Monmouth County Economic Growth ReportThird Quarter 2008

Monmouth County Department of Economic Development and Tourism

Beatrice M. Duffy, Director

Monmouth County Board of Chosen Freeholders

Lillian G Burry, Director

Robert D. Clifton, Deputy Director

William C. Barham

Barbara J. McMorrow

John D’Amico Jr.

Monmouth County’s non-residential expansion remains steady even as fears of recession are growing and the troubles in the global financial industry have yet to sort themselves out. The county attracted investment in the third quarter of this year, and while there were downward adjustments in three of four categories, the results are still strong given the overall economic climate.

This Monmouth County Department of Economic Development and Tourism surveys the Office/Research, Commercial/Retail, Industrial and Public sectors to measure economic conditions that directly

affect county residents, businesses and visitors. The results provide a look at the types of employment and growth the county can expect in coming months and should help investors chart their long-term strategies for growth.

This report measures permits valued at $25,000 or more and relies on municipal building departments to voluntarily provide the data. Forty two of the county’s fifty three municipalities responded; of them, fifteen reported issuing no permits that meet this report’s guidelines. Those that did not report are Atlantic Highlands Borough, Avon-By-

Third Quarter Growth

The-Sea Borough, Englishtown Borough, Freehold Borough, Interlaken Borough, Neptune City Borough, Oceanport Borough, Roosevelt Borough, Sea Bright Borough, Tinton Falls Borough and West Long Branch Borough.

The combined dollar amount of permits issued in the third quarter of 2008 was $57,434,483, compared to $54,250,307 in the second quarter of 2008 and $55,996,680 in the third quarter of 2007. The Monmouth County Planning Board provides data on the number of applications it reviews in each category. The Monmouth County Planning Board reviewed forty-seven applications for 504,822 square feet of space during the reporting quarter, compared to sixty-six applications for 525,353 square feet of space in the second quarter of 2008 and forty- seven applications for 633,817 square feet in the third quarter of 2007. Exactly how many projects given permits in the third quarter have already been started is unknown but the results bode well for the coming year.

Office/Research

The dollar amount of permits issued in the current quarter is $7,021,010, compared to $16,643,541 in permits issued in the second quarter of 2008 and $10,174,155 in permits issued in the third quarter of 2007. Significant investments were

reported by Eatontown Borough, Howell Township, Middletown Township, Ocean Township and Wall Township. The Monmouth County Planning Board reviewed eight applications for 94,006 square feet in the current quarter, compared to fourteen applications for 53,898 square feet in the second quarter of 2008 and sixteen applications for 311,776 square feet in the third quarter of 2007.

Commercial/Retail

This sector saw $10,397,351 in permits issued in the reporting quarter, compared to $10,649,989 in permits issued in the second quarter of 2008 and $21,234,557 in the third quarter of 2007.

In Position to Prosper

Good Expansion Prospects

Office / ResearchOffice / Research

2008 3rd Quarter Construction Projects

By Type

$10,397,351

$7,021,010

$35,871,811

$4,144,311

Public

Office/Research

Commercial/Retail

Industrial

Notable projects were approved in Eatontown Borough, Freehold Township, Lake Como Borough, Manalapan Township, Marlboro Township and Red Bank Borough. The Monmouth County Planning Board reviewed twenty-one applications for 297,009 square feet in the current quarter, compared to twenty-three applications for 282,355 square feet in the second quarter and twenty-three applications for 262,147 square feet in the third quarter of last year.

Industrial

This category saw $4,144,311 in permits issued in the third quarter of this year, compared to $283,800 in second quarter of 2008 and $14,623,123 in the third quarter of 2007. The Monmouth County Planning Board reviewed eleven site plan applications for 41,812 square feet in the current quarter, compared to nineteen applications for 117,977 square feet in the second quarter of 2008 and five applications for 46,745 in the third quarter of 2007. This quarter was among the largest reported in years. The largest project was reported in Freehold Township. Other significant projects were reported in Howell Township, Millstone Township and Upper Freehold Township.

