C.B.G. LIMITED
VALLEY OF LAKES/EAGLE ROCK RESORT
______________1
INDEX
I. Executive Summary
A. Project Owner/Borrower
B. Project Description, Location and Site
1. Commercial.Amenities & Facilities
a. Eagle Rock Lodge
b. Eagle Rock Ski Resort
c. Eagle Rock Motel
d. Eagle Rock Golf Course
e. Commercial Operations Building
f. The Ravens Run Equestrian Center
2. Recreational.Amenities & Facilities
a. Fireside Swim and Tennis Clubhouse
b. Sports Core
c. Two Lake Areas
C. Operating Companies
1. Oneida Water Company
2. Valley Utilities Company, Inc.
3. Valley Maintenance Company
4. Valley Construction Company
D. Capital Project Investment
1. Investment to date
2. Projected Investment
E. Breakdown of Main Project Cost Components
F. Loan Request
1. Type of Loan Requested
2. Amount of Loan Requested
3. Loan Period Requested
G. Equity Availability
1. Amount of Hard Equity
2. Security/Guarantees/Collateral Offered
3. Existing Feasibility/Viability Study & Updated Appraisal
II. Marketing
III. Organization and Staff
IV. Insurance Programs and Bond Commitments
V. Appraisal Information
VI. Loan Description
VII. Exhibits
Exhibit #1 - Eagle Rock Ski Area
Exhibit #2 - Eagle Rock Resort
Exhibit #3 - Valley Utilities, Inc. and Oneida Water Company
Exhibit #4 - Valley Maintenance Company and Valley
Construction Company
VIII. Appendices
______________2
EXECUTIVE SUMMARY
______________3
EXECUTIVE SUMMARY
1. Presentation of Project Owner/Borrower
- C.B.G. Limited, a Pennsylvania limited partnership,
owners and developers of Valley of Lakes/Eagle Rock
Ski and Golf Resort, P.O. Box 2039, Route 924,
Hazleton, Pennsylvania 18201. Telephone Number
(717)-384-3223, Fascimile Number (717)-384-3007.
- The Valley is designed as a combined residential
resort community that will include a healthy mix of
housing types, commercial and non-commercial amenities
and facilities and full support capabilities.
Amenities are designed to provide year-round
recreation and include skiing, boating, fishing,
swimming, golfing, tennis, equestrian activities and
other sports and recreational facilities.
The Valley has two man made lakes and a third, Lake
Algonquin, is in the permitting phase. Plans call for
completion of the lake as well as a shopping center,
office and commercial development, a convention/hotel
center and other facilities. Ultimately, there will
be some 6,403 housing units in the development,
comprised of single family, town home and multiple
dwelling complexes (such as midrise, condominium or
similar housing).
- Ownership: Frank M. Cedrone, Managing General
Partner
70% limited partner
5% general partner
Wayne F. Guidotti
11% limited partner
Kleppinger Trust
14% limited partner
- The Managing General Partnerg Frank M. Cedrone, brings
over 30 years experience in the real estate
development industry. Wayne F. Guidotti, also a
partner and Director of Operations, has over 20 years
experience in finance and operations management.
2. Project Description, Location and Site
- Valley of Lakes/Eagle Rock Ski and Golf Resort.
______________4
2. Project Description, Location and Site (Continued)
- Valley of Lakes/Eagle Rock Ski arid Golf Resort is a
tract of land comprised of some 3,891 acres and is
designed as a combined primary-second home resort
community. The platted, engineered, approved and
recorded lots to date total 1,931. There are 644 lots
remaining to be sold out of this section of inventory.
Ultimately, there will be some 6,403 housing units in
the development.
Commercial Amenities and Facilities
Eagle Rock Lodge: A fine-dining and nightclub
facility offering live entertainment as well as
banquet facilities. This lodge is a three-floor
structure, containing 19,909 square feet and a
capacity of 584 patrons.
Eagle Rock Ski Resort: The resort has four ski lifts
and 12 trails with an uphill capacity of 4,300 skiers
per hour. All new snow-making and lighting capacity
have been installed. Over 20,000 skiers visited Eagle
Rock Ski Resort for the 1990-1991 ski season, (our
first full year of operation). We anticipate
approximately 30,000 skier visits for the 1991-1992
season. The Ski Resort boasts two (2) new lodges to
service it's customers. The Panorama Lodge, a 10,000
square foot facility, is located at the top of the
slopes and the Fireside Base Lodge, 13,400 square
feet, is at the bottom.
Eagle Rock Motel: This 24-room motel unit is located
adjacent to Eagle Rock Lodge and Eagle Rock Ski
Resort. All units are equipped with telephone
service, colored televisions and private bathroom
facilities.
Eagle Rock Golf Course: An eighteen hole golf course
has been totally designed by Arnold Palmer and is
presently under construction. Thls is the first of
three (3) 18-hole championship golf courses planned to
be built.
Commercial Operations Building: A 28,888 square foot
state-of-the-art building has been designed to act as
a nerve center for all operations. This building is
currently under construction.
Ravens Run Equestrian Center, Inc.: The equestrian
facility contains an indoor arena, 28 horse stalls and
a 3+ acre corral.
______________5
2. Project Description, Location and Site (Continued)
Recreational Amenities
Swim and Tennis Clubhouse: This facility provides
swimming and tennis, a children's pool as well as a
building with snack bar, rest rooms and related
facilities.
Sports Core: There are six shuffleboard lanes, two
bocce courts, two horseshoe lanes, a basketball court,
badminton, lawn croquet, volleyball courts, an eight
lane archery range and children's play area. Picnic
facilities are nearby, including a covered 60' x 80'
pavilion .
Lakes: Lakes Choctaw, (22 acres), and Susquehanna, (45
acres) are man-made lakes for boating, swimming and
fishing. A third lake, Lake Algonquin, (85 acres), is
currently under construction.
Operating Companies
Oneida Water Company: This water company is the
exclusive water utility service to all resldental and
commercial customers within the Valley of Lakes and
Eagle Rock Resort as well as to the nearby town of
Oneida, Pennsylvania.
Valley Utilities Company, Inc.: This sewerage
treatment plant is the exclusive sewer utility service
to all residential and commercial customers within the
Valley of Lakes and Eagle Rock Resort.
Valley Maintenance Company: This company is
responsible for the maintenance of the roads and
commercial facilities of C.B.G.Limited.
Valley Construction Company: This company is
responsible for the construction of all commercial
facilities for C.B.G. Limited.
