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Home My WebLink AboutFY23-24 Real Property Appraisal (Real Estate Appraisal), John Child & CompanyD I� r.[C'D: JUN 0 7 2023 Statement of Qualifications of JOHN CHILD & COMPANY to provide Professional Real Estate Appraisal and Consulting Services June 2023 0 JOHN CHILD & COMPANY APPRAISERS & CONSL LTANTS 0 JOHN CHRD & COMPANY APPRAISERS & CONSl LTANTS June 7, 2023 Ms. Deanna Sako Director of Finance County of Hawaii 25 Aupuni Street, Suite 2103 Hilo, Hawaii 96720 L rystaEienc.l•acneco(c-rihawallcouilty.goN' Dear Ms. Sako: Re: Notice to Providers of Professional Services Fiscal Year 2023 - 2024 REAL ESTATE APPRAISAL Karen Chan MAI, CRE Paul D. Cba MAI, CRE Shelly K Tunka, MM, Al GRS Cooper B,.W 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 2023 - 2024. 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 2l 15, 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 - Honolulu, Hawaii 96813 T 808.533.2951 - F 808.523.7672 - email: info@iohnchild.com Ms. Deanna Sako June 7, 2023 Page 2 Client contact Address Daryl Inaba County of Hawaii, Department of Finance Finance Department 25 Aupuni Street, Suite L 101 Hilo, Hawaii 96720 Hamana Ventura/ Property Manager & Division Head 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 The Trust for Public Land 1164 Bishop Street, Suite 1512 Honolulu, Hawaii 96813 Dawn Harflinger President & Chief Executive Officer Liliuokalani Trust 1100 Alakea Street, Suite l 100 Honolulu, Hawaii 96813 Recent assignments completed for the County of Hawaii have included: • Kioiakaa Conservation Easement (2022) • Pahala Wastewater Treatment Plant (2021) a Kaunamano, Ka'u Conservation Easement (2021) • 81-6245 Mamalahoa Highway, Hokulia Bypass Project (2020) • Mass Transit Hub property, 15-3070 Pahoa-Kapoho Road (2019) • Waikapuna Conservation Easement (2019). Phone number (808)961-8567 (808)961-8069 (808)470-2141 (808)203-6150 0 Ms. Deanna Sako June 7, 2023 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, IRC. 0" -�'6&--e- Paul D. Cool, MAI, CRE Vice President p(Ic (! 111 1111Cj111L1.00111 A --- Shelly H. Tanaka, MAI, AI-GRS Vice President st(�i,i(>lulchil(Lrocu PDC/ST/gaq Encl. STATEMENT OF QUALIFICATIONS FOR JOHN CHILD & COMPANY TABLE OF CONTENTS 0 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 L_J 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 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 U REPRESENTATIVE ASSIGNMENTS is 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 Kakaako Redevelopment Plan Pawaa Redevelopment Honolulu Waterfront Kakaako Waterfront Park Masterplan Master Development Kapalama Development Puck's Alley/Moiiiili Gateway Plan Complex Resorts Hualalai Kiahuna Plantation Princeville Ka'anapali North Beach Ko Olina Turtle Bay Kapalua Makena Waikoloa Beach Resort Kauai Lagoons Manini'owali Wailea Resort Ka'upulehu Mauna Kea Hotels Embassy Suites Hyatt Regency Waikiki Maui Prince Ka'anapali Kahala Hilton Princeville Hotel Four Seasons Resort Kea Lani Hotel Sheraton Kauai Resort Hualalai Kea Kea Hotel Sheraton Waikiki Halekulani Hotel King Kamehameha Kona W Hotel Hilton Hawaiian Village Beach Hotel Wailea Beach Resort Hotel Hana Maui Kona Village Waikiki Resort Hotel Hyatt Regency Maui Maui Marriott Shopping Centers Ala Mouna Kahala Mall Center Pearl City Aloha Tower Kamehameha Shopping Pearl City Shops Marketplace Center Pearl Kai Center Coconut Grove Keauhou Shopping Center Piilani Shopping Center Downtown Kihei Keeaumoku Shopping Center Princeville (proposed) King's Village Royal Hawaiian Ewa Pointe Marketplace Koko Marina Wailea Shopping Village Hawaii Kai Shopping Kukui Mall Windward City Center Lanihau Center Windward Mall Hawaii Kai Towne Mililani Center Nimitz Business Center Qualifications of John Child & Company l 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 Mariana 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 is Healthcare Adventist Health Hawaii Health Care Queen's Health Systems Arcadia Retirement