Public

There was $35,871,811 in permits issued in the reporting quarter, compared to $26,672,977 in permits issued in the second quarter of 2008 and $9,964,845 in the third quarter of 2007. This category has been reorganized to include churches, which had been in the commercial/retail category. The largest projects were reported by Bradley

Beach Borough, Freehold Township, Howell Township, Middletown Township, Ocean Township and Upper Freehold Township. The Monmouth County Planning Board reviewed seven site plan applications for 71,995 square feet in this quarter, compared to ten applications for 71,123 square feet in the second quarter of 2008 and three applications for 13,149 in the third quarter of 2007.

Conclusion

The results of this survey indicate that Monmouth County is less susceptible to state and national trends in the non-residential real estate markets. There are some signs that the offi ce market is softening, as the average vacancy rate rose to 13.7 percent from about 12.5 percent. Lease rates have declined from $25.19 per square foot in the second quarter to $23.61 in the current quarter.

These statistics come from CoStar, the national real estate site search organization. It should be noted that CoStar divides the county in half geographically which somewhat skews the results. There are more buildings in Eastern Monmouth and the vacancy rate is 17.8 percent. Western Monmouth has about 25 percent the number of buildings with a vacancy rate of 9.6 percent.

In the Commercial/Retail sector, vacancies average 5.45 percent countywide. The average rent is $20.22 per square foot. Using the same geographical divide, eastern Monmouth has a 5.8-percent vacancy rate, down from 6.3 percent in the previous quarter. Western Monmouth’s rate, with about a quarter the number of buildings, is 5.1 percent, up from 4.4. Rents average $19.83 and $20.61, respectively.

Economic forecasts predict a recession through next year with a rebound in late 2009 or early 2010. While Monmouth County offi cials and residents should be concerned, there is substantial evidence that a downturn will be relatively mild in Monmouth County. This department is confi dent that while the global trends that have roiled markets worldwide will have some impact in the county, Monmouth County maintains a Triple A bond rating and continues to show strong support for the business community. The fundamentals are in place to look forward to a stronger Monmouth County. Monmouth County is well positioned to meet the economic challenges that lie ahead.

Ready for Tomorrow

Monmouth County Construction ProjectsThird Quarter 2008

DetailEstimated Cost of

Construct.Estimated Cost of

Construct.Estimated Cost of

Construct.Estimated Cost of

Construct.

