Advanced Media Group

Page 1 of 45

02/16/2007

Institutional Investors of America, Inc.

Financing.Investments & Advisors
iUlan D. Dannsli
Managing General Parhler

January 20, 1987

HONORARY CHAIRMAN

Gm.s. Moon

,)

CHAIRLLINoFrnEmARD
* a d w. I-h

Mr. Stan Caterbone

Financial Management Group
1775 Oreqon Pipe

DIRECTORS

~~~~~.~
~

k.
v*. P&n(
k t x hB=+.NYC

*. I..
oyimy.

C u U

Fo-.

ur. A

CAYIW I-. co.

hrnbnvdca

F~-u.s.
40

Re:

Mortgage Loans
Commercial and Residential

Dear Stan:

&
"
.
.
"
A

Chi,"""
An- W..'"I

C*.
rO u i r m a n norpied
C-nth
d Arrri.

In reference to the above captioned subject, enclosed

please find a synopsis of our lending programs. We
are very interested in business in your part of the
Country. I will also be in a position to do some
other business with you through the bank we just
purchased in 60-90 days.
Very truly yours,

Allan D. Dannatt
President
ADD/slh
Enclosure

Page No. 1 of 45

777 North Eldridge Parkway. Suite 730

Houston. Texas 77079

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Page 2 of 45

02/16/2007

LOAN HIFTFOLJO
aJFEimRA!iE~vrms

ma
10 yrs.

Variable

5 yrs.
7 yrs.

Fixed
Fixed

&
e
225 bp wer
03F o r 300 bp
wer 1 yr T- ill

Pay R a t e

Fee

Amortization

Stating

1-2 pts.

30 Y e a r s

1-2 pts.
1 3/4 pts.

30 Y e a r s
30 Y e a r s

@ 9%

9.5%
9.65%

Fived Rates a l s o available a t 325 basis pints wer c

o T-Bill

Retail, O f f i c e , Industrial
10 yrs.

Variable

5-7 yrs.

Fixed
Fixed

1oyrs.

300-350 bp wer
1 yr. T-Bill o r
250 bp wer 03F

1-2 pts.

30 Y e a r s

8.75%
9%

Par-1 pt.
Par-1 pt.

30 Y e a r s
30 Y e a r s

Similar terns available f o r m i n i wx&mses,

homes and ACLF f a c i l i t i e s .
Forwarrl,
available.

q,
open-ended

hotels, mobile home parks, nursing

and covered construction

Maxmm loan to value of 809.

loans are also

W e are a r n m t l y seeking t o plrchase $500 million in

Sale Leasebacks
p r q e r t i e s nationwide leased to nationally listed public corporations w i t h good
credit ratings. Leases r r p ~ s tbe NNN with a minimJm of a 10 year tenn. Mininnnn
cash h
t
$5-$500111.

REMICS
Beginning in the 2nd W X t e r of 1987, I I A will be placing $100 million
a m n t h into real estate investment mortgage conduits. Innn&iate urdbg lcans
w i l l be made on all types of I n s t i t u t i o n a l quality property.

Fates quoted are test available and m y vary depending on location and quality
of product.

1
Page No. 2 of 45

Advanced Media Group

Page 3 of 45

CYWTER BUSINESS PlAN

FDR

JULY 1. 1986

LWGBER. PA -TION

Page No. 3 of 45

02/16/2007

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Page 4 of 45

Firrancia. Securities, Inc.

02/16/2007

............... .?he Broker Dealer

Em Advisory, ........................

..The Registered Investment Advisor

.......The Insumme Agency

In=. .............?he Acamting Finn

Financial Savims Insurance Agemy

EM; Acmmting Sezvices,

Financial tbrtqages Services, Inc. ........?he

Wealth MaMgement Semi-,

..

..........The

Financial PlarPling &msultants, Inc. ......We

Mortgage Bmkmqe Firm

Portfolio MaMger
Financial Pla-

&

Market Timer

Finn

mmTE FmG (In Hause)

Eager Real Estate

........................Redl Estate Services

O'my ti smith .............................Legal

Counsel for Business

&

Xeal Estate

.........Legal cavrsel for Estate Planning

W e l l Associates, Inc. .................. .Property 6 Casualty Servicrs
Pro Financial harp, Inc. .................Servicc5 for Profe55ional Athletes
Shirk, Reist, Wagenseller

&

Shirk

Please note that the W e f i n s are currently wrler nqotiations and have given
ve.rhl amnnitment for affiliation.

Page No. 4 of 45

MICHAEL P. O'DAY
EDWARD H. SMITH
TIMOTHY A. UNUPage 5 of 45

Advanced Media Group

243 NORTH DUKE STREET

LANUSTER, PA 17642
3934CQ1

02/16/2007

805 WEST MAIN STREET

August 22, 1986

1
Mr. Stanley J . Caterbone
F i n a n c i a l Management Croup, L t d .
1755 Oregon Pike
Lancaster, PA 17601

-I

- ---

~ r o f e s s i o n a ls e r v i c e s r e : F i n a n c i a l Management Group. L t d . . and

s u b s i d i a r y c o r p o r a t i o n s , including: ~ o n s u l t a t i o n sand advice;
preparation and f i l i n g of A r t i c l e s of Incorporation f o r F i n a n c i a l
Management Group, L t d . and nine s u b s i d i a r y c o r p o r a t i o n s ; prepar a t i o n and placement of l e g a l n o t i c e s .
Costs: 1 ) F i l i n g f e e s t o Corporation Bureau
nine c o r p o r a t i o n s a t $75 each '
$675 .OQ
2) Legal Notices ( s e e a t t a c h e d i n v o i c e s )
402.05
Financial
3 ) Corporation o u t f i t
76.32
Management Group, L t d .
4 ) Additional s t o c k c e r t i f i c a t e s
Finan45.76
c i a l Management Group, L t d .
T o t a l Costs
Total f e e s and c o s t s
Less c o s t s r e t a i n e r
Balance Due.

Page No. 5 of 45

MOUNT JOY. PA 17552

U3-9131

Advanced Media Group

Page 6 of 45

02/16/2007

OWEN KUGEL
39 NORTH MARKET STREET
LANCASTER PA 17603
717-299-4371

2 M a r c h 1987

To:

S t a n l e y J. Caterbone
President
FMG A d v i s o r y , I n c .
E d e n P a r k II
1755 O r e g o n P i k e
Lancaster, - PA 17601
717-569-41 00

From :

Owen K u g e l

Subject:

M o r t g a g e Financing.

T h i s follows up o n o u r 17 F e b r u a r y meeting a b o u t 112ortgage

Financing f o r o u r upcoming development projects.

I h a v e selected a g r o u p o f 11 p r o j e c t s f o r w h i c h we h a v e completed
pre-development w o r k a n d w h i c h a r e r e a d y f o r d e b t placement;
a n d a t t a c h e d t h e c u r r e n t financial p r o j e c t i o n s o n each.
1 h a v e assumed a 65/35 D e b t l E q u i t y s p l i t , a 9.00% r a t e o f
interest, a 30 y e a r term, a n d a o n e p o i n t o r i g i n a t i o n fee. Note
t h a t t h e L o a n t v a l u e u s i n g a 9 " s a p R a t e averages 56.54%.
Note also t h a t 1 h a v e i n c l u d e d a 2.50% D e b t Placement Fee f o r
y o u r e f f o r t s in p l a c i n g t h i s debt; w h i c h w o u l d t o t a l $433,592
f o r t h e package.
L e t me k n o w if t h e r e i s i n t e r e s t and, if so, what a d d i t i o n a l
information y o u w i l l need.
Regards,

msrlattachments

Page No. 6 of 45

Advanced Media Group

Page 7 of 45

02/16/2007

FBI Pro.bes Kugel

Contracts with
N.Carolina Cities
Several Towns Unhappy with Delays;
Kugel Says He'll Fulfill Pacts
Lancasler developer

Owen Kugel, whose rev~taliration succea in domtom

lancaster helpcd him land

%imilsr confram in at least

seven states, is bein inverti.

Bald by, t k , ~ e d e r a fBureau

Of Investlgatron for downtown
revitalization pro'eets in
North Carolina. FBf omcia;
sav.
Robert Pence, in charge
OrNorth Carolina FBI opera.
tiotb. said (he investiflahen
centers on whether Kugel's
OK Assmiales firm based
here is involved in -mail
fraud, wire fraud or any other
typeofrraud.,,
lle added thal Ule use of
interstate racilities, as well as