- The number of lots still to be developed on the
remaining 3,552 acres within the development are as
follows:
single family: 1,622
townhouses: 2,470
midrise: 1,024
TOTAL : 5,116
The number of living units remaining to be built,
(including those on lots already sold), are
approximately 6,100.
______________6
CAPITAL PROJECT INVESTMENT
($ MILLION)
(Total Expended as of 12-31-90)
Eagle Rock Golf Course #1 1.0 Under construction
(designed and managed by Arnold Palmer)
Eagle Rock Ski Resort 7.9 Complete
(uphill capacity: 4,700 skiers/hour,
4 lifts, 12 trails, all illuminated)
Swim and Tennis Clubhouse .3 Complete
(heated inground Olympic pool,
illuminted tennis courts, and club-
house with men's and women's locker/
shower rooms)
Lakes and Dams 2.6 Two lakes complete
One lake permits
complete
Ravens Run Equestrian Center .5 Complete
(28 horse stalls, 3.5 acre corral,
160 foot indoor arena, 2 stable
buildings)
Sports Core (all recreational .3 Complete
sports plus outdoor pavilion)
Oneida Water Company (central water) 2.0 Continued expansion
Valley Utilities Company, Inc. 3.4 Continued expansion
(central sewer)
Buildings*
Eagle Rock Lodge (19,909 sf) 2.2 Complete
Commercial Operations Building
(28,888 sf) .8 Under Construction
Motel (24 units) .4 Complete
Fireside Base Lodge 1.1 Complete
Mountaintop Lodge .6 Complete
Ticket Sales Building (computerized) .1 Complete
Maintenance Buildings (3) .1 Complete
Three parking lots (2000+ cars)
Roads ** (18 miles) 4.4 Complete
-----
TOTAL EXPENDITURES 27.7
Notes:
* Totals do not include furniture, equipment, fixtures, computers, etc,
for any of the operations. Total: $679,878.
** Totals do not include almost 16 miles of roads which have been shale
paved and almost 4 miles of additionals roads which have been cleared.
Total: $1,348,000.
______________7
CAPITAL PROJECT INVESTMENT
($ MILLION)
1993 1994 1995 1996 1997
Eagle Rock Golf Course #1 3.16
Golf Course 2 2.0 2.0
Eagle Rock Ski Resort .4 .25
Lakes and Dams 2.45
Oneida Water Company 1.17 .1 .42 .57 .13
Valley Utilities Co., Inc. 2.69 1.0 1.75
Buildings
Commercial Oper. Bldg. .93
G.C. Clubhouse #1 1.25 1.25
G.C. Clubhouse #2 1.5
Roads 3.64 .53 1.51 1.48 .45
----- ----- ----- ----- -----
TOTAL CAPITAL INVESTMENT 14.44 1.88 6.18 6.05 2.08
5-year Estimated Capital Project Investment Required: $30.63 Million.
______________8
3. Breakdown of Main Project Cost Components
Cost of Land $ 4,153,866. USD
Investment Prior to 1991: $ 27.70 Million USD
Five-year Estimated Investment: $ 31.53 Million USD
Cost of Land: $ 4.15 Million USD
Present Value of Current &
Planned Land Inventory: $ 62.40 Million USD
_________________
TOTAL COLLATERAL: $ 125.78 Million LSD
- EXISTING DEBT
First Eastern Bank, N.A. $ 16,600,000
Kleppinger Trust 1,789,000
Wolgin Loan 1,450,000
PennVest 1 193,274
PennVest II 231,318
RCP Loan 468,164
Auto Loans 7,700
J.1. Case (Heavy Equipment) 42,269
Associates Capital 14,906
Various Leasing Companies 509,491
Accounts Payable 3,317,841
_____________
TOTAL $ 24,623,963 USD
4. Type of Loan Requested
- Development financing to complete infrastructure and
amenities as well as refinancing of current debt.
5. Loan Amount Requested
- $45.0 Million USD.
- Payoffs at Closing 24,623,963
Complete Eagle Rock Golf Course 3,160,000
Complete Additions to Ski Resort 400,000
Build Lake Algonquin and Dam 2,450,000
Install Water Utility Lines 1,170,000
Install Sewer Utility Lines 2,690,000
Complete Road Construction 3,640,000
Complete Comm. Oper. Bldg. 930,000
___________
$38,063,967
Working Capital, Costs of
Financing and Brokerage 6,936,037
____________
TOTAL $45,000,000 USD
______________9
6. Loan Period Requested
- Our goal is to structure a loan repayment schedule
providing the lowest possible cash outlays during the
various construction phases. We are requesting a loan
period of 10 years, interest only paid quarterly in
arrears during construction and equal monthly
amortization payments thereafter.
7. Availability of Equity
AMOUNT OF HARD EQUITY
$47,936,273 USD
BREAKDOWN OF EQUITY PRESENTLY AVAILABLE
Project Appraisal, January, 1992 $ 72,500,000
Minus Existing Debt 24,623,963
__________
TOTAL HARD EQUITY $ 47,876,037
8. Security/Guarantees/Garantor/Collateral Offered
- First position on the entire project and total site
area .
9. Existing Feasibility/Viability Study and Updated
Appraisal
- Existing Feasibility/Viability Study and Updated
Appraisal from Booth Appraisal and Realty Company,
Inc. was completed on January 20, 1992, stating the
appraised value at $72.5 Million USD "as presently
is".
Note :
(*) These state agency sponsored loans are for 20 years
at 1% interest for the first 10 years, and 3% interest for
the next ten years. Since they are paid-off via a surcharge
on the bills of utility customers, they do not have to be
paid by C.B.G. and would result in a savings of $424,592.
______________10
MARKETING
______________11
MARKETING
Valley of Lakes and Eagle Rock Resort is now regarded as
"The" Premier Planned Residential/Resort community in the
Northeast. Tours and inspections by reporters from all
major media have resulted in glowing reports praising the
creative planning, quality development and commitment to
excellence shown by the developers, C.B.G. Limited.
Editorials in the New York Times, Real Estate Review,
Hazleton Standard Speaker, Wilkes-Barre Times Leader and
other local and major market news media have all highly
praised the community.
The property has been featured in such leading publications
as Time, Newsweek, U.S. News and World Report, Sports
Illustrated, Golf Magazine and Philadelphia Magazine. With
a continual high level advertising campaign that has been
conducted in newspapers and magazines, radio and television,
by direct mail, billboard and special promotions, the Valley
of Lakes message has been carried throughout seven states
and the District of Columbia. However, news of this fine
development has spread far beyond its normal market area.
Property owners now include buyers from Europe, Asia and the
Far East.