Municipality QTR Developer/Builder Proposed OccupantSq. Ft. New

Constr Dscrpt. Office / Research Commercial / Retail Industrial Public TotalAberdeen 3 Stop & Shop Stop & Shop C $453,000 $453,000Aberdeen 3 Temple Beth Ahm Temple Beth Ahm P $130,000 $130,000Aberdeen 3 Bord of Ecucation Board Of Education P $41,200 $41,200Aberdeen 3 Dorwood Dorwood C $35,000 $35,000Aberdeen 3 Matawan United Methodist Same P $45,000 $45,000Allenhurst 3 None $0Allentown 3 None $0Asbury Park 3 Louis J. Home Remodeling Acelero Learning Center C $100,000 $100,000Asbury Park 3 Lutz Construction C $40,800 $40,800Asbury Park 3 Tricia Blair LaPavone Ice Cream Shoppe C $60,000 $60,000Asbury Park 3 Benjamin Harvey Co. VNA O $60,000 $60,000Avon By The Sea 3 $0Belmar Boro 3 None $0Bradley Beach 3 Alex Enterprises of Union Elementary school P $308,000 $308,000Bradley Beach 3 NJR Home Services Ascension R.C. Church P $88,986 $88,986Bradley Beach 3 Jordana Development C. Cell tower P $60,000 $60,000Brielle 3 None $0Colts Neck 3 Monmouth County P $115,000 $115,000Colts Neck 3 Colts Neck Reformed Church 1,048 P $50,000 $50,000Deal 3 None $0Eatontown 3 Provident Investors Pinebrook Business Center 0 $218,000 $218,000Eatontown 3 Monmouth Mall Gap C $45,000 $45,000Eatontown 3 Monmouth Mall Restaurant C $108,000 $108,000Eatontown 3 Monmouth Mall Bobby's Burgers C $799,600 $799,600Eatontown 3 ARC Properties Wachovia Bank C $60,750 $60,750Eatontown 3 111 Industrial Way LLC Summit Bio Skills O $726,000 $726,000Eatontown 3 Ilan High School Same O $151,000 $151,000Englishtown 3 $0Fair Haven 3 None $0Farmingdale 3 None $0Freehold Boro 3 $0Freehold Twp 3 4350 Properties Mercedes-Benz C $25,000 $25,000Freehold Twp 3 No. American Roofing Toys R Us C $161,300 $161,300Freehold Twp 3 Ed Stahl Iron Mountain I $26,000 $26,000Freehold Twp 3 Benjamin Harvey Co. Monmouth County 11,815 P $5,500,000 $5,500,000Freehold Twp 3 Arco Construction 569 Halls Mills Corp. O $122,300 $122,300Freehold Twp 3 Mid Coast Mechanical Freehold Twp. P $221,500 $221,500Freehold Twp 3 CBM Construction Chili's/ Barnes & Noble C $149,000 $149,000Freehold Twp 3 Epitch Corp. Kessler Rehabilitation O $63,300 $63,300Freehold Twp 3 Nesco Corp. D&L Realty Associates O $28,900 $28,900Freehold Twp 3 Jenn Ho Tokyo Hibachi & Sushi C $36,000 $36,000Freehold Twp 3 JoDana Development Indian Cabin Associates I $28,000 $28,000Freehold Twp 3 Reliable Fire Protection Radisson Hotel C $40,100 $40,100Freehold Twp 3 Fitzpatrick & Associates CentraState Medical Center C $111,000 $111,000Freehold Twp 3 Fitzpatrick & Associates Daycare center C $42,000 $42,000Freehold Twp 3 Unity Construction Services Asbury Park Ave. Partners C $278,000 $278,000Freehold Twp 3 Tufo Associates Armani Exchange C $347,000 $347,000Freehold Twp 3 Fitzpatrick & Associates Medical offices O $301,500 $301,500Freehold Twp 3 EW Caufield Construction Monmouth County P $121,000 $121,000Freehold Twp 3 Boston Rocking Iron Mountain I $1,470,000 $1,470,000Freehold Twp 3 Bill Leary Monmouth County P $184,725 $184,725Freehold Twp 3 Hotels Unlimited Radisson Hotel 2,000 C $83,700 $83,700Hazlet 3 $0Highlands Boro 3 $0Holmdel 3 Renzo Garci C $30,000 $30,000Holmdel 3 Cross Farms Park P $94,155 $94,155Holmdel 3 Care One O $175,000 $175,000Holmdel 3 Medical office O $27,500 $27,500Howell 3 RF Simon Monmouth County 1,288 P $400,288 $400,288Howell 3 Spray City Same 1,520 C $163,000 $163,000

Monmouth County Construction ProjectsThird Quarter 2008

DetailEstimated Cost of

Construct.Estimated Cost of

Construct.Estimated Cost of

Construct.Estimated Cost of

Construct.