the use of funds in interstate
eom,yeree,wouldbr studied.
I can confirm that we

are looking into the matter to

determine if an federal laws
have been vioited:. added.

Daniel Womiak, a senior FRI

agent a t Ute bureau's GWM.
boro. N.C.. omce today.
omcials in a t least flve
North Camlina cities sa
they.re dissatisilied w i d
Kugel's prfarmanee on the
contracis and each has asked
him to returnhis w,mfee.
Kugel this mornin& tm
the New Era that he has been
aware of the investigation for
several w e d s and that he is
y p e r a t i n g with authorities
100 percent, in the interest
of &etttg It wrapped up
quie ly
"We know" the outcome
"can on1 be successful from
our standipo' ~nt."he said.
Kuge s a d he did not

know how the FBI got in.

volved in the situation. EX.
Plainin the contracts, he
said i f
d w t ( foum
thmugh on contract pmmis.
es. '.we give the money
back."
On the advice of dis attnr.
W .Alvin B. Lewis Jr.
Kugel wwld not discuss thd
status of the develo
Pro*
underway in

Carolina.

?%h'

Pence said the investiga.

t i ~ began
l
about M days ago.
But Kugel's former vice pres]dent. who arranged the
North Carolina contracts and

Page No. 7 of 45

Advanced Media Group

Page 8 of 45

02/16/2007

JOHN M. C I C A L A SR.
DEVELOPER

22nd & Boardwalk

North Wildwood N.J. 0 8 2 6 0
December 1 2 , 1 9 8 6
Dear P r o p r i e t o r :
Due t o y o u r e x c e l l e n t r e p u t a t i o n a s a s u c c e s s f u l member o f New
J e r s e y ' s S o u t h S h o r e b u s i n e s s c o m m u n i t y , we a r e d e l i g h t e d t o
i n v i t e you t o p a r t i c i p a t e i n a n e x c i t i n g new v e n t u r e : SEAPORT
VILLAGE.

SEAPORT V I L L A G E h a s b e e n d e s i g n e d a s a u n i q u e a n d p i c t u r e s q u e
shopping complex s i t u a t e d a t 22nd S t r e e t i n North Wildwood.
The
complex i s now under c o n s t r u c t i o n on a r e b u i l t , widened p i e r
t h a t w i l l e x t e n d 500 f e e t o u t from t h e boardwalk t o w a d s t h e
ocean. The development, s c h e d u l e d f o r c o m p l e t i o n i n t i m e f o r t h e
s t a r t o f t h e S p r i n g , 1987 season, w i l l f e a t u r e a t o t a l of f o r t y
s p e c i a l t y and f o o d s h o p s . T h e s e s p a c e s a r e now a v a i l a b l e f o r
a n n u a l r e n t a l , a t p r e - c o n s t r u c t i o n p r i c e s r a n g i n g f r o m $30 t o $ 3 6
p e r s q u a r e f o o t . Types of b u s i n e s s e s i n c l u d e d w i l l b e c a r e f u l l y
chosen t o i n s u r e s u c c e s s f o r a l l .

A p e r f o r m a n c e a r e a w i l l be b u i l t a t t h e end o f t h e p i e r . T h i s
a r e a , t o i n c l u d e l i v e t e l e v i s i o n and r a d i o f a c i l i t i e s , w i l l s e r v e
a s t h e s i t e f o r ' p o p u l a r e n t e r t a i n m e n t and o t h e r e v e n t s d e s i g n e d
t o a t t r a c t l a r g e numbers of p e o p l e t h r o u g h o u t t h e s e a s o n as well
a s continued media coverage. Restrooms and o t h e r p u b l i c
a m e n i t i e s w i l l a l s o be included t o help i n c r e a s e f o o t t r a f f i c . A
large
s t a i r w a y w i l l permit beach access.
An e x c i t i n g
a d v e r t i s i n g and p r o m o t i o n campaign i s p l a n n e d t o c a l l a t t e n t i o n
t o SEAPORT VILLAGE.

According t o r e c e n t demographic s t u d i e s , t h e number o f a f f l u e n t

s i n g l e s , c o u p l e s and f a m i l i e s v i s i t i n g North Wildwood e a c h summer
i s r a p i d l y i n c r e a s i n g - along w i t h t h e i r p e r c a p i t a spending.
The o t h e r p i e r s i n t h e a r e a a r e a l l Amusement P i e r s . T h u s ,
S e a p o r t V i l l a g e i s a f i r s t of i t s k i n d - and a n a t u r a l s i t e f o r
t h e r e l o c a t i o n o r e x p a n s i o n of y o u r b u s i n e s s .
T h u s f a r we h a v e a p p r o a c h e d B e n e t t o n , S w a t c h , A t h l e t e ' s F o o t ,
Gimmee J i m m i e s Cookies and Banana R e p u b l i c , a s w e l l a s a s e l e c t
g r o u p of l o c a l b u s i n e s s e s s u c h a s y o u r s t h a t would b e b e s t s u i t e d
t o o u r c o n c e p t and would have t h e g r e a t e s t c h a n c e o f s u c c e s s .
S i n c e r e n t a l s p a c e i s l i m i t e d , we w i l l a c c e p t r e s e r v a t i o n s on a
f i r s t - c o m e , f i r s t - s e r v e d b a s i s . An a r c h i t e c t u r a l r e n d e r i n g of
S e a p o r t V i l l a g e i s e n c l o s e d f o r your f u r t h e r i n f o r m a t i o n .

Our r e p r e s e n t a t i v e , E l l e n Libman, w i l l b e i n y o u r a r e a i n t h e
n e x t two weeks.
S h e w i l l c a l l on y o u t o p r o v i d e you w i t h
a d d i t i o n a l i n f o r m a t i o n . Of c o u r s e p l e a s e f e e l f r e e t o c o n t a c t me
a t anytime.
Page No.
S i 8n cofe45
rely,

li

Advanced Media Group

Page 9 of 45

02/16/2007

February 1 3 , 1987

Stanley 3. Caterbone
Financial Management Group
1 7 5 5 Oregon Pike
Lancaster, PA 17601
Re:

Carter Manor Associates

Dear Stan:
Enclosed is a Loan Request for Carter Manor Associates for the
Refinancing of two particular properties that it currently owns
and we would appreciate you consideration of this matter. Please
note that the terms in the Loan Request are negotiable.
If you have any questions, please do not hesitate to contact me.
Sincerely,

Enclosure

No. 9 of I45
REAL ESTATE Page
DEVELOPMENT
BUSINESS ACOUISITIONS
)

1681 Crown Avenue 1 PO Box 8200 i Lancasler PA 17604 11717) 395-7100

,>.

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Page 10 of 45

02/16/2007

COLUbBIA ASSET MANAGEMENT CORP.

IXVESTbENT BANKERS

TWINING OFFICE CENTER

715 TWINING ROAD SUITE 116
DRESHER. PA 19025

Scott Rabertson
Financial Management Group
1755 Oregon P i k e
Lancaster , P A 17601
February 1 0 1987

Dear Scott :
Enclosed i s a vrrite up o n the prcxperty w e discussed.
The owner desires to refinance for a minimum of
$2,500,000 o n a non-recourse assumable basis.
It i s
understood that the enclosure is ta b e forwarded to a
private investor in Texas and is not to b e shown to
anyone else.

I f this is handled to our satisfaction, I would b e

pleased to submit additional properties for your clients
cc-nsideratinn.

Leonard M. Shendell

Page No. 10 of 45

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Page 11 of 45

02/16/2007

Qxative Finance Campany

P.O. Box 4412
Lancaster. PA 17604

Hi* Ascciates, LTD.

Tom Kyle

1861 William Pem Way

Iaraster, PA 17601
February 3, 1987
Dear Tom:

,l

As per your recent mane conversation w i t h Bob brig, I would like to give
you scane information reganiing cur lenling ability. I have been selected to
represent a group of Institutiondl Investors that are htemsb3 in projects in
the Eastern part of the acRmtry. We are able to finance projects ranging in
s i z e of $3 t o $100 million.
hrojeds include aparbe&s,
retail, office,