MARKET AREA
Primary: Pennsylvania, New York, New Jersey
Secondary: Connecticut, Delaware, Maryland, D.C.,
Virginia
MARKETING TEAMS
Direct employed sales teams headed by regional Managers
in Pennsylvania, New York, and New Jersey, supplemented by
independent and multiple broker networks who have signed
referral agreements with CBG Limited, i.e. Weichert
Realtors, E.R.A., Century 21, Caldwell-Banker, Prudential,
etc. Independent and broker networks in all secondary
markets.
MARKETING PROGRAMS
Preview Film Showings In all market areas, held in
local hotels, restaurant banquet rooms, etc., prospects
selected by wealth category and proximity to film showing
are solicited by phone room located in Bellmawr, NJ.
Additional prospects are solicited by local area brokers
to attend. Media blitz precedes film previews in each area
by one week to enhance image and give instant recall to
prospective attendees.
______________12
Attendees are solicited to tour Valley of Lakes based on
qualifying financial data, exposed need and created desire.
Prospects who do accept tour offer are sold by on-site sales
team members.
In-Home Presentations Appointments are set for in-home
video presentations for prospects responding to media
advertising. These presentations are conducted by our
off-site, direct employed sales team members, as well as
participating brokers. Offers to tour the property are made
to qualifying prospects who are then sold by on-site sales
team members.
Special Promotions Special promotions are prospect
generators and are conducted by on-site and off-site sales
teams .
Off site Promotions include industry trade
shows, home shows, boat shows shopping mall promotions,
conventions, builder's expositions, etc. Off-site
promotions are supported by media advertising and
personality appearances.
On-site Promotions include special events for
property owners and their guests such as barbeques, games
and contests, fishing tournaments, carriage rides, trail and
hay rides, swim and tennis functions, etc. Other special
events include the use of personalities.
ADVERTISING
All major media advertising is utilized.
Newspaper Advertising This medium is utilized in those
markets, wherein we can respond with fleld personnel, either
direct employees or broker personnel, for in-home
presentations or invitations to "Preview Film Showings".
Radio Advertising This is conducted in all primary
markets, with overlap into secondary markets achieved by
proper selection of strong signal stations. Inquiring
prospects are offered Valley "tours" and/or overnight stays.
In the alternative, they are scheduled for an in-home
presentation or attendance at a "Preview Film Showing" in
their area.
Television Advertising This is utilized on both
network and cable TV channels and is limited to the primary
market. Respondents are handled similar to radio inquiries.
Magazine Advertising is of two types, i.e. Image and
Response.
______________13
Image Advertising i.e. Time, Newsweek, U.S.
News and World Report, and Sports Illustrated are selected
for specific markets in our primary market area for
subscription purchasers only . The threefold benefits are:
low cost for major image, maximum distribution to high
income subscribers as opposed to occasional readers
(newsstands), and ability to state, "as advertised in", etc.
in other forms of advertising, i.e. direct mail, posters,
pamphlets, etc
Response Advertising i.e. Golf magazine, is
directed to special interest groups for particular product
lead generation.
DIRECT MAIL
All direct mail programs are response oriented and are
used to promote or support special promotions. Specifically
targeted to special interest groups, in the upper-income
bracket and timed to reach them in a specific time period
coupled with a maximum urgency factor, direct mail programs
offer special products, special prices, absolute deadlines,
etc .
BILLBOARDS
Billboards are utilized strictly for image and
directional purposes only and are strategically located for
maximum exposure.
PUBLIC RELATIONS
Public Relations programs are designed to enhance the
community's and developer's image and support ongoing sales
and marketing. These functions are promoted by our in-house
agency, as well as our commercial agencies. They maintain
coordination between advertising and special programs for
our separate profit centers, i.e. restaurant, ski area, and
motel, and our real estate products, i.e. lots and housing
products, for maximum effect.
______________14
OWNERS
AND
KEY PERSONNEL
______________15
RESUME
FRANK M. CEDRONE
128 Monmouth Green
Marlton, NJ 08053
EXPERIENCE:
September 1985 - Present
C.B.G. Limited - (75% Ownership) Managing General Partner. Set up
Partnership, contracted with American Bank to acquire Property,
negotiated resolution of all legal issues and title disputes, completed
engineering and feasibility studies and cost analyses. Met with local,
state and Federal Regulatory Agencies to properly evaluate project
requirements prior to closing in September, 1986. From September 1986
to present, managed the asset development of Partnership.
January 1983 - September 1985
International Realty Corporation, West Berlin, NJ - Chief Executive
Officer (Wholly Owned). Represented several Florida Developers in
marketing their properties as an Independent Agency. Marketed
commerical and industrial properties in southern New Jersey.
August 1972 - L)ecember 1982
Lehigh Corporation, Lehigh, Florida - Director of North American
Sales. Directed all marketing of company products (homes, condominiums,
lots and timesharing) in northern markets.
June 1967 - September 1972
Deltona Corporation, Miami, Florida - General Manager, Marco Island
Division. Directed Northern marketing for this large Florida builder
developer for their products (homes, condominiums, lots, timesharing)
for their luxury community of Marco Island, Florida.
January 1955 - June 1967
Greater Valley Contractors, Philadelphia, PA - General Manager.
Directed all activities of this residential, commercial and military
builder/contractor. Responsibilities included: estimating, bid
preparation, procurement of labor, materials and sub-contractors, liason
with architects, engineers and owners (civilian and military),
construction supervisors, etc.
EDUCATION:
Attended Temple University - Business Administration
Army General School, Fort Riley, Kansas
Officers Candidate School
PAST AND PRESENT AFFILIATIONS:
Sales and Marketing Executives Club
Eastern Industrial Advertisers - Philadelphia Chapter - AMA
American Land Developers Association
Evesham Township - Ecomonic Development Committee
Knights of Coluinbus
______________16
RESUME
WAYNE F. GUIDOTTI
91 Fox Valley Lane
Glen Mills, PA 19342
EXPERIENCE:
August 1988 - Present
C.B.G. Limited - (11% Ownership). Director of Operations.
Responsibilities include the following C.B.G. Limited profit centers:
Eagle Rock Ski Resort, including food, beverage and retail sales at
Mountain Top and Base Lodges; Eagle Rock Lodge and Night Club; Property
Management, including Security and Maintenance; Residential Recreational
Facilities including Swim and Tennis Club and Equestrian Center.
Responsibility shared with the Managing General Partner include
financial management and human resources functions.
1980 - 1988
Founded Capital Investment Plans, Limited, a registered investment
advisory firm to offer financial and investment consulting to high
income, high net worth individuals and small corporations. Franchised
offices in Pennsylvania and New Jersey.
