HomeMy WebLinkAboutFY26-27 Real Property Appraisal_ Real Estate Appraisal - Medusky & Co., IncDEPARTM2NT OP i iidANCE/n I
DAT". tic-, _.JU , 0 3 2Q26
Medusky'SzCo., Inc, RCS::S W`
O;'' F, . .Jan R.Medusky,MAI,CRE
REAL ESTATE CONSULTANTS , ,, Cj '
QUEEN'S COURT, SUITE 405 • 800 BETHEL STREW.Ay 19014
HONOLULU, HAWAII 96813 Fl.c:: ^•, 41 ~
PHONE (808) 531.2765 • FAX (808) 599-3736
EMAIL - medusky@meduskyandco.com
June 3, 2026
Via Email(crystallene.pacheco@hawaiicounty.gov)
Diane Nakagawa
Director of Finance
County of Hawai'i
25 Aupuni Street
Hilo,Hawaii 96720
Dear Ms.Nakagawa:
Subject: Letter of Interest to Provide Professional Real Estate Appraisal Services for
Category FN.13)for Fiscal Year 2026/2027
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 FN.13)for the July 1,2026 to June 30,2027 fiscal year.
Our office is located in downtown Honolulu in the Queen's Court building at 800 Bethel Street. Over the
past 10+ 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 • Counseling • Valuation • Feasibility • Investments
I
Diane Nakagawa
County of Hawai'i
June 3,2026
Page 2
1. William C. Byrns,Esq.
Rush Moore LLP
808)521-0467
wbyrns@rmhawaii.com
2. Trevor A.Brown,Esq.
Starn O'Toole Marcus&Fisher
808)537-6100
TBrown@starnlaw.com
3. Brenda Lowe
Director of Executive Administration
Halekulani Corporation
808)295-1924
Brenda.lowe@halekulanicorp.com
4. Stacey W.E. Foy,Esq.
Case Lombardi
808)547-5461
sfoy@caselombardi.com
5. Mike Conner
Associate Director of Land—Real Estate
The Nature Conservancy
808)747-1999
mconner@tnc.org
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 ofour 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 Jan R. Medusky, MAI,
CRE and Edward Becker,MAI of Medusky&Co.,Inc. is$500 per hour.
Diane Nakagawa
County of Hawai'i
June 3,2026
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 appraisal/consulting needs. We look forward to working with you again in
the future.
Sincerely,
MEDUSKY& CO.,INC.
Jan R. Medusky,MAI,C
President
i-,.,...2.... (--„)),.,(_____
Edward W. Becker,MAI
Real Estate Appraiser
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Enclosures
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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 ofReal Estate(CRE)
Certificate No.2560)
Past Chapter Chair,The Counselors of Real Estate Hawaii Chapter
Hawaii State Certified General Appraiser(CGA-17)
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,1980.
SPECIAL COURSES
Graduate Real Estate Institute,Courses I and II,Honolulu,1979.
Stapleton School of Real Estate,Sales Licensing Course,Honolulu, 1979.
Various Appraisal Institute and American Institute ofReal Estate Appraisal Courses.
Instructor for various seminars/classes regarding real estate valuation.
MILITARY
Captain,U.S.Army, 1972-1978. Held various positions including Commander,Air Defense Artillery Battery and Special Staff
Officer,25th Infantry Division General Staff,Schofield Barracks,Hawaii.
Honorary Member,Special Forces Association,Chapter 101(XLVII),Kabul,Afghanistan
EXPERIENCE
Engaged in real estate consultation and valuation throughout the Pacific Basin since 1979. Geographical areas covered include the
four counties ofthe State of Hawaii,the Territory ofGuam,the Federated States ofMicronesia,Republic ofthe Marshall Islands,
Republic ofPalau,Saipan,American Samoa and selected locations on the West Coast of the United States Mainland.
Specializes in valuation for litigation purposes,tax appeals,leased fee conversions,arbitrations and rent renegotiations.
COMMUNITY SERVICE
Hawaii Public Radio Board Member(2009 to 2018)
ALS Network fka ALS Association Golden West Chapter Board Member and Officer(2014 to 2025)
ALS Ohana of Hawaii Past President and Secretary(2013 to 2025)
JRM 2025
CGA-17
JAN R MEDUSKY
800 BETHEL ST STE 405
HONOLULU, HI 96813
1
CERTIFIED GENERAL APPRAISER
NOTICE THIS POCKET ID CARD IDENTIFIES YOU TO THE PUBLIC AS BEING CURRENTLY
LICENSED AND SHOULD BE KEPT IN YOUR POSSESSION AT ALL TIMES.