hdwtrial,
health care f a c i l i t i e s , mabile hare parks, hotels and mini
warehouses.
Underwriting can be very f a s t and can often times be approved in
14
days froan time of application.
follow^ is list of underwriting
r q h x m m t s ; pro forma, rent r o l l , financial statemnts, resume of borrower,
and s c a n e under
~
certain c a d i t i o n s an MAI Wraisal. For new a m s t n ~ c t i o n
a sales agreement and cost brealcdowns are r q u i r d .
a copy of our portfolio. I hope that w e on do h i n e s s
together and provide ycmr financing for your next: project, o r possibly prwide
a r e f h n c i q package f o r ycur existing portfolio.
I appreciate the
opportunity to work w i t h you.
~slclosed is

W e may be reached a t the following nlrmber; (717) 569-5555

Page No. 11 of 45

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02/16/2007

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Page 14 of 45

02/16/2007

K E N N E PROPERTY
~Y
CORPORAT~ON
A Subsidiaw of Kennedy Health Cars Foundation

May 6, 1987

Mr. Stan Caterbone

1755 Oregon Pike
Lancaster, Pennsylvania 17601
Dear Stan:
This correspondence is to address our previous conversations
regarding the refinancing of some commercial real estate that I
am currently managing for Kennedy Property Corporation. At that
time, you had requested information on each of the buildings so
as to determine the feasability of this endeavor.
Of the four properties listed, three are owned by Kennedy
Property Corporation and the fourth is owned by Professional
Medical Management, Inc. Both companies are subsidiaries of the
Kennedy Health Care Foundation.
Enclosed you will find a description on each property. This is
accompanied by the current lease schedule for each property and
an income statement for Kennedy Property Corporation.
If after reviewing this package you believe that favorable fixed
terms can be provided, please contact me at your earliest
convenience.
Sincerely,

Michael Lawson
Property Manager
ML/~
Enclosures

P.O.Box 1015 ' 100 Egg Harbor

' Turnersviile.
N.J. (W012 ' 604589.3300 Ext. 421
PageRoad
No. 14
of 45

8'

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Page 15 of 45

MICHAEL LAWSON
Property Manager
P.O. rn 101s
im E Q nubor
~
M.
1wmn.Il..
WJ mot1

Page No. 15 of 45

02/16/2007

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,,".K,.,

WAMCMC".

G..O",

Page 16 of 45

Management Group, LTD

02/16/2007

,,o

STANLEY J. CATERBONE
EXECUTIVE VICE PRESIDENT

554 Berliley Road

Stone Hartwr, NJ
( W )%7-5184

08247

J u l y 24, 1987

J i m Bly
Sourcz C a p i t a l
6725 (Xlrran Street
W e a n , VA
22101

. .

Dear J i m :
Enclosed is t h e p a c k * f o r t h e Real E s t a t e Deal as per o u r
c o n v e r s a t i o n . Plg i v e me your response as to a n i n d i c a t i o n of i n t e r e s t as
= a n as p o s s i b l e so t h a t I may c o n t a c t someone else if you are n o t i n t e r e s t e d .
I a p p r e c i a t e your t i m e and c o n s i d e r a t i o n .

Zk

ley J. catertxre

Page No. 16 of 45

Securltl~sOffcred through Planner's Securnler Group. Ine.

Member StPC
Member NASO

A Reglitered BrokcrlDealer

Advanced Media Group

I.

Page 17 of 45

Scope of B u s i n e s s

Servioes and f u n c t i o n s of SourWilliams.

111. S t r u c t u r e of S y n d i c a t i o n
11.

IV.

V.

02/16/2007

Costs

C a p i t a l , I n v e s t o r / I n v e s t o r s , and Bennet

of S y n d i c a t i o n - Bennett W i l l i m F i n a n c i a l Center

Financial Projections

Page No. 17 of 45

Advanced Media Group

02/16/2007

sWswpE..a...~~-~.~.s2

is a

follwing

The
,

Page 18 of 45

syndication

and

Im.

The

of

to

Bennett

Williams,

Im.

to provide

the

marketing of the 2.6 million o f f i e building to b e constructed

i n downtown York,
function

pr-1

This prqms-a1 is an attecrpt to describe t h e role and

PA.

Swrce Capital

along w i t h the relationships of Bennett Williams,

and the Investor/I-tors.

of the p r o j e c t is to r a i r e the ~

plm

million

(excluding

it

entirety

until

will

be

funded

will

provide

rcapital /approximately 2.6

syndication f e e s ) and to mange the partnership t h r w g h its

dissolved.

is

As per previous conversations, t h e building

m n p l e t e l y from partnership proceeds w i t h t using debt, which

a steady stream of inccme, projected to be between 12%

the p o s s i b i l i t y of refinancing t h e p r o j e c t around t h e =nth

15%w i t h

year i n order to

return the o r i g i m l capital back to the investors.

R1G w i l l

which

also consider developing a F i ~ r C i a S

l e w i c e m n t e r , similar t o that

e x i s t s i n Lamaster.

responsible

for

the

1-

While Bennett Williams w i l l be the major t e n a n t and

up,

f%2 w i l l

consider also a i d i n g i n t h a t pr-

through w n s i o n of t h e i r business to York.

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Page 19 of 45

02/16/2007

I.: DELI% E . B F T T . ..WIUI.W.-zTK GU'E~...~~~E~..IG..~?.,.)

T k Gewral Partner (GP) will be responsible for t k following:

a).

Development

The G.P.

will be r-nsible

for all dsvelcpwnt

involved in t k project.

b).

Construction - The G.P.

will be r q n s i b l e for all construction

pbses associated with the project.

c).

Lait-g - All leasing responsibilities will be of the G.P.

G.P.

The

will have the task of obtaining l a occupancy of the building

i n a reasomble and timely fashion. The G.P.

will also be

responsible for determining the fair market value of the =paand for attracting attractive t e ~ n t s
with favorable leasing
agreements to maintain a favorable and healthy cash flow.

d).

Management

- The G.P.

will be m n s i b l e for the managsent of

both tenants and the building in order to obtain maximum

income and future appreciation given favorable eoomnic oonditions.

Page No. 19 of 45

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02/16/2007

LL W L I C N E ~.%...%!?IT.K
MG, Ltd. w i l l be r e q x n s l b l e f o r the follcwing services and factors:

a).

The Syndicator w i l l be r e n s i b l e f o r a l l legal

and a-nting

services rezdsd to register the partnership with

the a p p r w r i a t e regulatory authorities i n order to solicit

investors.

b).

Prospectus - The Syndicator w i l l be reqmnsible f o r the development

to be used to solicit investors.

and prmhction of the pr-tus

c).

Marketing

- The Syndicator

w i l l be responsible f o r the marketing

and s o l i c i t a t i o n of investors i n order to r a i s e the necessary

capital to f i m n c e the project.

d).

Distribution of ~ r o c e e d s- The Syndicator w i l l be responsible f o r

a-nting

and reporting functions necesrary to provide investors

w i t h the progress and performance of the Partnership.

The

Syndicator w i l l be r w n s i b l e f o r the reporting regulations of the

Interm1 Revewe Service f o r