Municipality QTR Developer/Builder Proposed OccupantSq. Ft. New

Constr Dscrpt. Office / Research Commercial / Retail Industrial Public TotalHowell 3 Jeff Steinbach James Hall O $51,000 $51,000Howell 3 T-Tech Electric Stavola Realty O $26,000 $26,000Howell 3 Schnell Contracting Same O $56,000 $56,000Howell 3 Kelso Construction Allstate O $34,700 $34,700Howell 3 Parker Partners Same O $94,300 $94,300Howell 3 Howell Associates Antonio's Pizza & Pasta C $40,001 $40,001Howell 3 Parker Partners Same O $37,800 $37,800Howell 3 Village Square Medi Spa C $95,200 $95,200Howell 3 TBS Mark Krupnick O $43,000 $43,000Howell 3 Northeast Remco Gutierrez Properties 6,300 O $1,000,000 $1,000,000Howell 3 Scafar Constracting NJ American Water Co. 120 I $112,000 $112,000Howell 3 Conti Communications Verizon Wireless I $1,000,000 $1,000,000Interlaken 3 None $0Keansburg 3 None $0Keyport 3 Unidentified owner Offices O $42,000 $42,000Lake Como 3 1700 South Belmar LLC 2,672 C $282,200 $282,200Lake Como 3 1700 South Belmar LLC 1,936 C $193,600 $193,600Lake Como 3 1700 South Belmar LLC 2,151 C $215,000 $215,000Lake Como 3 1700 South Belmar LLC 1,761 C $176,100 $176,100Lake Como 3 1700 South Belmar LLC 2,919 C $291,900 $291,900Little Silver 3 None $0Loch Arbour 3 None $0Long Branch City 3 SB Yankee Realty Commercial bldg. renovation C $198,000 $198,000Long Branch City 3 Community Place LLC Cabinet shop I $50,000 $50,000Manalapan 3 Byrne Brothers Garret Medical Management O $30,000 $30,000Manalapan 3 John Pillinger Builders Meridian Health Realty O $178,900 $178,900Manalapan 3 Laumar Roofing Manalapan High School P $218,700 $218,700Manalapan 3 Vision Development Co. Medical offices O $160,000 $160,000Manalapan 3 Grace Construction The Learning Experience 10,000 C $600,000 $600,000Manalapan 3 Safety Lighting & Maintenance Atrium Diagnostic Imaging O $73,800 $73,800Manalapan 3 Madison Construction AWMG C $30,000 $30,000Manalapan 3 Carpenter Construction Jake's Creemee Free Too C $58,500 $58,500Manalapan 3 Arlington Construction LLC Muscle Maker Grill C $45,600 $45,600Manalapan 3 Pine Street Carpenter Scotts Trade O $31,500 $31,500Manalapan 3 T&R Alarms Temple Shaari Emeth P $35,000 $35,000Manasquan 3 None $0Marlboro 3 Ingram Construction St. Gabriel's Mausoleum C $1,546,000 $1,546,000Matawan 3 Star of The Sea Plaza 34 C $30,000 $30,000Matawan 3 All State Roofing & Siding Sultan's Wok C $29,357 $29,357Matawan 3 T&K Contractors Thermal Air/JC Sayreville LLC O $179,250 $179,250Middletown 3 Bellavia & Miele Center Sports Club C $96,600 $96,600Middletown 3 Monmouth County Parks Same P $210,000 $210,000Middletown 3 Watertrol Inc. Monmouth County P $1,219,000 $1,219,000Middletown 3 Bouma Construction Medical Health Center O $815,000 $815,000Middletown 3 Baypoint Electric Medical offices O $160,000 $160,000Middletown 3 Mack-Cali Telemark Global O $85,400 $85,400Millstone 3 TLP Realty Warehouse 11,900 I $530,000 $530,000Millstone 3 TLP Realty Offices O $31,000 $31,000Monmouth Beach 3 Jersey State Contractors Elementary school P $111,900 $111,900Neptune City 3 $0Neptune Twp. 3 None $0Ocean Twp. 3 C&M Door Contours Board of Education P $110,000 $110,000Ocean Twp. 3 Westwood Oaks Associates Same O $250,000 $250,000Ocean Twp. 3 Primary Construction 66 Monmouth LLC O $40,000 $40,000Ocean Twp. 3 McCauley Construction Ocean Twp. P $109,300 $109,300Ocean Twp. 3 Atlantic Fire & Security Delaney/Wefer GR & RA O $28,000 $28,000Ocean Twp. 3 Shore Thing Construction Shore Thing Ocean LLC O $200,000 $200,000Ocean Twp. 3 Coastal Development LLC KBT Optical O $48,000 $48,000Ocean Twp. 3 Derocher Construction Law offices O $25,860 $25,860Ocean Twp. 3 Investcorp International 900 O $350,000 $350,000