ID e
I
r. El CLASSES(ACTIVE):
License Number Expiration date
CGA-17 12/31/2027
STATE OF HAWAII DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS -.• all r
CERTIFIED GENERAL APPRAISER I r
1
JAN R MEDUSKY ti
800 BETHEL ST STE 405
HONOLULU,HI 96813
SIGNTURE OF LICENSEE
OUALIFICATIONS 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.
CGA-581
EDWARD W BECKER
370 KUPAUA PL
HONOLULU, HI 96821
CERTIFIED GENERAL APPRAISER
NOTICE THIS POCKET ID CARD IDENTIFIES YOU TO THE PUBLIC AS BEING CURRENTLY
LICENSED AND SHOULD BE KEPT IN YOUR POSSESSION AT ALL TIMES.
L1 1'.
u (] CLASSES(ACTIVE):
License Number Expiration date r
CGA-581 12/31/2027 y
STATE OF HAWAII DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS
L•
5
7
CERTIFIED GENERAL APPRAISER I .
EDWARD W BECKER
370 KUPAUA PL
HONOLULU,HI 96821
SI TUBE OF LICENSEE
MEDUSKY & CO., INC.
800 BETHEL STREET
QUEEN'S COURT, SUITE 405
HONOLULU, HAWAII 96813
PAST ASSIGNMENTS
1. Property Type:Oceanfront Land
Client: Landowner
TMK: 1)6-8-4-17&30
Date of Assignment: 03/07/25
Nature of Assignment: Appraisal Services Regarding Oceanfront Residential Property, Crozier
Drive,Waialua,Oahu,Hawaii
2. Property Type:Conservation Land
Client: Cades Schulte LLP
TMK: 1)4-7-51-4
Date of Assignment: 10/03/25
Nature of Assignment: Appraisal Services Regarding Preservation Land,Ahuimanu,Oahu,Hawaii
3. Property Type:Agricultural Land
Client: Hawaii County
TMK: 3)2-7-11-01 et al.
Date of Assignment: 06/27/25
Nature of Assignment: Appraisl Services Regarding Acquisition of Agricultural/Conservation Land,
Onomea Bay,Island of Hawaii,Hawaii
4. Property Type:Commercial Land
Client: Paradise Self Storage
TMK: 2)3-8-84-8
Date of Assignment: 08/21/25
Nature of Assignment: Appraisal Report Regarding Self Storage Facility,Kahului,Maui,Hawaii
5. Property Type:Hotel
Client: Halekulani Corporation
TMK: 1)2-6-2-11 et al.
Date of Assignment: 09/23/25
Nature of Assignment: Appraisal Services Regarding Halepuna Waikiki by Halekulani Site,
Waikiki,Honolulu,Hawaii
6. Property Type:Right-of-Way
Client: Maui County
TMK: 2)2-7-13-97
Date of Assignment: 12/23/25
Nature of Assignment: Appraisal Services Regarding RoW and Easement, Kaupakalua, Maui,
Hawaii
MEDUSKY & CO., INC.
800 BETHEL STREET
QUEEN'S COURT, SUITE 405
HONOLULU, HAWAII 96813
7. Property Type:Commercial Tenant
Client: DHHL
TMK: 3)2-2-60-70 et al.
Date of Assignment: 02/05/26
Nature of Assignment: Appraisal Services Regarding Waiakea Shopping Center, Hilo, Island of
Hawaii,Hawaii
8. Property Type:Just Compensation RoW
Client: Hawaii County
TMK: 3)2-2-34-Por. 10
Date of Assignment: 07/10/25
Nature of Assignment: Appraisal Report Regarding Residential Property, Manono Street Shoulder
Improvements Project,Hilo, Island of Hawaii,Hawaii
9. Property Type:Industrial
Client: Case Lombardi
TMK: 1) 1-2-3-118 & 119
Date of Assignment: 08/22/25
Nature of Assignment: Appraisal Services Regarding Industrial Property, 1829 Dillingham
Boulevard,Honolulu,Oahu,Hawaii
10. Property Type:Multi-Family
Client: Romspen Investment
TMK: 3)6-9-13-1 et al.
Date of Assignment: 03/27/26
Nature of Assignment: Appraisal Services Regarding Ainamalu, Waikoloa, Island of Hawaii, Hawaii
11. Property Type:Single-Family Residential
Client: Lung Rose Voss&Wagnild
TMK: 1).4-5-95-44
Date of Assignment: 07/08/25
Nature of Assignment: Appraisal Review Services Involving 45-685 Lohiehu Street, Kaneohe,
Oahu,Hawaii
12. Property Type:Estate Valuation
Client: Cades Schutte LLP
TMK: 3)2-6-17-6 et al.