both Investors and the G.P.

The

Syndicator w i l l a l m be responsible f o r U7e distribution of p

both &ring operation and upon sale w r e f i ~ n c i n gof the project.

Page No. 20 of 45

Advanced Media Group

Partnership

will

be

Pla-nt

02/16/2007

is a c k s c r ~ p t i o nof the s t r u c t u r e of t k p a r t n e r s h i p .

follcwing

The

Private

Page 21 of 45

r e g i s t e r e d by t k Securities and Exckr@ Carmisrion a s a

-lation

D, Rule 144 Offering.

T h i s w i l l l i m i t t h e rxlrrber

of u m c c r e d i t e d i n v e s t o r s t o 35.

Bennet Williams Inc. - General P a r t n e r

. .

T k

Eqity:

20% of P a r t n e r s h i p sale d i s t r i b u t i o n s

Incane:

15%of Net c a s h f l o w d i s t r i b u t i o n s

Souroe C a p i w - Marketing F e e s
Eqity:

5% of P a r t n e r s h i p =le proceeds.

Incane:

@ of N e t c a s h flow d i s t r i b u t i o n s

Eqlity:

75%

I m :

85%

Load :

ES% of c a s h goes i n t o actual development

of Net P r c c e d s

Page No. 21 of 45

Advanced Media Group

Page 22 of 45

02/16/2007

(gipl-hlwill receive ~ r o x i m t e l y 8% of the capital raie&

in

the necessary services associated with the project.

This

order to perform

imludes all legal, accrxlnting and marketing fees needed.

Bennett-Williams will receive a 3%G.P. developnent fee for pltting the project
together (building design, construction %pervision

The
.

Broker/Dealer

(if

...etc.).

needed) will receive a 1% syndication fee for

registration

partnership.

and

preparation of financial disclosure

This means approximately a8% of

j' iltilding

the capital raised will go into the actual

and grand. This ircludes all 1-1,

of the partmrship.

documents for the

aoaunting, printing, marketing,

With this ratio, the program will be among the most

marketable anywhere in the country.

Page No. 22 of 45

Advanced Media Group

FiMnCial
Center
has

Page 23 of 45

LTD. w i l l a t t e c r p t to &welop a F i M I X i a l Service

M a ~ m n t . Grcup,

to

similar

02/16/2007

the L a n c a s t e r Office i n t h e b u i l d i n g b e i n g vndicated.

MG

d e v e l q x d a F u l l Service F i m w i a l C e n t e r t h a t p r o v i d e s a l l of the r e l a t i v e

services

re=essary to

and institutions.

mamge t h e f i ~ n c i a affairs
l
of i n d i v i d a l s , b u s i n e s s e s

The Center w i l l i n c l u d e the f o l l o w i n g services:

1. F i r e n c i a 1 Planning

Finamial
the

2.

Investment and P o r t f o l i o Management

3.

k c c u n t i n g and Tax P r e p a r a t i o n

4.

Real E s t a t e Services

5.

Legal Servioes

6.

I ~ r a r c Services
e

7.

Managewnt

Lamaster

role i n

the

that

been

pt

w i l l s t r u c t u r e the C e n t e r similar to that of

LTD

with

the

e x c e p t i o n that Bennett Williams w i l l have a

f o r m a t i o n and the o p e r a t i o n s o f the Center.

and

structured

~ and nMortgage
t
Banking

Group,

location

recruiting
Pave

managerent
dweloped

of

and

the

-ration

used

in

Ft% w i l l p r o v i d e the

and w i l l u s e t h e w r r e n t s y s m

Lancaster.

The

ownership w i l l be

m n g MG, B e n n e t t W i l l i a m , and the other Major P l a y e r s who wish to

involved.

Enclw_sd is a n o r i g i ~ Busil

i n more detail.

Page No. 23 of 45

P l a n t h a t o u t l i n e s tk c o n c e p t

Advanced Media Group

following

The

of

Page 24 of 45

Firms have exprezsed very s t r o n g and f a v o r a b l e i n d i c a t i o n s

i n t e r e s t to s i g n lorg term 1-

this

will

the

be

02/16/2007

premier

office

agreements f o r -ace.
q ~ c elocated

P l e a s e be aware t h a t

i n Downtown York, and mt

irrportantly w i l l be the Only O f f i c e S>acz with on site parking.

will

be

rented

for

$30.00

Parking spa-

p e r month, and t h i s is t h e f a i r market v a l u e , n o t

c o n s i d e r i n 3 the convienewe.

Bennet

Williams

agreemenb.

and

will

occupy

25%

of

the

a t market v a l u e lease

Bennet W i l l i a m s is t h e l a r g s t Real E s t a t e Firm i n the York area,

is one of the L a r i Q t i n C e n t r a l Pennsylvania.

and can be reached a t (717) 843-5551.

Cum-ican Erpress
York Bank

7 . W Sq. F t .

10,000

"

FIcrxrunting Firm

5,000

"

wraisal Firm

1,1333

"

Bennet ~ i l l i a m s

8,000

Total

space

3 1 , 5 0 Square F e e t

'

Page No. 24 of 45

Dave %had is the P r e s i d e n t

Advanced Media Group

Page 25 of 45

02/16/2007

WSH FLOW

WRD COSTS
WISITImi
CCNSTRUCTIa'l
4% CONTINGENCY FEE

$1.960,00CI.O(i

31,000 32. FT. @ $10.00

9,033 SQ. FT. @ $6.00
108 PARKIW SPACES e m/m.

$310,000

TClrPL INCOME

$402,800

$54,003
$38,800

SOFT COSTS
DES1Q.I
FuWISHINGlj
F I W I f f i FEES

TOTAL COSTS

$ 1 ~ , 0 ~ k l . ~

$m,oi3o.ix
$ZB,KKl.Oi,

$Z,~~R,GXJ.IX)

Page No. 25 of 45

C ; W ON CAW RETURN

15

Advanced Media Group

Page 26 of 45

Page No. 26 of 45

02/16/2007

Advanced Media Group

Page 27 of 45

Page No. 27 of 45

02/16/2007

Advanced Media Group

h 8 ADqebSr

Page 28 of 45

02/16/2007

QL 90067

FEB 1

::mA~.Culcrr'b

SEE REVERSE
SIDE FOR
INSTRUCTIONS

s
t&--.
......-..

~-

FICTITIOUS BUSINESS NAME STATEMENT

THE FOLLOWING PERSONIS) IS (ARE) DOING BUSINESS AS:
lFictitious B&ess

1.

AUDIO SERVlcBs/mBarr sowD aooIOs

,- Street Address Cltb & State of P r ~ n c ~ pplace

al
of B u s ~ n e r s ~Cal~forp~a
n
2.

-1

Full name a e g l s t r a n t

ZIPCode

1137 north k c a d d e n Place, Lam Angrlem, CA

...

--

Name(~)

90038

( ~corporation
f
show state of ~ncorporat~onl

I
"side-

"ress

City

State

Zip Code

madden Place, La6 Angelas, CA 90038

&
Full name of Registrant
(if corporation - show state of incorporation)

1137

lQorth

Res~denceAddress

1 (1

City

State

--

bullname of Registrant

ZiPGde

(if corpaatlon . show state of inmporatio")

I
i

Residence Address

~.
...

City

State
-

Full name of Registrant

- .. - . .
Stale

.
5.

- --

__

17p Codr

L
?-

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.~
.
s
I
t
a n 80deradu.l I 1 a wneral wrln.#mlo I I larn8tad mrln.nnar,
t
ta~,Is?...a1...8ala.l
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n.,, a oar#,>e-rn~u
(
ro,on,.8qa,n I 8
ba,.enn.
t r ~ a s t icb&*.
~ . . . .
*

....

1 3 d . u
,

onr

c,N~v(

...

I f Registrant a corporation r@ below:

Typed or Printed--

---

...

'

,,
?*

a
.
~
.

Name Statement

--

--

. __-..-

rn

..

.efile - Statement expire

December 31.<*

File No.

....-

.h

C&~I?*;(

::

on &re indiuted by file sump a b

---Cwnty

IHEREBY CERTIFY THAT THIS COPY IS A CORRECT COPY

OF THE ORIGINAI.STATEMENTOL1 FILE I N M Y OFFICE.
!

7.

2 4

a'%>

ry.
1

THE L m ANGELES DAILY Y)URI\IAL

c.uus+n( ,am

210 South & r w S t r r t . P 0 110. Yo16

L a A W k . Wltc.",. Oa)+l
T*.pho12131 6252141

,=

'
I
I

:'.:#.
. . . . . . .-.

Signature & Title

-", I
-L.

Corporation Name

7-

6. New Fict~tiousBusineu

-(

Signed

,F