Monmouth County Construction ProjectsThird Quarter 2008

DetailEstimated Cost of

Construct.Estimated Cost of

Construct.Estimated Cost of

Construct.Estimated Cost of

Construct.

Municipality QTR Developer/Builder Proposed OccupantSq. Ft. New

Constr Dscrpt. Office / Research Commercial / Retail Industrial Public TotalOcean Twp. 3 Faigon Electric Corp. Board of Education P $254,200 $254,200Ocean Twp. 3 Bamco Inc. Route 35 Realty LLC O $72,000 $72,000Ocean Twp. 3 Select Roofing and Siding English Manor LLC C $30,000 $30,000Ocean Twp. 3 James C. Disckson Westwood Oaks Associates O $50,000 $50,000Ocean Twp. 3 Westwood Oaks Associates Same O $197,000 $197,000Ocean Twp. 3 Camelot Excavating Serra Works of NJ LLC O $83,000 $83,000Oceanport 3 $0Red Bank 3 Devlin & Dunne Realty Dublin House C $46,000 $46,000Red Bank 3 Placer Unknown retail C $50,000 $50,000Red Bank 3 Riverview Med. Center Same C $80,000 $80,000Red Bank 3 Philip Bowers Dunkin Donuts C $140,800 $140,800Red Bank 3 Gibraltar Construction Count Basie Theater C $2,027,000 $2,027,000Red Bank 3 Torcon Public garage P $51,500 $51,500Red Bank 3 Placer Unknown retail C $185,385 $185,385Red Bank 3 First Presbyterian Church Same P $128,000 $128,000Roosevelt 3 $0Rumson 3 None $0Sea Bright 3 $0Sea Girt 3 None $0Shrewsbury 3 Argonaut, Inc. Lucky Brand Jeans C $85,000 $85,000Shrewsbury 3 XLAS Construction Estella Nails C $29,200 $29,200Shrewsbury 3 BMS Construction Spine Center O $31,000 $31,000Shrewsbury 3 Shore Power Electric First Assembly of God P $36,000 $36,000Shrewsbury 3 Terry Adams Inc. Janie & Jack C $175,913 $175,913Shrewsbury 3 Eastern Ventures Medical office O $61,000 $61,000Shrewsbury Twp 3 None $0Spring Lake Boro 3 None $0Spring Lake Heights 3 None $0Tinton Falls 3 $0Tinton Falls 3 $0Union Beach 3 None $0Upper Freehold 3 MJ Enterprises Same 10,768 I $795,091 $795,091Upper Freehold 3 Board of Education School 127,855 P $25,878,357 $25,878,357Upper Freehold 3 Mackey Same 5,894 I $55,220 $55,220Wall 3 Verizon Wireless Cell tower I $78,000 $78,000Wall 3 Sea Girt Partnership The Gap C $208,745 $208,745Wall 3 South Wall Firehouse Same P $125,000 $125,000Wall 3 Wall 71 Commons O $25,000 $25,000Wall 3 Commercial Realty & Resources Land America O $30,000 $30,000Wall 3 Board of Education Same P $25,000 $25,000Wall 3 Atlantic Partners KZA O $145,000 $145,000Wall 3 Ortho Airport Medical MRI O $240,000 $240,000Wall 3 Androse Associates C $197,000 $197,000Wall 3 Mack Cali New England Life O $45,000 $45,000Wall 3 Androse Associates C $46,000 $46,000Wall 3 Mack Cali O $97,000 $97,000West Long Branch 3 $0Total $7,021,010 $10,397,351 $4,144,311 $35,871,811 $57,434,483

