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BOA Minutes July-6, 2017 Pg #4 • ro The reality is after seven years ofmarketing and working and getting through the challenging ? seller, we just haven't been able to make it. Now we sit here with a piece of properiy that we all ' want to see a use there that will benefit not only myself but the cflmmunity. What I know and read about ARTIS, it could be a wonderful opportunity for this community, to have an asset like this, much like Altercare and Governor's Viilage. Mr. Cannata concludes, I appreciate you reconsidering us. If you have any questions on what we did to try and market the property, I'd welcome any questions. Presentation by Roger Ritley, Appraiser and Property Economist Roger Ritley, MAI, CRE, ASA at 23875 Commerce Pazk Rd., Beachwood, OH, introduced himself. As I was reflecting on what happened at the last meeting how I presented to you, I too am enthusiastic about land use. My background is a little bit unique in the sense that you hear about an appraiser, and who is that? Somebody who looks at a house and tells you what it's worth, a high rise apartment or an office building. In my case I specialized very early. I have a very good eiiucadon in regional economics. There're all sorts of these little nitches and crevices that you never really see anybody that often emerge from those arcane areas. After I got done with -my undergaduate and graduate work, I stayed focused on all of these things that drive society forward and how it uses its land use and , how badly it's created or destroyed. I'm telling you that because in tlus particular instance, I cannot think of a better use for ' property in this kind of setting relative to the value that could be created with- your permission to proceed with something that's an ideal fit to this community at its present scale of resident to population. Are there costs associated with it7. Some, you probably could figure out the exact numbers, although I have my own set of numbers. Mr. Ritley hands out and introduces the `2016 Drive Time Demographics' chart (attached). I find that there's a significant need for creation of this kind of thing, of space in your community to take care of the aging population. Using the chart, our property is located here, we have our 10, 20 & 30 minute drive times. I prefer those rather than people using radii. You may have seen studies using circles. This is much more sensitive to accessibility. When you think about how a work force functions, they're coming to a place of work or they're a population that wants to reside close to something that's very important to them in their lives, where they're more apt to spend a committed time in that location such as a family going to visit an aged family member who is in a facility that's taking care of them or going to a place of work. When you go past a shopping center everybody's got a supermarket nearby and there's a couple of choices, very quick visits. This is a different kind of situation, relationship bound. When I looked at this situation there's a lot of numbers that you could toss in the air and grab ; each one of them, but they are very significant and there's a trend that you could pick some of '