~~~

1 This statement was filed with the County Clerk of

- .
. . . . . .
-

111 corporatlon show state of lncorporat~onl

Zip Code

c-

Y)URNAL OF COMMERCE - REVIEW

Page No. 28 of 45

......... ,_.__-....

**-.I.

210 h
- -

~~

L.U(.II*I."

>el7

m s . .strrl.
~ r.o eo. wx
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Wlt--"l.
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Group
29wd
of 45
YourAdvanced
riot nam.Media
and l n
a t ~ a(if
l loon1 mum. d s a Or* spouse'.Page
turn
InlUaO

MARY

cdcerc/cnwd

city. t a m or port ouca. stat*. snd z ~ ~ c o d .

C UCVEri C l T y
Cr(~

02/16/2007

. .

~ u o n l

....

b s l nome

0 f
GOM
Ressnt homo address (Number and ~l,?naWik
' ~ . n m . b aw ,v d w
///3'/

to File U.S. mdivldual

lncqms ,Tak
~et$ih',
..
. .
.
'

' '

:, , +

'

<.

3003 y

/g.

':

.. . : .
. . ~

this lorm with the lntsrnal Rsvenue Service Cnter.wnere you m r t flle y o u r i w n m tir return ;nd;p'.y
t h mOuat
ShoWlUn
.
,
,
line 6 be:@w.Thls is not an eltenslon of Unw lor payment of tar. Tke k w mqalra that'e pen& beth.f#ed f or late. w$m#IIt
bt
p.
'?.:.
.,.
tar and idle lil~npunless you show relaonible cause for not payon. the tax when due (see 4nstructlonO);,
r1.m .swt to 11Ia a 1981 plt 114 ralurn (form 709) due p h d n a t)r clow of Uw W h dwda awmc of 19ll.chclchnba8 0.

HQbl: file

Ol
. yder I&.&
. + ' : ;.. -

1. mausst
an autornatoc 2.rnontlj eltensoon 01 tln~e'untllJune.15. 1SZ. In whlch
to file F o m 1040 for tho-lender
.
..
,.
w hwal year return until .................... 1................-.- L
.
.
:
.
.
19--.
fw th. .tar. year beginning
A
. . .. . .
and ending ............................................... 19........)<

. -.-....-...-...--.

,.

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'
'

:~.1981,.. .

. . . . . I . .

.,.

.lo I
;l Total income tar liability for 1981 (You n). e s t i ~ t thla
e .ino~nL).
I, Mot.: YOU must enter an amount on line
If p. . u do not *Ip.Ct to 0"
enter zero (0).
.
B Federal Income tax withheld
,

LI.

........... .......

95 1.981estimated tax payrnwta (include 1980 ov&&nt

1: Other payments (sea instruction E)
)I,

Totai (add l i n n 2.3, and 4)

,bawd u icredit).

. .

..............

..........................

G lncome tax balance due (subtract line 5 fmrn line

1). Pay In full with mlr form

..:.....

,r Total gift tax you expect to owe for 1981 (w inshuctian E).Notc This i s the amount you oxput to gw
r for the giit tax return due following the cJow ot me tounh uI*nd.r q u e r h r d 1981
l,liny--'i

. . . . . . . . . . . . . .

m . .~

(Aimtruciion fot

., . . . . . . . . . . . ... . .
-.

I 1

.........

u b . w c M i w b r t h i l n m a m d ~ m ~ d ~ r l t + ? a ~ ~ ~ ~ * . m & ~ h & i r ~
. .~ . ~. . ~ ' * ~ ~ * ~ .

.ignature and Verification

I If R e p a r d by Teapayer.-Undu
puraltles ofperluy, Ideclen that Ihave bumlnd'thla form, lndudinp eccMnpnylng schadula
.!a
StdtcllIents, and to the best of my knowledge and bllef. it Is truo, corn(..ndcomplete.