1974 - 1 980
Certified Financial Planner with Manufacturers Financial Services,
located in the Villanova, Pennsylvania Regional Office.
June, 1971 - December, 1973
Acme Markets Incorporated - Operations Manager. Responsible for
managing the office located in Lancaster, Pennsylvania of Skyline
Distributors, Division of Acme Markets, Inc. Responsible for accounting
and data processing functions.
November, 1970 - June, 1971
Assistant Department Head of Corporate Cost Accounting. Supervised
five section supervisors directly and sixty-five people indirectly.
December, 1968 - November, 1970
Staff Assistant to Accounts Payable Department Head. Concentrated
on work flow problems.
March, 1968 - December, 1968
Management Trainee. Began employment with Acme Markets with intent
of managing supermarket.
EDUCATION:
American College
Masters of Financial Sciences, 1987.
College of Financial Planning - Certified Financial Planner
University of Maryland - OS in Business
Licenses: Life and Health Insurance, NASD,- General Securities; Real
Estate.
______________17
C.B.G. LIMITED
DEPARTMENT MANAGERS AND KEY PERSONNEL
JAMES DAGROSA Hired 10/6/86.
Project Construction Manager.
Oversees water line, sewer line and road installation, golf course
construction and all land surveying and design. Member of the
Architectural Control Committee. Registered land surveyor.
ROBIN GAGLIANO Hired 10/6/86.
Recreational Activities Director/Special Projects Manager.
Complete knowledge of preparing reports for C.B.G. Limited, researching
properties at courthouse and arranging meeting and appointments.
Oversees all activities at the Swim and Tennis Club at Valley of Lakes,
including budgets, hiring personnel and special functions.
JOSEPH JANCUSKA Hired 11/7/88.
Utility Operations Supervisor.
Inspect and oversee all aspects of sewer and water operations including
installation, purchasing, execution of material orders and trouble shooting.
KENNETH KNIZE Hired 8/l/91.
Eagle Rock Ski Resort General Manager.
Complete knowledge and experience in snowtnaking, electrical and
mechanical maintenance, grooming, lifts, parking, ski patrol, ski
school, ticket functions, marketing, accounting, personnel and employee
relations.
ROBERT HERBERT Hired 9/l/91
Director of Food and Beverage.
Oversees complete operations of Chez-Rael, Inc. and Trachele, Inc.
Knowledge and experience with sales and budgets, short and long-term
projections, advertising and marketing, capital planning, employee
development and menu updating.
______________18
THOMAS MARNELL Hired 1/19/87
Community Services Manager.
Interaction with state, local and civic agencies. Knowledge and ability
to communicate with leaders and department managers of C.B.G. Limited
and understand laws and regulations.
THOMAS MURRAY Hired 8/8/88.
Construction Supervisor.
Complete supervision of commercial amenities with knowledge regarding
design specifications, proposals and contract reviews, hiring of
employees, material purchasing, scheduling of personnel on the jobsite
and safety inspections of site.
JAYANT PARMAR Hired 11/14/88.
Chief Accounting Officer.
Supervision of all of C.B.G. Limited and Affiliated Company's
accounting, financing, taxation and budgeting needs including monitoring
loans, providing actual financial flows and comprising financial
statements.
NEIL RODINO Hired 11/l/89.
Media Director.
Knowledge and execution of all aspects of advertising and promotions
including placing various advertisements, designing and developing sales
aids and arranging special programs for the various departments of
C.B.G. Limited.
______________19
INSURANCE PROGRAMS
AND
BOND COMMITMENTS
______________20
C.B.G. LIMITED AND AFFILIATED COMPANIES
INSURANCE COVERAGE
GENERAL LIABILITY
LIMIT OF LIABILITY
General Aggregate $2,000,000.00
Products-Completed
Operation 1,000,000.00
Personal Injury & Advertising 1,000,000.00
Medical Expense 5,000.00
BUSINESS AUTO
LIABILITY INSURANCE $1,000,000.00
PERSONAL INJURY PROTECTION
Uninsured & Under Insured 35,000.00
Comprehensive $ 50.00 Deductible
Collision $ 250.00 Deductible
All owned auto, hired or borrowed automobiles and employer's
non-owned autos are covered under the liability of this policy.
PROPERTY INSURANCE
FIRE
Total Coverage $6,121,800.00
Deductible per claim 1,000.00
This policy provides all risk coverage to the physical plant.
BUILDERS RISK
ALL RISK $1,000,000.00
WORKERS COMPENSATION
Coverage provided according to the statutes. We have added the "All
State endorsement and the Voluntary endorsement."
EQUIPMENT
All risk coverage on equipment in the amount of $1,000,000.00.
______________21
SKI INSURANCE
General Aggregate Limited $1,000,000.00
Products-Completed 1,000,000.00
Personal & Advertising Injury 1,000,000.00
Each Occurrence 1,000,000.00
EXCESS SKI LIABILITY
General Liability 1,000,000.00
Including Products and Completed
CRIME
EMPLOYEE DISHONESTY
Bookkeepers $ 500,000.00
All other employees 25,000.00
Robbery of custodian 25,000.00
Robbery outside 25,000.00
Burglary 25,000.00
ONEIDA WATER COMPANY
MARINE
4 - 32,000 Water tanks
Amount of insurance $ 140,000.00
Equipment 114,000.00
total amount of equipment used 254,000.00
______________22
BOND COMMITMENTS
ARAPAHOE WEST TOWNHOUSE INFRASTRUCTURE (Roads-Water-Sewer)
Bonded at $100,000.00
EAGLE ROCK ESTATES INFRASTRUCTURE (Roads-Water-Sewer)
Bonded at $2,300,000.00
The cost of bonds has limited our efforts to submit
subdivision plans for approval in advance of development.
These approvals, when obtained, will significantly increase
homesite inventory and commercial land investment
evaluation.
______________23
APPRAISAL INFORMATION
______________24
Booth Appraisal & Realty Co., Inc.
2006 N. Washington Avenue
Scranton, PA 18609
(717) 347-4666
(717) 347-4666 Fax
January 28, 1992
Mr. Frank M. Cedrone
C/O Valley of Lakes
C.B.G. Limited
Route 924
Sheppton, PA 18201
Dear Mr. Cedrone:
Property Location: Valley of Lakes
Route 924
Schuylkill and Luzerne Counties
Hazleton, Pennsylvania 18201
Date and Time of Appraisal: January 20, 1992, at 9:00 AM
In compliance with your request, the undersigned has completed an
appraisal of the fee simple interest in the above captioned property.