Summary

Aberdeen 3 $0 $488,000 $0 $216,200 $704,200Allenhurst 3 $0 $0 $0 $0 $0Allentown 3 $0 $0 $0 $0 $0Asbury Park 3 $60,000 $200,800 $0 $0 $260,800Avon by the Sea 3 $0 $0 $0 $0 $0Atlantic Highlands 3 $0 $0 $0 $0 $0Belmar Boro 3 $0 $0 $0 $0 $0Bradley Beach 3 $0 $0 $0 $456,986 $456,986Brielle 3 $0 $0 $0 $0 $0

Monmouth County Construction ProjectsThird Quarter 2008

DetailEstimated Cost of

Construct.Estimated Cost of

Construct.Estimated Cost of

Construct.Estimated Cost of

Construct.

Municipality QTR Developer/Builder Proposed OccupantSq. Ft. New

Constr Dscrpt. Office / Research Commercial / Retail Industrial Public TotalColts Neck 3 $0 $0 $0 $165,000 $165,000Deal 3 $0 $0 $0 $0 $0Eatontown 3 $1,095,000 $1,013,350 $0 $0 $2,108,350Englishtown 3 $0 $0 $0 $0 $0Fair Haven 3 $0 $0 $0 $0 $0Farmingdale 3 $0 $0 $0 $0 $0Freehold Boro 3 $0 $0 $0 $0 $0Freehold Twp 3 $516,000 $1,273,100 $1,524,000 $6,027,225 $9,340,325Hazlet 3 $0 $0 $0 $0 $0Highlands Boro 3 $0 $0 $0 $0 $0Holmdel 3 $202,500 $30,000 $0 $94,155 $326,655Howell 3 $1,342,800 $298,201 $1,112,000 $400,288 $3,153,289Interlaken 3 $0 $0 $0 $0 $0Keansburg 3 $0 $0 $0 $0 $0Keyport 3 $42,000 $0 $0 $0 $42,000Lake Como 3 $0 $1,158,800 $0 $0 $1,158,800Little Silver 3 $0 $0 $0 $0 $0Loch Arbour 3 $0 $0 $0 $0 $0Long Branch City 3 $0 $198,000 $50,000 $0 $248,000Manalapan 3 $474,200 $734,100 $0 $253,700 $1,462,000Manasquan 3 $0 $0 $0 $0 $0Marlboro 3 $0 $1,546,000 $0 $0 $1,546,000Matawan 3 $179,250 $59,357 $0 $0 $238,607Middletown 3 $1,060,400 $96,600 $0 $1,429,000 $2,586,000Millstone 3 $31,000 $0 $530,000 $0 $561,000Monmouth Beach 3 $0 $0 $0 $111,900 $111,900Neptune City 3 $0 $0 $0 $0 $0Neptune Twp 3 $0 $0 $0 $0 $0Ocean Twp. 3 $1,343,860 $30,000 $0 $473,500 $1,847,360Oceanport 3 $0 $0 $0 $0 $0Red Bank 3 $0 $2,529,185 $0 $179,500 $2,708,685Roosevelt 3 $0 $0 $0 $0 $0Rumson 3 $0 $0 $0 $0 $0Sea Bright 3 $0 $0 $0 $0 $0Sea Girt 3 $0 $0 $0 $0 $0Shrewsbury Twp 3 $0 $0 $0 $0 $0Shrewsbury Boro 3 $92,000 $290,113 $0 $36,000 $418,113Spring Lake Boro 3 $0 $0 $0 $0 $0Spring Lake Heights 3 $0 $0 $0 $0 $0Tinton Falls 3 $0 $0 $0 $0 $0Union Beach 3 $0 $0 $0 $0 $0Upper Freehold 3 $0 $0 $850,311 $25,878,357 $26,728,668Wall 3 $582,000 $451,745 $78,000 $150,000 $1,261,745West Long Branch 3 $0 $0 $0 $0 $0Total $7,021,010 $10,397,351 $4,144,311 $35,871,811 $57,434,483