.
IfPrepared by Someone Other Than ~w:&Und.rp.d.y,a of pwfuy, I
I h& &mi&
rrwnpanying schedules and statemants and to Ui. best of my I&i n d bollof. .kbtiuq- ai+,. .dd
. .
buthorized to prepre this form; and that Iam: . '

,.

hymt

pwd cause. MY relationship toihetar&y6rand th.'iwii+v@;tli,

...
.. ...

..

.; . .

&

..

t&yuannot
. . .

Page No. 29 of 45

*\,,

."..'. .

*,'&id&
.....

~e ' . .!. ...:.

in,
~.,

-- .

e p l a t b - t h q l'iin

. .
mernbor In &modstandlng of the bar of th.
court .@ (spdfy luWls(l4n)
. :
. ? .
ceitified pubnic accountant qualifiql to p m c t b In (*panjurId)_
1 A panon anmlled to practlce beforethe Internal Revenue S.rvlu.
nl h authorized agent holding' a power of .ttorn+. (YOUn w d not u n d in the power of ~ m o unhss
y
requv.)
1 A penon in close personal br bu.slnau rektion~hlptq Uu bxpem annot ilgn.pilstormkcaliq of l l t n . 4 ' i ) b l r ~
.%.

-. .:

Iqdudlng.

t q , af&,

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.. , . . .

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. . .. . . .? L. U.

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. . . . . . . . .. . ..

"

Advanced Media Group

Page 30 of 45

Page No. 30 of 45

02/16/2007

Advanced Media Group

BROUT&

Page 31 of 45

02/16/2007

COMPANY

CERTICIED PUBLIC A C C O U N T A N T S
v E r 10'1

. LOS A N G Z L E S

W O R m l S V O l N . N d.

1900 A V E N U E O F T H E S T A R S

LOF. A N G E L E S .
213

Dear

7-i 3

CAL~FORN~A
90087
553-1941

'

E n c l o s e d i s ttie o r i g i n a l and o n e c o p y o f t h e County o f L o s A n g e l e s B u s i n e s s

S t a t e m e n t a s o f Marcti 1. 1982.
The o r i g i n a l s h o u l d b e s i g n e d b y you a n d p o s t m a r k e d o n or b e f o r e A p r i l 30. 1982.
Mail to:
County o f Los A n g e l e s
Office of t h e Assessor

dPFF.) 4

@A

9 /YO(

The d u p l i c a t e c o p y i s f o r y o u r f i l e .
Very t r u l y y o u r s ,

BROUT h COMPANY

Enclosures

Page No. 31 of 45

From the &sk of

Advanced Media Group

...

Page 32 of 45

02/16/2007

ROBERT 0. ACKERMAN

519 CENTRAL AVE.

Page No. 32 of 45

HIGHLAND PARK, IL 60035

(312)433-4500

Advanced Media Group

Page 33 of 45

PLANNER'S SECURITIES
CONSULTING SERVICES

Planner's Securities Consulting Services offers the independence

and expertise to help the client:

1. Develop an INVESTMENT PLAN

2. Determine the criteria for selection of an INVESTMENT

MANAGER

3. Evaluate investment managers, presenting only

those who can meet investment plan's needs
4. Monitor these investment managers' performances
within customer set parameters

5. Monitor monthly detail reports

Our structured approach saves a plan's sponsor, trustees or
individuals time and effort and allows them to retain control over
asset management.

Page No. 33 of 45

02/16/2007

Advanced Media Group

Page 34 of 45

02/16/2007

PTY.

~ ~ t ~ t f e e i s b a t e d o n t h e m a r k e t ~ ~ l o l u e

d the. account, hrdudlng tush. as shown on fhe lnltlal and

gUatW oppratsd a cutodlan bank octhrity 4
..Th;e maw
auement tee k d e t e c m i n e d - m tto the f o l m scheduk
.

S I . ~ ~ ~ X K K ) C ~ M O ~ ~ ~ ~ V O ~ ~

.85%onnext

..

-75%on next
.65% on nad

-6% on next

s i m m o f ~orketva~ue' .
'

~1.OObXXKJ
0f;MarketWil~e

s l ~ I . l O O C 4MarketValue

R X B ) I ~ E m R T m l m
(~axabieor Non TcKable)

5 of 1%of Maket Value

Fees are prepoyable quatecly. @ d e m g emay be &ed

allocated per ciient )nmuctlons

Page No. 34 of 45

and

Advanced Media Group

Name

.(

Address

INVESTMENT
MANAGER
Page 35 of 45
Dataform

614 LANDIS AVENUE

i city/~tate/Zip

Ownership

VINELAND.

NEW JERSEY

e Feestructure

08360

800-257-7013
DONALD SULAM
SUZANNE GREENBERG

.JUNE 1 9 7 3

Date Founded

PARTNERSHIP

1 Affiliation
NONE
Minimum
Tax-Exempt
fi
c Account Size:
S100.000

Minimum
Fee:

Taxable

Tax-Exempt
$1.500

Taxable

SEE ATTACHED FEE SCHEDULE

z Manage:

Equity
Only

Capital Markets Used: Stock lxl

I
Real Estate
Equity
Asset Mix in All
jEqJy Accounts as of

Telephone
Contact
Name
Contact
Name

CUMBERLAND ADVISORS, PTY.

02/16/2007

Mutual Funds Managed:

Balanced
Acwunts
Corporate
Bond

Fixed
Cash
Income [ia Management (7 Other: MUNICIPAL BONDS
Government
International
Bond
(7 Cash IXI
Securities
(7

Futures

Options

Max Equity

CD' S

Other:

100 %

Min. Equity

CUMBERLAND GROWTH FUND

- In-HouseCo-Mingled Funds: .

Special Services (check one):

Active

Passive

NIA

Minimum Account
Size (specify):

Bond lmmunization/Bond Dedication

Municipal Bonds
Socially Sensitive (if asked, will not invest in "sin" stocks)
Convertible Preferreds
-

Convertible Bonds
Government Bonds
INVESTMENT STYLE:
attach statement of investment philosophy and style for each type of management.
f
send a copy o f your current marketing piece, contract(s), ADV andfiscal report.
@ 1886 Richard SchlMMh h Awcdates. Ud.The lnlonnatbn providedhaiein la oblalned lrom the investment manager named herein
.ndPublkly lvailaMe .wroes and la bePsMd to be rdiaMe, bul ma mpwmbtlon or wananly is made w to ks accuracy or axnpleteness.