This property is located as shown on the attached sketch and is more
fully and legally described in the body of this report.
Please be informed that a careful inspection was made of this site
and its building improvements. Due consideration was given to all
factors and forces that influence property value at the subject
location, such as, area and neighborhood trends, comparable market
transactions, prevailing rentals in the area, current levels of land
value, replacement costs, zoining and all factors we felt necessary to
estimate the property's Market Value.
The attached report contains an analysis of general and specific
data which was deemed essential to support the estimate of value as
reported herein under the cost, income and market approaches to value.
Information and data supplied is believed to be current and has been
verified to the best of our ability, but cannot be guaranteed.
As a result of my investigation and detailed findings, it is my
considered and professional opinion that the property described herein
warrants a Market Value, as of the above appraisal date, in the amount
of:
$72,500,000.00
(Seventy-Two Million Five Hundred Thousand Dollars)
Please feel free to let me know if you desire additional
information concerning this report or if we may be of further
assistance.
Respectfully submitted,
/s/
Donald J. Booth
Realtor ... Appraiser
______________25
C.B.G. LIMITED
RECAP OF PROJECTED VALUES
FROM
APPRAISAL, DATED JANUARY 28, 1992
Lot Inventory
Appraisal Analysis, Page 24 $307,336,425
Public Utilities
Oneida Water Company 5,807,484
Valley Utilities Company, Inc. 7,746,487 13,553,971
_________
Three (3) PGA-Rate Golf Courses
Eagle Rock Golf Club West 4,100,000
Eagle Rock Golf Club East 4,150,000
Weston Hills Golf Club 4,075,000 12,325,000
_________
Hotel/Convention Center Acreage 3,600,000
Commercial Acreage 2,700,000
Commercial Operations Building 2,980,000
Eagle Rock Ski Area 6,600,000
Eagle Rock Lodge/Motel 2,300,000
_____________
$351,395,396
______________26
LOAN DESCRIPTION
______________27
DETAILS ON EXISTING DEBT
I. BANKS
a). First Eastern Bank $11,500,000.00
b). First Eastern Bank 3,000,000.00
c). First Eastern Bank 550,000.00
d). First Eastern Bank 600,000.00
e). First Eastern Bank 25,000.00
f). First Eastern Bank 925,000.00
_____________
$16,600,000.00
Notes to Bank Debt
a)., b). and c). are development loan to C.B.G.
d). is a development loan to Valley Utilities Company, Inc.
e). is a Letter of Credit Fee
f). is loan interest owed to date
II. LEASES
a). First Eastern Leasing Company
ACCOUNT MONTHLY PAYMENT BALANCE
6911-GF $ 2,128.48 34,055.68
6977-GF 689.28 11,028.48
7039-GF 1,258.75 20,140.00
6962-GF 2,127.90 36,174.30
6708-GF 4,047.05 68,799.85
6847-GF 928.30 15,781.10
6734-GF 18,833.02 94,165.26
7521-GF 1,638.04 26,208.64
7897-JF 2,324.77 37,196.32
7971-JF 6,824.92 20,474.76
7551-GF 10,595.76 52,978.80
417,003.19
b). Adirondack (approx) $26,000.00
c). Equity Resources/Fleet (approx) 16,645.45
d). American 17,566.00
e). Eastman Kodak 32,277.00
_________
92,488.45
Notes to Leases
1. It is our intention to amortize the leases rather than payoff at closing.
2. All accounts shown as a)., b)., c). and d). are leases,
while e) is actually an installment loan.
______________28
III. ONEIDA WATER COMPANY
a). PennVest 1 $ 193,274.00
b). PennVest II 231,318.00
__________
424,592.00
Notes to Oneida Debt
PennVest I & II loans are not intended to be paid off at
closing. These are 20 year state sponsored loans which are
amortized and paid off via a surcharge which is applied to
customers' utility bills. We have approval of the
Pennsylvania Public Utilities Commission as part of our rate
base .
IV. BRIDGE LOAN
J.L. Wolgin 1,450,000.00
Note
current expended portion of $2,000,000.00 loan.
V. RCP LOAN 461,164.00
VI. KLEPPINGER TRUST 1,789,000.00
VII. EQUIPMENT LOANS
a). J.I. Case Credit 42,269.00
b). Auto Loans 7,700.00
c). Associates Capital 14,906.68
_________
64,875.68
VIII. TRADE ACCOUNTS PAYABLE 3,317,841.00
SUMMARY
1. To Be Paid At Loan Closing
First Eastern Bank (all loans) $16,600,000.00
Kleppinger Trust 1,789,000.00
J.L. Wolgin 1,450,000.00
RCP Loans 468,164.00
Trade Accounts Payable 3,317,841.00
_____________
$23,625,005.00
2. To Remain As Payables Per Schedules
And Agreements With Vendors
a). First Eastern Leasing 417,003.19
b). Other Leases/Installments 92,488.45
c). Equipment Loans 64,875.68
c). PennVest I 193,274.00
d). PennVest II 231,318.00
_____________
$ 998,959.32
______________29
EXHIBITS
______________30
EXHIBIT #1
EAGLE ROCK SKI RESORT
LENGTH AIR WATER LIGHT
TRAILS FEET 6"-10" 6"-10" POLES
Nestling 1500 1500 (6) 1500 (6) 11
Baldy 700 700 (6) 700 (6) 7
Feather Point 1200 1200 (6) 1200 (6) 11
First Flight 300 1000 (10) 700 (6) 5
Eagle Peak 900 900 (6) 900 (10) 7
Glider 400 400 (6) 400 (6) 1
Claw Run 1100 1100 (6) 1100 (6) 7
Beak Point 2000 2000 (10) 2000 (6) 15
Predator 800 800 (6) 800 (6) 4
Screaming Eagle 800 800 (6) 800 (6) 5
Majestic 1000 1000 (6) 1000 (10) 13
Talons 1900 1900 (6) 1900 (6) 0
Base Area 800 800 (6) 800 (6) 10
Hydrants for water and air are spaced on an average 85 feet
apart on the trails.
COMPRESSOR BUILDING
60' x 80' steel frame building; built 1978 (estimated).
Three (3) compressors and starters 1000 hp 5000 cfm -
Ingersol-Rand. Two (2) compressors installed 1988; one (1)
compressor installed 1989.
Three (3) Inter-cooling units and pump module - 17 million
BTUH heat dissipation - ACE. Oven Systems, Inc., New
Berlin, Wisconsin. Installed, 1989.
Two (2) transformers; two (2) switch gear units, one (1) 480
transformer.