Date of Assignment: 08/26/25
Nature of Assignment: Appraisal Services Regarding 46 Properties, Oahu and Island of Hawaii,
Hawaii,
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117•
STATE OF HAWAII
STATE PROCUREMENT OFFICE
CERTIFICATE OF VENDOR COMPLIANCE
This document presents the compliance status of the vendor identified below on the issue date with respect to certificates
required from the Hawaii Department of Taxation(DOTAX),the Internal Revenue Service,the Hawaii Department of Labor and
Industrial Relations(DLIR),and the Hawaii Department of Commerce and Consumer Affairs(DCCA).
Vendor Name: MEDUSKY& CO., INC.
DBA/Trade Name: MEDUSKY& CO., INC.
Issue Date: 05/14/2026
Status: Compliant
Hawaii Tax#: 20300900-01
New Hawaii Tax#:
FEIN/SSN#: XX-XXX2098
UI#: XXXXXX9204
DCCA FILE#: 29306
Status of Compliance for this Vendor on issue date:
Form Department(s)Status
A-6 Hawaii Department of Taxation Compliant
8821 Internal Revenue Service Compliant
COGS Hawaii Department of Commerce&Consumer Affairs Compliant
LIR27 Hawaii Department of Labor&Industrial Relations Compliant
Status Legend:
Status Description
Exempt The entity is exempt from this requirement
Compliant The entity is compliant with this requirement or the entity is in agreement with agency and actively working towards
compliance
Pending A status determination has not yet been made
Submitted The entity has applied for the certificate but it is awaiting approval
Not Compliant The entity is not in compliance with the requirement and should contact the issuing agency for more information
F
fAAspen
Aspen American Insurance Company LIA Administrators & Insurance Services
Insurer(Referred to below as the "Company") Company's Program Administrator:
499 Washington Boulevard,8th Floor LIA Administrators&Insurance Services
Jersey City,NJ 07310 1600 Anacapa Street
Santa Barbara,CA 93108
APPRAISAL,VALUATION AND PROPERTY SERVICES 800-334-0652
PROFESSIONAL LIABILITY INSURANCE POLICY
DECLARATIONS
Date Issued: 9/30/2025 Policy Number: AAI007310-11 Previous Policy Number: AAI007310-10
THIS IS A CLAIMS MADE AND REPORTED POLICY. COVERAGE IS LIMITED TO LIABILITY FOR ONLY THOSE CLAIMS THAT
ARE FIRST MADE AGAINST THE INSURED DURING THE POLICY PERIOD AND THEN REPORTED TO THE COMPANY IN
WRITING NO LATER THAN SIXTY (60) DAYS AFTER EXPIRATION OR TERMINATION OF THIS POLICY, OR DURING THE
EXTENDED REPORTING PERIOD, IF APPLICABLE, FOR A WRONGFUL ACT COMMITTED ON OR AFTER THE
RETROACTIVE DATE AND BEFORE THE END OF THE POLICY PERIOD. PLEASE READ THE POLICY CAREFULLY.
1. Customer ID: 135056
Named Insured:
MEDUSKY&CO.,INC.
800 Bethel St.,Suite 405
Honolulu,HI 96813
2. Policy Period:From: 11/10/2025 To: 11/10/2026
12:01 A.M.Standard Time at the address stated in 1 above.
3. Deductible: $1000 Each Claim
4. Retroactive Date: 09/09/1995
5. Inception Date: 11/10/2015
6. Limits of Liability: A. $1,000,000 Each Claim
B. $2,000,000 Aggregate
7. Covered Professional Services(as defined in the Policy and/or by Endorsement):
Real Estate Appraisal and Valuation: Yes X- No
Residential Property: Yes X- No
Commercial Property: Yes x- No
Bodily Injury and Property Damage Caused
During Appraisal Inspection($100,000 Sub-Limit): Yes X- No (If"yes",added by endorsement)
Right of Way Agent and Relocation: Yes No X
Machinery and Equipment Valuation: Yes No XX
Personal Property Appraisal: Yes _ No X (If"yes",added by endorsement)
Real Estate Sales/Brokerage: Yes No X (If"yes",added by endorsement)
8. Report Claims to:LIA Administrators&Insurance Services,800-334-0652,P.O.Box 1319,1600 Anacapa Street,Santa Barbara,CA 93102-1319
9. Annual Premium: 3,377.00
10. Forms attached at issue: LIA002(04/19)LIA HI(05/19)LIA012(06/22)LIA018(05/19)LIA164(05/19)LIA165(05/19)
LIA169(12/21)LIA173(01/24)LIA174(01/25)
This Declarations page,together with the completed and signed Policy Application including all attachments and thereto,and the Policy shall
constitute the contract between the Named Insured and the Company.