Systems Corporation Regency at Hualalai Residence Kahuku Medical Center Roselani Place Castle Medical Center Kapiolani Medical Center for St. Francis Healthcare Clinical Laboratories of Women and Children Systems Hawaii Kauai Care Center Straub Hospital & Clinic Diagnostic Laboratories Pali Momi Medical Center Waianae Coast Comprehensive Services Palolo Chinese Home Health Care Center Hale Mahaolu Ponds at Punalu'u Wilcox 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 Kaupo 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. Qualifications of John Child & Company 3 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 -El 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 Piex 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 Ashford & Wriston Bendet Fidell Cades Schulte Carsmith Ball Case & Lynch Case Lombardi & Pettit Chun Kerr Cox Wooten Lerner Griffin & Hansen Crockett & Nakamura Damon Key Leong Kupchack Hastert Dentons Ekimoto & Morris Goodsill Anderson Quinn & Stifel Huilin Dong, Attorney at Law Imanaka Asato Ing Horikawa & Jorgensen Kobayashi Sugita & Goda Banks/Lenders American Savings Bank Bank of Hawaii Central Pacific Bank Citibank, N.A. First Hawaiian Bank Law Offices of Thomas Watts Lung Rose Voss Wagnild 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 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, Ltd. 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 1 CLIENTS 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. Hemmeter/Tokyu Waterfront Joint Venture Aloha Tower Associates James Campbell Company Bedford Properties, Inc. Kamehemeha Schools (tka Kaiser National Housing Kaneohe Ranch Corporation Development Company) Kapolei Property Development, LLC Cuzco Development U.S.A. LLC Krausz Properties Dole Food Company McCandless Land & Cattle Company Dowling Company, Inc. MW Group, Ltd. Elleair Hawaii, Inc. Niu Pia Farms Finance Realty Pauahi Management Corp. Gentry Companies Queen Emma Land Company Hana Ranch Partners Sam Koo Pacific, LLC Hanalei Land Company Tesoro Hawaii Corporation Haseko (Hawaii), Inc. Ulupalakua Ranch Inc. Resort Operators/Owners Alpha U.S.A., Inc. Princeville Development Company Kapalua Land Company, Ltd. Shinwa International Kaupulehu Makai Venture (Hualalai Turtle Bay Resort Resort) Wailea Resort Company, Inc. Namalu LLC (Makena Resort) Retailers 7-Eleven (Hawaii), Inc. Pint Size Corporation Alakai Mechanical Corporation Safeway, Inc. Kyotaru International Sears Holding Corporation McDonald's Restaurants of Hawaii Trust Companies and Trusts Bank of Hawaii Trust Department Knudsen Trusts First Hawaiian Trust Lili'uokalani Trust Hawaiian Trust Co., Ltd. Mark A. Robinson Trusts NON-PROFIT ORGANIZATIONS Adventist Health Chaminade College Bobby Benson Center Hawaii Conference Foundation Castle Medical Center 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) Iolani 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 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 Qualifications of John Child & Company 4 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, ASA (Accredited Senior Appraiser) from the American Society of Appraisers, and CCIM designation from the CCIM Institute. 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 The education and professional experiences of team members are outlined in their accompanying resumes. Qualifications of John Child & Company John Child & Company CERTIFIED GENERAL APPRAISERS CERTIFICATES License Number Exp1rafl dat CGA184 12131/202 STATEOF HAVAfl0EPNtTMDfT CWCOMMMM AM CONWAWR AMAWA CERTIFIED GENERAL APPRAISM k. KAREN CHAR 1V v- B41 BISHOP ST, SUITE 21 5 HONOLULU HI 96817 License Nu Expiration date 0 CGA-7 IE- 12/3 11023 STATE OF KAWN C6PkiVr0EN-.V CERTIFIED GENERAL APPRAISER ❑ ■ PAUL 0 COOL 841 BISHOP ST. SUITE 2115 HONOLULU H1 96817 v4- SIGNA RE OP LICENSEE License Number Expiration date CGA-648 1213112023 STATE OF HAWAa CWAR"APirOF OMWOKE MMOMUMER AMRS CERTIFIED GENERAL APPRAISER SHELLY H TANAKA 641 BISHOP ST. SUITE 2115, HONOLULU, HI 96817 A SIG RE OF LICENSEE Karen Char, MAI, CRE, ASA President Paul D. Cool, MAI, CRE Vice President Shelly Tanaka, MAI, AI-GRS Vice President H QUALIFICATIONS OF JOHN CHILD & COMPANY KAREN CHAR, MAI, CRE, ASA is 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 50 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, In 2022 she had the honor of receiving the "Greeley Key Award for Innovation' from the Hawaii State Bar Association. 