Four (4) cooling towers - SnoTech, Inc.
BUILDING MODIFICATIONS
SKI MAINTENANCE
Built in 1989. 4,800 square feet steel frame building.
Building-power-water-sewerage-steel frame. Three (3)
offices inside plus one (1) large lunchroom.
______________31
LIFTS
Wings (Poma-Heron) - 1972 Double Chair- 50 hp-1200' - 200'
vertical - 1,200 person capacity.
Soaring Heights I (Borvig) - 1979 Double Chair-100 hp motor,
112 chairs - 2,500' length - 55' vertical - 1,200 person
capacity.
Soaring Heights II (Borvig) - 1989 Double Chair-100 hp
motor, 112 chairs - 2,500' length - 550' vertical - 1,200
person capacity.
Beginners Tow (O'Connor) - Surface Tow - 15 hp motor -
300'-50"vertical. Manufactured by Poma Heron, Denver,
Colorado; Borvig or Conners, Pine Island, NJ; Monson, MA.
SNOWMAKING
Miscellaneous equipment, (purchased in 1988):
- 40 guns-8000' hose-700 air-water
hydrants-assorted pipe lengths-sizes-fittings.
- Two (2) 200 hp vertical pumps-1000 gpm and
starters.
- Building and sump intake for pump station.
- 6500' of 10" pipe for main feed line of water.
- Miscellaneous equipment-tools-three (3)
snowmobiles.
(leased in 1990):
- 10 Omechron sno-guns.
GROOMING VEHICLES
1988, 3700 C (LMC)-250hp-tiller-pack bar, purchased in 1989.
1978, 3700 AC (LMC)-maintenance support vehicle-200
hp-tiller, purchased in 1988.
1975, 2100 (LMC)-maintenance support vehicle-130 hp,
purchased in 1988.
TICKET SALES
Building-power-800 square feet. Built in 1988.
Three (3) computers and programs for ticket-rental-ski
school-RecTech, Vermont.
PARKING
Seven (7) acres (Top of Mountain).
Lights and poles - 23 1000 watts/lighting fixtures.
TRAILS
38 acres of trails @ $5,000 per acre construction cost.
______________32
ELECTRICAL
Eight (8) bay switchgear for distribution. 12,000 volts,
installed 1988.
Service at pump station.
Parking lot wiring.
All wiring and panels to lights, tranformers and services.
Miscellaneous transformers for lifts and lights.
OPERATIONS, ETC.
Office equipment.
Two (2) trucks.
______________33
EXHIBIT #2
EAGLE ROCK RESORT
Eagle Rock Resort is located six miles South of Hazleton on
Pennsylvania Route 924. Pennsylvania Interstate 81 is
located only four miles from the entrance.
Eagle Rock Resort consists of three (3) separate lodges, one
(1) motel and two (2) holding companies. Chez-Rael, Inc. is
the holding company for Eagle Rock Lodge and Motel.
Trachele, Inc. is the holding company for the Panorama Lodge
and Fireside Lodge.
EAGLE ROCK MOTEL
The Eagle Rock Motel, situated on Walden Drive at Valley of
Lakes, south of Eagle Rock Lodge, consists of 24 motel
rooms. The usage of these rooms is as follows:
1. Nine (9) executive offices.
2. One (1) storage room.
The ten (10) rooms listed above will be converted back to
motel rooms at the completion of the Commercial Operations
Building on Route 924.
3. One (1) housekeeping office/storage room
4. 13 rentable motel rooms used for the convenience of
patrons to Eagle Rock Lodge and Valley of Lakes.
All rooms are equipped with telephone service, colored
televisions and private bathroom facilities. Twelve of the
rooms are on the Eagle Rock Ski Resort's slopes.
EAGLE ROCK LODGE
Located on Walden Drive at Valley of Lakes, Eagle Rock Lodge
is a three-story facility which caters to a fine-dining
restaurant with nightly entertainment and banquet
facilities.
The first floor, used for fine-dining and entertainment, is
open for dinner. Dinner is served Tuesday through Saturday
from 4 p.m. until 10 p.m.
The square footage of the first floor is 7,638, with a
seating capacity of 150 patrons. The bar on the first floor
can seat 18 patrons.
The second floor, Mezzanine Level, is 3,311 square feet with
a seating capacity of 50 patrons. There is a bar located in
the middle of the floor with a seating capacity of six
people. This level is used for over-flow of dining from the
______________34
first floor, small banquets and meetings.
There are six (6) administrative offices on the west side of
the Mezzanine area. Four (4) of these offices are
designated to be small private dining areas and will be used
as such when more permanent office space is established.
The first and second floors are used during our nightly
entertainment. The format of our entertainment at the
present time is a piano player during dinner on Friday and
Saturday, and live bands perform on Friday and Saturday
nights. The variety of music is a combination of Oldies and
Top 40 dance music.
The third floor of Eagle Rock Lodge is mainly used for
banquets and private parties with the exception of Sunday
Brunch which is held from 10 a.m. until 3 p.m.
The square footage of the third floor is 7,808 with a
seating capacity of 350 people. The third floor bar has a
seating capacity of 10 patrons.
The first and third floors of Eagle Rock Lodge have restroom
facilities and coat rooms are located on all three floors.
The kitchen is located on the first floor and is 1,152
square feet.
PANORAMA LODGE
The Panorama Lodge is located approximately 200' northeast
of Eagle Rock Lodge.
The first floor, (5,040 square feet), is used for ski
operations on and off season. The second floor, which also
is 5,040 square feet, is used in the following manner:
1. The southwest corner houses the Land Sales and
Housing Departments of C.B.G. Limited. Square
footage of this space is 884.
2. The remainding 4,156 square feet is used for Food
and Beverage operations.
a. 432 square feet is kitchen.
b. 3,724 square feet is the dining area with
a seating capacity of 200 people.
The menu format from November 15th until April 1st is
strictly a ski cafeteria menu. From April Ist through
November 15th, the Lodge is used for banquet functions,
meetings and seminars.
The outside deck, which is 600 square feet, is located on
the southwest corner of the building. The restrooms are
located on both floors.
______________35
FIRESIDE BASE LODGE
The Fireside Base Lodge is located at the bottom of Walden
Drive in Valley of Lakes. This 13,000 square foot building
is broken down into two (2) floors and a basement.
The basement is 2,034 square feet and is used for Food and
Beverage storage. It also houses the hot water heaters and
electrical room.
The main floor's dining area is 9,360 square feet and has a
seating capacity of 400 people. The kitchen, also located
on the main floor, is 624 square feet.