Page No. 35 of 45

1 1 u v c 3I MEN I

Page 36 of 45
Dataform

Advanced Media Group

Name

MANAtikH
02/16/2007

Swanson C a p i t a l Management

Telephone
Contact
Address
4 6 0 0 Fashion Square Blvd. ~ t 109
e
& 111 Name
Contact
Cit~/State/Zi~ Saginaw, M I 48608
Name
Ownership

Incorporated

Affiliation
Minimum
Account Size:

None

Fee Structure

1%F~~~~

Taxable
$100.000

Stephen Swanson

Date Founded 1973

Tax-Exempt
$100,000

(517) 790-1291

Minimum
Fee:

Tax-Exempt
$1,000

Taxable
$1,000

In-HouseCo-Mingled Funds: 0

.
Special Services (check one):

Active

El

Municipal Bonds

El

a
rn
rn

Convertible Bonds
Government Bonds

Minimum Account
Size (specify):

rn

Convertible Preferreds

NIA

Bond Immunization/Bond Dedication

Socially Sensitive (if asked, will not invest in "sin" stodts)

Passive

INVESTMENT STYLE:
Please a m h statement of investment philosophy and sty* for each
of manawment.
i nt"fe rend a m p y of your current marketing piece, wntract(s), ADV and f seal report.
d

01 s f l l c h d SChlmMh I ate^, M.Th. lnform6lbnpmvldad IwreIn b obtained fmm the inwamdnt mamger named herem
~ ~ ~ n W * ~ . . ~ b b e ~ t ~ b e r e ~ s b l e ~ b u l m ~ t l o n o r w ~ ~ k m & ~ t o ~ t s - ~ o r a m

Page No. 36 of 45

INVESTMENT
MANAGER
Page 37 of 45

Advanced Media Group

02/16/2007

Dataform

(818) 247-5330

Telephone
(213) 245- 7 4 6 1
Contact
Name
Richard A. Snyders
Contact
1 Name

Name

Van Deventer & Hoch

420 North Brand Boulevard, Suite 405
Address Glendale, CA 91203
cin//State/zip

Ownership

Date Founded

Chemical New York Cor~oration

Affiliation
Minimum
~ c c o u nSize:
t

Tax-Exempt

Taxable

$100,000

$100,000

1969

Minimum
Tax-Exempt
Fee:
(annual) $2.000

Taxable

$2,000

Feestructure 2% first $100,000; 1% next $200,000; 3/4% next $200,000:

2/3% all over $500,000

Manage:

Equity
Only

Capital Markets Used: Stock

Real Estate
Equity
Asset Mix in A l l
in/ Accounts as of
n/a
Mutual Funds Managed:

In-House Co-Mingled Funds:

Balanced
Accounts
Corporate
Bond

Fixed
Cash
Income
Management
Other:
Government
International
Bond
Cash [XI
Securities

Futures

Options

Max Equity

Other:
%

Min. Equity

none

none

Special Services (check one):

Active

Passive

N/A

Minimum Account
Size (specify):

I3

Bond Irnmunization/Bond Dedication

[7

Municipal Bonds

Ed

I3

0
0

Socially Sensitive (if asked, will not invest in "sin" stocks)

Convertible Preferreds

rn

Convertible Bonds

El

Ed

Government Bonds

INVESTMENT STYLE:
ease attach statement of investment philosophy and style for ewh type of management.
M a copy of your current marketing piece, contractls), ADV and fiscal report.

a-

01986 Richud Schimarth &ksoda(es. m.~ h Infanutbn

s
prov~ed
m h is obtained fmm the lnvwtmnr manager named herem
."d prblidy .MIlabb wrcw mnd b belle& to be rel&e. bul mrepresentabon a wanamy k made as to its accuracy aampkrtemtss.

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Van Deuenier
81 Hoch
Advanced Media Group

4.0 North Brand Boulevard

Page 38 of 45

Id

~1enda.k.California 9120)

(213) 247-5330/24;

02/16/2007

Investment Counsel
FEE SCHEDULE
Fees are charged QUARTERLY in advance using the following
W A L formula:
Portfolio
Value

Fee as a % of
portfolio Value

First

$100,000

2%

Next

$200,000

1%

Next

$200,000

3/4 9

Amounts
Over

$500,000

2/39

Examples of V A L Fees:
Portfolio
Value

I
I
I
i
I

Fee as a % of
portfolio Value

Annual
Fee

750,000

7,167

0.96

1,000,000

8,833

0.88

2,000,000

15,500

0.78

3,500,000

25,500

0.73

5,000,000

35,500

0.71

pINIMUM ANNUAL FEE:

$2,000 PER YEAR

Note: No start-up or termination charses

II
I

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Advanced Media Group

Page 39 of 45

02/16/2007

..

.
.'

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- -._%

- ----.-!---.;
=.L
L.1;

--.

-__

PENSION A N D PROFIT SHARING COLLECTIVE INVESTMENT FUND

REPORT O N EXAMINATIONS OF FINANCIAL STATEMENTS

for the years ended December 31, 1986 and 1985

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Advanced Media Group

Page 40 of 45

02/16/2007

To the Board of Directors

~ari-isburg,Pennsylvania
We have examined the statements of assets and liabilities
of the
Pension and Profit Sharing Collective Investment Fund
as of December 31. 1986 and 1985, including the portfolio of investments as of December 31, 1986, and the related statements of operations and changes in net assets for the years then ended. Our
examinations were made in accordance with generally accepted auditing standards and, accordingly, included confirmation of investments
held for the account of the fund by the custodians, and such tests of
the accounting records and such other auditing procedures as we considered necessary in the circumstances.
.In our opinion, the financial statements referred to above
present fairly the financial position of the
Pension and Profit Sharing Collective Investment Fund as of December 31, 1986 and
1985, and the results of its operations and the changes in its net
assets for the years then ended, in conformity with generally
accepted accounting principles applied on a consistent basis.
We have also previously examined. in accordance with generally accepted auditing standards. the financial statements of the
fund for each of the three years in the period ended December 31,
1984; and we expressed unqualified opinions on those financial statements.
In our opinion, the financial information set forth in Note 4
to the financial statements for each of the five years in the period
ended December 31, 1986, is fairly stated in all material respects
in relation to the financial statements from which it has been
derived.

March 19. 1987

Page No. 40 of 45

,f&Q

L,76

2 Media Group
Advanced

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I . . .

.. . , .
:

Page 41 of
45
PENSION
AND

- ;...

-.:.-::r-

PROFIT SHARIN&'",.COLLECTIVE INVESTMENT FUND

...

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02/16/2007
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STATEMENTS O F A S S E T S AND L I A B I L I T I E S

December 31, 1986 and 1985

ASSETS:

Investments at value (cost

$126,174,490 and $125,472,567,
respectively)
Cash
Accrued interest and dividends
receivable
Total assets
LIABILITIES:
Income due participants for month
of December 1986, payable
January 1, 1987 at rate of
$.697 per unit and for month
of December 1985, payable
January 1, 1986 at rate of
S.800 per unit
Accrued expenses
Total liabilities
NET ASSETS
Net assets are represented by:
Funds applicable to 1,093,410 units
outstanding, equivalent to
$131.00 per unit in 1986,,and
to 1,174,423 units outstanding
equivalent to $121.81 per unit
in 1985:
Consisting of:
Amounts invested by
participating trusts
Accumulated gain on securities
sold o r redeemed
Unrealized appreciation
of investments
Excess of accumulated redemption
value of units redeemed
over participants' cost
Undistributed net investment
income

111,304,255

116,450,421

24,250,255

13,163,605

15,432,951

15,944,284

(7,778,196)

(2,520,983)

28,780

16,695

$143,238,045

$143,054,022

See accompanying notes to financial statements.