2008 3rd Quarter Construction Projects

By Type

Commercial/Retail $10,397,351

Office/Research $7,021,010

Public $35,871,811

Industrial $4,144,311

Q3

2008

Q2

2008

Q3

2007

Q3

2008

Q2

2008

Q3

2007

Q3

2008

Q2

2008

Q3

2007

Q3

2008

Q2

2008

Q3

2007

2008 3rd Quarter Quarterly Comparison

Q3 2008 $7,021,010 $10,397,351 $4,144,311 $35,871,811

Q2 2008 $16,643,541 $10,649,989 $283,000 $26,672,977

Q3 2007 $10,174,155 $21,234,557 $14,623,123 $9,964,845

Office Commercial Industrial Public

Monmouth County Quarterly Report ofApplications Received by

The Monmouth County Planning Board

Year 2008Office Commercial Industrial Public Total

# Appl Sq. Footage # Appl Sq. Footage # Appl Sq. Footage # Appl Sq. Footage # Appl Sq. Footage1st Quarter 11 165,545 17 218,572 21 9,645 7 61,206 56 454,9682nd Quarter 14 53,898 23 282,355 19 117,977 10 71,123 66 525,3533rd Quarter 8 94,006 21 297,009 11 41,812 7 71,995 47 504,8224th Quarter 0 0

Total 33 313,449 61 797,936 51 169,434 24 204,324 169 1,485,143

Year 2007Office Commercial Industrial Public Total

# Appl Sq. Footage # Appl Sq. Footage # Appl Sq. Footage # Appl Sq. Footage # Appl Sq. Footage1st Quarter 7 72,196 23 271,294 9 280,590 4 219,860 43 843,9402nd Quarter 12 344,762 19 300,917 9 18,504 8 56,985 48 721,1683rd Quarter 16 311,776 23 262,147 5 46,745 3 13,149 47 633,8174th Quarter 6 70,154 26 371,646 4 58,277 4 107,745 40 607,822

Total 41 798,888 91 1,206,004 27 404,116 19 397,739 178 2,806,747

Monmouth County Quarterly ReportYearly Comparison of

Non-residential Construction Reports (exceeding $25,000)Year 2008

Office Commercial Industrial Public Total1st Quarter $12,698,616 $34,488,831 $1,164,632 $11,604,817 $59,956,8962nd Quarter $16,643,541 $10,649,989 $283,000 $26,672,977 $54,250,3073rd Quarter $7,021,010 $10,397,351 $4,144,311 $35,871,811 $57,434,4834th QuarterTotal $36,363,167 $55,536,171 $5,591,943 $74,149,605 $171,641,686

Year 2007Office Commercial Industrial Public Total

1st Quarter $15,027,082 $23,579,989 $1,472,000 $11,553,526 $51,632,5972nd Quarter $15,399,163 $19,976,836 $354,575 $1,524,478 $37,255,0523rd Quarter $10,174,155 $21,234,557 $14,623,123 $9,964,845 $55,996,6804th Quarter $14,691,923 $52,974,889 $2,225,000 $8,854,699 $78,746,511

Total $55,292,323 $117,766,271 $18,674,698 $31,897,548 $223,630,840

Year 2006Office Commercial Industrial Public Total

1st Quarter $16,246,961 $13,099,248 $897,000 $3,289,360 $33,532,5692nd Quarter $17,231,270 $14,637,415 $78,000 $12,787,450 $44,734,1353rd Quarter $21,705,562 $29,868,947 $236,000 $5,400,606 $57,211,1154th Quarter $15,270,789 $60,284,629 $54,000 $6,243,802 $81,853,220

Total $70,454,582 $117,890,239 $1,265,000 $27,721,218 $217,331,039