The second floor, Mezzanine area, has 3,724 square feet of
space and a seating capacity of 200 people. Eighteen people
can be seated at the bar, which is located in the center of
the floor.
The outside deck at the Fireside Base Lodge surrounds the
north side of the building on the first floor. It is 1,200
square feet in size.
The lodge will be used for weddings, banquets, meetings,
promotions and special events during the months of April
through December. From mid-December until April lst, the
lodge is used as a ski cafeteria.
______________36
EXHIBIT #3
VALLEY UTILITIES COMPANY AND ONEIDA WATER COMPANY
ONEIDA WATER COMPANY
The Oneida Water Company and the Valley Utilities Company,
Inc. are the exclusive suppliers of water and sewer services
to all residential and commercial customers within the
Valley of Lakes and Eagle Rock Resort.
The Oneida Water Company is also the exclusive supplier of
all residental customer water services to the village of
Oneida.
VILLAGE OF ONEIDA
In 1989, The Oneida Water Company replaced the entire water
distribution system within the village of Oneida. A total
of 10,531 linear feet of water lines were replaced. Also,
water meters were installed at each residence of the 130
customers that are serviced by the Oneida Water Company
within the village of Oneida.
Additional information will be provided at the end of this
report that will describe in more detail the Oneida Well and
the storage tank that services the village of Oneida.
VALLEY OF LAKES
Within the Valley of Lakes, there are presently 188 homes
that are occupied and being charged.for water and sewer
usage. There are also 29 homes that are now under
construction. In addition, both utilities provide
commercial services to the Nuremberg Security station, the
engineering building, which is presently housing our
engineering and construction departments, the Valley Swim
and Tennis Club, the Equestrian Center and the Lake
Susquehanna bath house.
There are 1,931 platted, engineered, approved and recorded
lots to date, located within the Valley of Lakes. Excluding
the 188 homes that are presently occupied and being charged
a users fee for both sewer and water, there are 1,743
residential property owners who are being charged an
availability fee for both water and sewer services within
the Valley.
The Arapahoe West ground breaking has taken place. This is
a 260 Townhouse project that will be constructed in phases
within the Valley of Lakes. Each of the first seven (7)
phases will consist of 30 units with the eighth phase being
50 units. As these units are completed, the owners of each
______________37
-ownhouse will be charged usage rates for both water and
sewer services.
Single Family Detached Residential Lots 1,622
Townhouse Units 2,470
Midrise Units 1,024
Village of Oneida 130
_____
Total 5,246
PLANT AND DISTRIBUTION SYSTEM
Within the Valley of Lakes, there is presently 102,467
linear feet of water lines in service.
The Oneida Water Company presently has six (6) water storage
tanks with a total capacity of 150,000 gallons of water
within the Valley of Lakes. The Janhanna water system
consists of one well and two 30,000 gallon water storage
tanks and is designated with the number 3 for the well and
the number 4 for the two storage tanks. A more detailed
description of both the well and storage tanks is provided
at the end of this report.
The Huron water system consists of one well and one 10,000
gallon water storage tank and is designated with the number
5 for the well and the number 6 for the storage tank. A
more detailed description of this well and the existing
storage tank will be provided at the end of this report.
Presently, there are 7,147 linear feet of water lines
servicing Eagle Rock Resort.
The first phase of Eagle Rock Estates, which surrounds the
golf course, will add an additional 26,885 linear feet of
water lines to the existing water system.
The second phase of Eagle Rock Estates will. add an
additional 35,937 linear feet of water lines to the existing
water system.
Located within Eagle Rock Resort is Eagle Rock Well. Also
located within Eagle Rock Resort are two 30,000 gallon water
storage tanks.
A more detailed description of both the well and storage
tanks will be found at the end of this report.
VALLEY UTILITIES COMPANY, INC.
Within the Valley of Lakes, there are presently 102,467
linear feet of sewer lines in service.
______________38
The Valley Utility Company's existing DER approved sewerage
plant is a CloW manufactured extended aeration plant with
teritary treatment and has a 250,000 GPD capacity.
DER has granted a permit for an additional 750,000 GPD
capacity to the existing facility. The first of 4 phases
(250,000 GPD) was completed in June, 1990.
Presently, there are 10,346 linear feet of sewer lines
servicing Eagle Rock Estates.
The first phase of Eagle Rock Estates, which surrounds the
golf course, will add an additional 37,525 linear feet of
sewer lines to the existing system.
The second phase of Eagle Rock Estates will add an
additional 50,425 linear feet of sewer lines to the
existing system.
Presently, there are four (4) sewerage lift stations within
the Valley of Lakes and an additional three proposed.
There are 10,346 linear feet of sewer l,ines servicing Eagle
Rock Resort.
FUTURE EXPANSION
The Oneida Water Company and Valley Utilities Company, Inc.
presently provide water and sewerage treatment services to
Eagle Rock Lodge, Eagle Rock Motel and Office Complex, (24
units), Fireside Base Lodge, Panorama Mountain View Lodge,
the Ski Maintenance Building and six temporary office
trailers.
In addition, both utilities will be expected to provide
services to the 33,000 square foot Commercial Operations
Building which is presently under construction.
Future construction plans within Eagle Rock Resort and Eagle
Rock Estates include:
1. An 18 hole par 72 golf course which was designed by
Arnold Palmer is now under construction. Surrounding the
first 9 holes are 326 residential building lots.
Construction of the remaining 9 holes will commence upon
completion of the first 9 holes. A comparable number of
residential building lots will surround the second phase of
construction.
Two (2) additional 18-hole championship golf courses are
planned, one by Lee Trevino and one by Jack Nichlaus. Each
will have lots and living units platted around them.
______________39
2. A 150 room motel complex.
3. An ultra-modern Country Club that will accommodate
members of the Golf and Tennis Club of Eagle Rock Estates.
4. A 500 room hotel/convention center. This project is
presently being planned.
5. As the need becomes evident, luxury time-sharing units
are planned to come on steam.