09/30/2025
BY
Date Authorized Representative
LIA001 (05/22) Page 1 of 1
Appraisal, Valuation and Property
Services Professional Liability Insurance Policy
Named Insured: MEDUSKY&CO.,INC.Policy Number:AAI007310-11
Effective Date: 11/10/2025
Customer ID: 135056
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
ADDITIONAL COVERED PROFESSIONALS ENDORSEMENT
This endorsement modifies insurance provided under the following:
APPRAISAL,VALUATION AND PROPERTY SERVICES PROFESSIONAL LIABILITY INSURANCE POLICY
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:
Coverage
Name Effective Date
Jan R. Medusky 11/10/2025
Edward Becker 11/10/2025
Carter Jones 11/10/2025
All other terms, conditions,and exclusions of this Policy remain unchanged.
Aspen American Insurance Company Page 1 of 1
LIA012(06/22)
CERTIFICATE OF INSURANCE
Producer:Issue Date:09/30/2025
Ibis Certificate is issued as a matter of information only and
LIA ADMINISTRATORS&INSURANCE SERVICES confers no rights upon the Certificate Holder.This Certificate
P.O.Box 1319 does not amend,extend or alter the coverage afforded by the
Santa Barbara,CA 93102-1319 policy below.
Insured: 135056 COMPANY AFFORDING COVERAGE
MEDUSKY&CO.,INC.
S00 Bethel St.,Suite 405 Aspen American Insurance Company
Honolulu,HI 96813
Fax Number: 808-599-3736
Authorized Representative
This is to certify that the policy of insurance listed below has been issued to the Insured named above for the policy period indicated.
Notwithstanding any requirement,term of condition of any contract or other document with respect to which this Certificate may be
issued or may pertain,the insurance afforded by the policy described herein is subject to all the terms,exclusions and conditions
of such policy.Limits shown may have been reduced by paid claims.
DISCLAIMER:This certificate of insurance does not affirmatively or negatively amend,extend,or alter the coverage afforded
by the insurance policy.
TYPE OF INSURANCE POLICY NUMBER EFFECTIVE DATE EXPIRATION DATE LIMITS
Professional Liability AAI007310-11 11/10/2025 11/10/2026 Each Claim 1,000,000
General Aggregate 2,000,000
Description of Operations/Locations/Special Items:
Professional Services as defined in the policy
Certificate Holder: Cancellation:
MEDUSKY&CO.,INC. SHOULD ANY OF THE ABOVE DESCRIBED POLICIES
800 Bethel St.,Suite 405 BE CANCELLED BEFORE THE EXPIRATION DATE
Honolulu,HI 96813 THEREOF,NOTICE WILL BE DELIVERED IN
ACCORDANCE WITH THE POLICY PROVISIONS.
LIA0001 (11/97) Insured Copy
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.
Medusky&Co.,Inc.
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.
Medusky&Co.,Inc.
2
TYPES OF SERVICES PERFORMED
APPRAISAL/VALUATION 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.
ARBITRATION/LITIGATION
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.
DISPOSITION ANALYSIS
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.,Inc.
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 21-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).
Meduskv&Co.,Inc.
4
REPRESENTATIVE CLIENT LIST:
Financial/Lending Institutions
Bank of America Hawaii National Bank
Bank of Hawaii Sanwa Bank(New York)
Churchill Mortgage Corporation(Los Angeles) The Long-Term Credit Bank of Japan(Japan)
City Bank The Mitsui Trust&Banking Co., Ltd. (Japan)
Deutsche Bank Mortgage Capital (New York) TIAA—CREF(New York)
First Hawaiian Bank Wells Fargo Bank
Property Management Companies
Certified Management Colliers Monroe&Friedlander
Chaney Brooks&Company Hawaiiana Management
Property Owners/Developers
Alexander&Baldwin, Inc. MW Group
Ameron HC&D Mauna Kea Properties, Inc.
Castle&Cooke, Inc. Mitsui Construction
Hawaiian Electric Industries (HEI, Inc.) Nauru Phosphate Royalties (Honolulu), Inc.
Government Agencies
State/County
County of Kauai Department of Transportation
Department of Hawaiian Home Lands Department of Agriculture
Department of Land and Natural Resources State Attorney General's Office
Federal
Department of Agriculture Department of the Navy
Department of the Interior General Services Administration
Department of Justice Veteran's Administration
Pacific Basin
Government of American Samoa Guam Airport Authority
Government of Guam Koror State Government, Republic of Palau
Attorneys
Alston Hunt Floyd& Ing Kemper&Watts
Ashford&Wriston Kuniyuki&Chang
Carlsmith Ball LLP McCorriston Miho Miller&Mukai
Cades Schutte Fleming&Wright Neeley&Anderson
Damon Key Leong Kupchak Hastert Paul Johnson Park&Niles
Gelber Gelber Ingersoll Klevansky Reinwald O'Conner Marrack Hoskins &Playdon
Goodsill Anderson Quinn& Stifel Rush Moore Craven Sutton Morry&Beh
Meduskv&Co.,Inc.
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. 15,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 II,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,25th 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
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.
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&Co.,Inc.
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