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) Recipient, 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 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) Other Real Estate and Charitable Associations and Community Activities • Recipient, "Greeley Key Award for Innovation" from the Hawaii State Bar Association, 2022 + Nonlawyer Member, Magistrate Judge Merit Selection Panel, District of Hawaii, 2018 • 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 Author, "Creative Counseling: Preserving the Hawaii Opera Theatre" Real Estate 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 NA10P's reports as follows: Ground Lease Renegotiation Issues and Practical Alternatives, September, 1996 Lease Rent Arbitration and USPAP, January, 1997 Professional Experience • President, John Child & Company, Inc., 1984 to present • Senior Manager, Peat, Marwick, Mitchell & Co. (now known as KPMG), 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, 2023. 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 - Alternate Chief Delegate, 20`s Pan Pacific Congress - Auckland, New Zealand, 2000 - Alternate Chief Delegate, 19'h Pan Pacific Congress - Singapore, 1998 Other Real Estate Associations • Member, Hawaii Chapter of NAIOP (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, MAT, CRE Page 2 Vice President Publications • Paper presented to the 19`s 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 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, 2023. Court Testimony • QuaIified as an expert witness in the valuation of real property in the Courts of the State of Hawaii. is 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 serves as an arbitrator and 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 • Iolani 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 AI-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, 2023. 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 • The Appraisal Foundation, Board of Trustees (2022-2024) - Audit Chair, Executive Committee, 2023 Appraisal Institute - National Board of Directors, 2017 - 2020 - National Finance Committee, 2018 2021 - Women's Initiative Committee, member, 2020 - Region VII Finance Chair, 2014 - 2015 President, Hawaii Chapter, 2014 • Appraisal Institute Education Trust, Trustee and Vice Chair, 2017 - 2018 • Appraisal Institute Education and Relief Foundation - Chair of the Board of Directors, 2019 - 2021 - Director, 2022 Other Service Real Estate Appraiser Advisory Committee, Professional & Vocational Licensing Division, Department of Commerce and Consumer Affairs, State of Hawaii - Chair, 2021 2023 Vice Chair, 2019 - 2020 - Member, 2016 - 2018 • Board of Directors, Hawaii Appleseed Center for Law and Economic Justice (2019-2021) QUALIFICATIONS OF JOHN CHILD & COMPANY COOPER BORGE Real Estate Analyst Cooper provides data research and analysis for various real estate assignments. His valuation assignments have covered industrial land and warehouses, agricultural lands, apartment projects, single-family lots and condominium apartments, and utility easements on Hawaii island and Oahu. He has also assisted with market rent surveys for limited -market properties including hospital specialist space and preschools. Education • Bachelor of Science, Kinesiology and Rehabilitation Sciences, University of Hawaii at Manoa, 2016 • Moanalua High School, 2011 • Appraisal Institute, Basic Appraisal Principles, 2022 Professional Experience Analyst, John Child and Company, Inc., 2023 - present Service Account Manager, Heide & Cook, 2020 - 2023