______________40
ONEIDA WELL AND WATER STORAGE TANK
TYPE: Artesian Well
DEPTH: 714 Feet
PUMP DEPTH: 6 Feet
TOTAL LIFT: 158 Feet
G.P.M.: 115
PUMP: Gould Submersible
HORSEPOWER: 10
R.P.M. 3450
VOLTS: 230
FLOW METER: Rockwell 3" W-350 Turbo
DISINFECTION
TYPE: Chlorination
CHEMICAL USED: Sodium Hypochloride 12%
PUMP: Chemical Feed - Pennwalt, Wallace &
Tierran #45-010
STORAGE TANK
NO. UNIT: 1
MANUFACTURER: Highland Tank & Manufacturing Company
TYPE: Steel
DIMENSIONS: 10' x 35'
CAPACITY: 20,000 Gallons
ELEVATION: 1750 Feet - Top of Foundation
CONTROLS
TYPE: B/W Controls - Series 52 Control Relay
PART NO.: 52-1201 High Sensitivity
CATALOG NO.: 5200-HF2
Direct Wire to Well
______________41
JANHANNA WELL AND WATER STORAGE TANKS
TYPE: Deep Well
DEPTH: 500 Feet
PUMP DEPTH: 200 Feet
TOTAL LIFT: 330 Feet
G.P.M. 37
PUMP: Berkeley Submersible
HORSEPOWER: 7.5
R.P.M. 3450
PHASE : 1
VOLTS: 230
FLOW METER: Rockwell 2" W-160 Turbo
DISINFECTION
TYPE: Chlorination
CHEMICAL USED: Sodium Hupochloride 12%
PUMP: Chemical Feed - Pennwalt, Wallace &
Tierran #45-010
STORAGE TANK
NO. UNITS : 2
MANUFACTURER: Highland Tank and Manufacturing Company
TYPE: Steel
DIMENSIONS: 12' x 35'
CAPACITY: 30,000 Gallons
TOTAL CAPACITY: 60,000 Gallons
ELEVATION: 1452 Feet - Top of Foundation
CONTROLS
TYPE: B/W controls - Series 52 Control Relay
PART NO.: 52-1201 High Sensitivity
CATALOG NO.: 5200-HFI
Direct Wire to Well
______________42
HURON WELL AND WATER STORAGE TANK
TYPE: Deep Well
DEPTH: 220 Feet
PUMP DEPTH: 180 Feet
TOTAL LIFT- 291 Feet
G.P.M.: 47
PUMP: Gould Submersible
HORSEPOWER: 5
R.P.M. 3450
VOLTS: 230
FLOW METER: Rockwell 2" W-160 Turbo
DISINFECTION
TYPE: Chlorination
CHEMICAL USED: Sodium Hypochloride 12%
PUMP: Chemical Feed - Pennwalt, Wallace &
Tierran #45-010
STORAGE TANK
NO. UNIT: 1
MANUFACTURER: Highland Tank and Manufacturing Company
TYPE: Fiberglass
DIMENSIONS: 8' x 20'
CAPACITY: 10,000 Gallons
ELEVATION: 1295 Feet - Top of Foundation
CONTROLS
TYPE: B/W Controls - Series 52 Control Relay
PART NO.: 52-1201 High Sensitivity
CATALOG NO.: 5200-HFI
Direct Wire to Well
______________43
EAGLE ROCK WELL AND WATER STORAGE TANK
TYPE: Deep Well
DEPTH: 605 Feet
PUMP DEPTH: 410 Feet
TOTAL LIFT: 517 Feet
G. P M.: 37
PUMP: Grundfos submersible
HORSEPOWER: 7.5
R.P.M. 3450
PHASE : 1
VOLTS: 230
FLOW METER: Rockwell 2" W-160 Turbo
DISINFECTION
TYPE: Chlorination
CHEMICAL USED: Sodium Hypochloride 12%
PUMP: Chemical Feed - Pennwalt, Wallace &
Tierran #45-010
STORAGE TANK
NO. UNITS: 2
MANUFACTURER: Highland Tank and Manufacturing Company
TYPE: Steel
DIMENSIONS: 12' x 35'
CAPACITY: 30,000 Gallons
TOTAL CAPACITY: 60,000 Gallons
ELEVATION: 1810 Feet - Top of Foundation
CONTROLS
TYPE: B/W Controls - Series 52 Control Relay
PART NO.: 52-1201 High Sensitivity
CATALOG NO.: 5200-HF2
WIRELESS TRANSMITTER TO WELL
TYPE: Linear 4 Channel Digital Transmitter -
MR-164T
Linear 4 Channel Digital Receiver -
MR - 164R
FILTERATION
TYPE: Iron and Manganese Removal
FILTER: Rainsoft F.F. MG-30 - Manganese Green
Sand
NO. OF UNITS: 2
CHEMICAL USED: Potassium Permanganate
CAPACITY PER UNIT: 50 Gallons Per Minute
______________44
EXHIBIT #4
VALLEY MAINTENANCE COMPANY AND VALLEY CONSTRUCTION COMPANY
The Valley Maintenance and Construction Companies' needs are
drawn from a pool of the following employees and vehicles:
Surveyors and Rodmen 2
Carpenters 1
Electricians 1
Equipment Operators 2
Maintenance Personnel 3
Mechanics 1
Office Personnel 1
1971 - Case 580 Backhoe
1985 - Case 680 Backhoe
1976 - 450 John Deere Loader
1971 - P & H Backhoe
1986 - 602 BP CSE Roller
1950 - Ford Tractor
1986 - Simplicity Mower
1986 - 3/4 Ton 4WD Chevrolet
1948 - Mack Fuel Truck
1978 - 3/4 Ton 4WD GMC
1978 - 3/4 Ton 2WD Ford
1978 - Chevrolet Dump Truck
1977 - Pontiac Station Wagon
1974 - 1 Ton 4WD International
1986 - Ford Pickup Truck
1973 - TKJ AM General Van
1987 - Chevrolet Van
1982 - 1/2 Ton 4WD Ford
1981 - International Dump
1950 - FWD Firetruck
______________45
APPENDICES
Advisors:
General and Environmental Counsel
Mattioni, Mattioni & Mattioni, Ltd.
399 Market Street
Philadelphia, PA 19106
Registration Counsel
Robert Chasnow
Dow, Lohres and Albertson
1401 Eleventh Street, N.W.
Washington, DC 20036
Utilities Counsel
Thomas Brogan
Malatesta, Hawk & McKeon
100 North Tenth Street
Harrisburg, PA 17105
Banking
First Eastern Bank, N.A.
Public Sqare
Wilkes-Barre, PA 18768
Appraisal: Booth Appraisal & Realty Company, Inc.
January 28, 1992
Prepared by: Donald J. Booth
Bonds: Arapahoe West Infrastructure. International
Fidelity Insurance Company,
Eagle Rock Estates Infrastructure. Homestead
Insurance Company.
Sewer Plant Expansion. United States Fidelity and
Guarantee.
Eagle Rock Ski Area Business Plan. Prepared by Ski Country
Advisors, June 1, 1990.
Financial Statements: Edward L. Silver & Company. Prepared
by E. L. Silver, C.P.A.
______________46
|
|