers.
State of Hawaii, Certified General Appraiser (License No. CGA -17).
Territory of Guam, Certified General Appraiser (Inactive License No. CA 92-006).
Licensed Real Estate Broker, State of Hawaii (License No. RB -16915).
Member, Honolulu Board of Realtors.
EDUCATION
Culver Military Academy, Culver, Indiana; graduated with honors, 1964-1968.
Bachelor of Science Degree, U.S. Military Academy, West Point, New York, 1968-1972.
University of Hawaii, Graduate courses in Business and Economics, 1975-1976.
Master of Business Administration Degree, Chaminade University of Honolulu, 1979-1980.
SPECIAL REAL ESTATE COURSES
Graduate Real Estate Institute, Courses I and 11, Honolulu, 1979.
Stapleton School of Real Estate, Sales Licensing Course, Honolulu ,1979.
Stapleton School of Real Estate, Brokers Course, Honolulu, 1996.
Various Appraisal Institute courses.
MILITARY
Captain, U.S. Army, 1972-1978. Held various positions including Commander, Air Defense Artillery
Battery and Special Staff Officer, 25`x' Infantry Division General Staff, Schofield Barracks, Hawaii.
PROFESSIONAL EXPERIENCE
Engaged in real estate consultation and valuation with Medusky & Co., Inc. (previously known as Cowell &
Co., Inc.) since 1979. Geographical areas covered include the four counties of the State of Hawaii, the
Territory of Guam, Federated States of Micronesia, Republic of Marshall Islands, Republic of Palau, Saipan,
Territory of American Samoa, Republic of Korea and West Coast of the Mainland U.S.
Experience includes valuation of commercial, resort hotel, industrial, multi -family residential and
agricultural properties. Special assignments include marketing and feasibility studies.
Specializes in valuation for litigation purposes including condemnation, real property tax assessment appeals,
rent renegotiations and other matters.
Qualified as an expert witness on property values in the State Courts of Hawaii.
Served as Broker specializing in leased fee conversions for condominium projects.
Medusky & Co.. Inc
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EDWARD W. BECKER, MAI
Real Estate Appraiser
PROFESSIONAL BACKGROUND
Associate of Medusky & Co., Inc. (previously known as Cowell & Co., Inc.) since 1993, initially as
Research Analyst and, subsequently as Real Estate Appraiser.
PROFESSIONAL AFFILIATIONS
Designated Member, Appraisal Institute (MAI)
State of Hawaii, Certified General Appraiser (License No. CGA -581).
EDUCATION
Bachelor of Arts Degree, University of Hawaii at Manoa, Honolulu, Hawaii.
SPECIAL REAL ESTATE COURSES
AV12raisal Institute Courses
550 — Advanced Applications.
540 — Report Writing and Valuation Analysis.
530 — Advanced Sales Comparison and Cost Approaches.
520 — Highest & Best Use and Market Analysis.
510 —Advanced Income Capitalization.
430 — Standards of Professional Practice, Part C.
420 — Standards of Professional Practice, Part B.
410 — Standards of Professional Practice, Part A.
Various other Appraisal Institute courses.
PROFESSIONAL EXPERIENCE
Engaged in real estate consultation and valuation with Medusky & Co., Inc. (previously Cowell & Co_,
Inc.) since 1993. Geographic areas covered include the four counties of the State of Hawaii, the
Republic of the Marshall Islands, American Samoa and Republic of Korea.
Experience includes valuation of commercial, resort hotel, industrial, multi -family residential and
agricultural properties. Special assignments include marketing and feasibility studies.
Medusky d, Co- lire.
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