Page No. 41 of 45

'

Advanced Media Group

Page 42 of 45

THE VILLAGE OF OLDE HICKORY

VILLAGE SQUARE OF OLDE HICKORY
OLDE HICKORY RACQUET CLUB
BOYDfWILSON BUILDING
OREGON PIKE
MANHEIM TOWNSHIP
LANCASTER COUNTY, PENNSYLVANIA
for

BOYD/WILSoN COMPANY

MARY L. CLINTON
APPRAISAL ASSOCIATES, INC.
PRESIDENT
DATED:

SEPTEMBER 1, 1985

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Advanced Media Group

.,.

. ..,
.. . .. .-

Page 43 of 45

02/16/2007

430 WEST CHESTNUT STREET

LANCASTER, PENNSYLVANIA 17603

October 2 3 , 1985

BoydfWilson Company
208 Oregon Pike
L a n c a s t e r , PA 17601
ATTN: Dale Witmer
RE:

The Olde Hickory Complex

Dear M r . Witmer:
I n accordance with your r e q u e s t , I have examined t h e above p r e m i s e s , c o n s i s t i n g
of a group of townhouses, 3.0 s t o r y e l e v a t o r garden apartment b u i l d i n g s , a l o c a l
shopping c e n t e r , ( 2 ) o f f i c e b u i l d i n g s , a r a c q u e t c l u b and miscellaneous improvements
i n c l u d i n g a swimming p o o l , a 30 a c r e g o l f c o u r s e and t e n n i s c o u r t s l o c a t e d on
approximately 100 a c r e s of l a n d i n Manheim Township, L a n c a s t e r County, Pennsylvania.
The purpose of my examination and s t u d y i s t o v a l u e t h e premises i n t h e c u r r e n t
market .
I n a r r i v i n g a t my v a l u a t i o n , I have among o t h e r f a c t o r s c o n s i d e r e d t h e following:
(1)

Location Trends. The V i l l a g e of Olde Hickory and t h e surrounding developing

a r e a i s an a t t r a c t i v e r e s i d e n t i a l d i s t r i c t . I am o f t h e o p i n i o n t h a t i t
w i l l maintain i t s p r e s e n t s t a t u s o r g r a d u l l y improve.

(2)

I e s t i m a t e t h e e s t a b l i s h e d Net Income imputable t o a l l t h e f r a c t i o n s of t h e

V i l l a g e of Olde Hickory a t $1,324,333 p e r annum.

(3)

C a p i t a l i z e d Value f o r both income flows which computes a t $13,000,000

per annum. T h i s i s p r e d i c a t e d upon t h e t o t a l e a r n i n g s o f $1,324.333 p e r
annum c a p i t a l i z e d a t an o v e r a l l r a t e of 10.14%.

I n my o p i n i o n , t h e market v a l u e of t h e premises i n t h e c u r r e n t market is:

THIRTEEN MILLION DOLLARS

I n l i g h t of t h e s e c o n s i d e r a t i o n s and o t h e r f a c t o r s s e t f o r t h i n my a p p r a i s a l r e p o r t
which f o l l o w s , I have a r r i v e d a t t h e aforementioned v a l u a t i o n .
Respectfully submitted,

Mary L. C l i n t o n
president

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Advanced Media Group

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02/16/2007

INCOME APPROACH

VILLAGE OF OLDE HICKORY:

DEFINITION: T h i s approach d e a l s with t h e p r e s e n t worth and f u t u r e p o t e n t i a l

b e n e f i t s of t h e p r o p e r t y . This i s g e n e r a l l y measured by t h e n e t income which
a f u l l y informed person i s warranted i n assuming t h e p r o p e r t y w i l l produce d u r i n g
t h e remaining u s e f u l l i f e . A f t e r comparison with investments of s i m i l a r t y p e and
c l a s s , t h e n e t income i s c a p i t a l i z e d i n t o a value e s t i m a t e .
The g r o s s and n e t income g e n e r a t e d by t h e c u r r e n t r e n t s f o r t h e y e a r 1985 a r e
d i v i d e d as f o l l o w s :

Residential
Commercial Income
Golf & Swimming

Annual Gross Income

Annual Net Income

$2,224,766

$1,072,465

275,714

204,182

93,310

(11,870)

Racquet Club
Total

(Expense r a t i o i s 52% of g r o s s ( i n c l u d i n g vacancy & bad debt allowance).

The r e s i d e n t i a l income o f $2,224,766 p e r annum averages $89.31 p e r room p e r month.

The l e a s e s have a 1 y e a r term with t e n a n t s absorbing a l l o f t h e i r e l e c t r i c a l charges
which i n c l u d e s e l e c t r i c h e a t i n g , a i r c o n d i t i o n i n g and h o t w a t e r .
Management e x p e c t s a t u r n o v e r of 30% t o 35% i n t h e r e s i d e n t i a l u n i t s d u r i n g 1985.
This would i n c r e a s e t h e r e n t r o l l m a t e r i a l l y a s shown on t h e following s c h e d u l e o f
Monthly Rates e f f e c t i v e September 1, 1985.

A 3% allowance f o r vacancy and bad d e b t s was considered a p p r o p r i a t e due t o t h e f a c t

t h a t t h e r e i s g e n e r a l l y a w a i t i n g l i s t f o r new c o n t r a c t s .
COMMERCIAL RENTALS:
Rentals f o r t h e shopping c e n t e r , t h e f o u r o f f i c e s i n t h e former s t o n e farmhouse and
3 r e t a i l and o f f i c e u n i t s i n t h e Boyd/Wilson Building aggregates $275,714 p e r annum
( s e e schedule of b a s e r e n t a l s ) . A 5% vacancy and bad debt d e d u c t i o n appears a p p r o p r i
based on p a s t h i s t o r i c a l r e c o r d s .
The r e n t a l o f f i c e ( U n i t 6 ) does n o t c o n t r i b u t e any r e n t . I have a p p l i e d a r e n t a l o f
$6.75 p e r s q . i t . which i s i n t h e lower h a l f of t h e r e n t r o l l range which computes
I
1
t o $9,072 annually.
The income from t h e Golf and Swim Club which we have taken from t h e l a s t s t a t e m e n t
of e a r n i n g s i s $93,310 p e r annum and m i s c e l l a e o u s income approximates $5,000 p e r y e a r

CHESTNUT

x P P a S a 1 ~ S S O C S . ~ S 430 WEST
STREET, IANCASTER, PENNSYLVANIA 116m
Page No. 44 of 45

Advanced Media Group

Page 45 of 45

02/16/2007

June 15, 1987

Mr. Stanley Caterbone
FINANCIAL MANAGEMENT GROUP LTD
1755 Oregon Pike
Lancaster, Pennsylvania 17601
Dear Stan:
It was good speaking with you - - at last - - after our message
go round. Enclosed are the materials you requested. I expect that
this should reach you by Wednesday.
As I indicated to you, Hunterdon County is the area I have tareeted
for development in New Jersey. InteretaLc 78 was completed this
year and tied Hunterdon County into a 25-35 minute commute to many
major corporate centers in New Jersey, i.e. Morristown. Princeton
and New Brunswick. After completing a survey of the area, I am
satisfied with the resulting information. I have been dealing with
local brbkers with a view towards locating both residential and
commercial sites for development, several properties are under negotiation
at this time. These projected investments are well leveraged and
offer impressive cash-on-cash returns.

I look forward to discussing these opportunities with you.

SW:wc
Enclosures
Via Express Mali

1 2 0

C O U N T Y

R O A D

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I E N A F

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