Airport & Aviation Appraisals, Inc.

The following are brief descriptions of selected work that has been performed by Airport & Aviation Appraisals, Inc. nationwide on:

Sikorsky Airport, Bridgeport, CT — Appraisal of entire airport, in aggregate, for possible privatization.

Delaware Airpark, Dover, DE — Appraisal of entire airport for purchase by the State of Delaware.

Camden County Airport, Berlin NJ — Appraisal of entire airport (in aggregate) for potential sale and financing.

Central Texas Airport, Bastrop County, Texas — Proposed 1,800 acre general aviation airport.

Stewart Int'l Airport, Newburgh, NY (DM Airports Int'l) — Appraised entire 2,000 acre air carrier/air cargo/military/industrial airport in aggregate, for potential privatization. Airport property included vacant airside and industrial/commercial land, a new 100,000 sq. ft. airline terminal, cargo buildings, corporate hangars, FBO hangars, auto parking facility, garages, FBO hangars, office buildings, vehicle maintenance structures, airport rolling stock, Crash-Fire-Rescue equipment, 260 acre C-5A/C-130 military leasehold, fuel farm, control tower, aircraft parking ramps and 700,000 square foot industrial park. Assignment also included extensive analysis of lessees' property tax burden after consummation of lease with State of New York.

Flying M Aerodrome, Germansville, Pennsylvania. — Appraisal of a facility, which consists of +/- 62.5 acres and a variety of other operationally necessary aeronautically, related improvements.

Spitfire Aerodrome, Pedrickstown, NJ — Appraisal of privately owned public airport consisting of +/- 41 Acres and airside improvements such as a terminal structure, T hangars and a variety of other operationally necessary aeronautically related improvements.

Northampton Airport, Northampton, Mass — Appraisal of entire airport for purchase by third party.

Bult Field, Will Township, Illinois — Appraisal of a facility which consists of +/- 285.31 Acres, located in the jurisdictional border of Will Township. This is a new general aviation airport improved with a paved runway system, airside improvements such as a terminal structure, 132 T hangars and a variety of other operationally necessary aeronautically related improvements.

Eagles Nest Airport, Eagleswood, New Jersey — Appraisal of entire airport in aggregate, for potential sale.

Morristown Municipal Airport, Morristown, NJ (D.M. Airport Developers) — Appraisal of an entire 637 acre privately leased public airport, for financing purposes.

Allaire Airport, Belmar, NJ — Retained by owner to appraise entire airport, in aggregate for potential sale. This 670 acre general aviation airport is one of the largest privately owned, public use airports in the United States.

Salem Air Park, Salem, OH — Appraisal of Salem Air Park consisting of +/- 35 Acres airside improvements such as a terminal structure, T hangars and a variety of other operationally necessary aeronautically related improvements.

Randall Airport, Middletown, New York — Valued entire 229 acre airport in aggregate and evaluated the development potential of the facility.

Princeton Airport, Princeton, NJ — Valuation of entire airport for matrimonial matter.

David Wayne Hooks Memorial Airport, Spring, Texas — Appraisal of an entire 718 acre privately owned public airport, with 430,00 square feet of improvements for possible sale.

Solberg Airport, Reddington, NJ — Appraisal of an entire 597 acre privately owned public airport, for possible sale.

Teterboro Airport, Teterboro, NJ (Port Authority NY & NJ) — Appraisal of all airside land and improvements totaling over ½ million sq. ft of buildings on a 800 acre general aviation airport (largest and busiest in the world) to determine new lease rates.

Reese Airpark, Lubbock, Texas — Appraised entire 1,766 acre /military/industrial airport in aggregate, for potential privatization. Airport property included vacant airside and industrial/commercial land, hangars, auto parking facility, garages, office buildings, vehicle maintenance structures, farm, control tower, aircraft parking ramps and industrial park.

Ellington Airport, Ellington, CT. — Appraisal of a facility that consists of +/- 125 Acres, located in the jurisdictional border of the Town of Ellington, which is a general aviation airport, improved with one paved runway system, and airside improvements such as a terminal structure, and several open bay hangars.

Trenton-Robbinsville Airport, Washington Township, New Jersey — Appraisal of entire facility that consists of +/- 41.83 Acres for tax appeal. The property is a general aviation airport and is improved with one paved runway system, airside improvements such as a terminal structure, T hangars and a variety of other improvements.

Tri-County Airport, Erie, Colorado — Valued entire general aviation facility in fee simple for a bank.

Delaware Airport, Delaware, Ohio — Appraisal of fixed base operator's leasehold interest in entire general aviation airport. Value used to determine buyout when airport became a participant in the AIP Program.

Youngstown Municipal Airport, Youngstown, Ohio — Valued entire airport for City of Youngstown and evaluated potential "privatization" and sale of facility. Retained by Western Reserve Port Authority to negotiate leases and airport use agreements with fixed base operator, all airlines and United States Air Force Reserve.

Summit Aviation Middletown, Delaware — Valuation of FBO, heavy maintenance and aircraft leasing operation located at Summit Airpark, Middletown, Delaware. Value included aircraft, real property and going concern value of business. Retained by ownership as a consultant regarding the sale and disposition of 24 T-hangar units at Wilmington-New Castle County Airport.

Princeton Airport, Princeton, NJ — Valuation and feasibility study regarding Princeton Airport and a potential purchase by Montgomery Township of facility and FBO.

East Hartford Airport, East Hartford, Conn. — Retained by United Technologies to develop valuation for potential fee simple disposition of major improved airport facility owned and operated by United Technologies. Valuation includes estimation of potential fee simple airside property sales for aviation/industrial users.

Robertson Airport, Plainville, Conn. — Valuation of entire general aviation airport in fee simple for property tax appeal purposes.

Braden Airport, Easton, Pennsylvania — Valuation of entire airport for potential acquisition by public sponsor.

Indianapolis-Terry Airport, Zionsville, Indiana — Valuation of entire airport for airport owner.

Boscobel Airport, Boscobel, Wisconsin — Valuation of entire airport for potential acquisition by public sponsor.

South Jersey Regional Airport, Lumberton, New Jersey — Valuation of entire, privately owned public airport facility which is a participant in AIP Program. Included land improvements and going concern value of fixed base operation for a financial institution.

Francis S. Gabreski Airport, Westhampton Beach, New York — Valuation of all airside land and improvements along with landside industrial land and improvements to determine market rental rate. Valuation included feasility study and analysis of absorption and likely Highest and Best Use for all airside real estate.

Randall Airport, Middletown, New York — Valuation of airside land and adjacent off airport parcels for acquisition and to determine market value as airport sponsor's share of future Airport Improvement Program grants.

New Garden Airport, Toughkenamon, Pennsylvania — Appraisal of entire airport for possible purchase by municipal entity.

Lawrence Airport, Lawrence, Massachusetts — Valuation of entire airport in conjunction with a feasibility analysis relating to potential airport privitization.